Document:

Unassociated Document

    BEAR
      STEARNS ASSET BACKED SECURITIES I LLC

     

    Depositor

     

    EMC
      MORTGAGE CORPORATION

     

    Seller,
      Master Servicer and Company

     

    and

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

     

    Trustee

     

    ____________________

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2007

     

    ________________________________________

     

    BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2007-AC4

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-AC4

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

     

    
      
        	
                ARTICLE  
                  I DEFINITIONS

                 

              
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

                 

              
	
                ARTICLE
                  II CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES

                 

              
	
                Section
                  2.01

              	
                Conveyance
                  of Trust Fund.

              
	
                Section
                  2.02

              	
                Acceptance
                  of the Mortgage Loans.

              
	
                Section
                  2.03

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

              
	
                Section
                  2.04

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.05

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

              
	
                Section
                  2.06

              	
                Countersignature
                  and Delivery of Certificates.

              
	
                Section
                  2.07

              	
                Purposes
                  and Powers of the Trust.

                 

              
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF EMC MORTGAGE LOANS BY
                  COMPANY

                 

              
	
                Section
                  3.01

              	
                The
                  Company.

              
	
                Section
                  3.02

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.03

              	
                Subservicers.

              
	
                Section
                  3.04

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

              
	
                Section
                  3.05

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.06

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.07

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  3.08

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.09

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

              
	
                Section
                  3.10

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.11

              	
                REO
                  Property.

              
	
                Section
                  3.12

              	
                Liquidation
                  Reports.

              
	
                Section
                  3.13

              	
                Books
                  and Records.

                 

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

                 

              
	
                Section
                  4.01

              	
                Master
                  Servicer.

              
	
                Section
                  4.02

              	
                REMIC-Related
                  Covenants.

              
	
                Section
                  4.03

              	
                Monitoring
                  of Company and Servicer.

              
	
                Section
                  4.04

              	
                Fidelity
                  Bond.

              
	
                Section
                  4.05

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  4.06

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  4.07

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  4.08

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

              
	
                Section
                  4.09

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  4.10

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  4.11

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  4.12

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  4.13

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  4.14

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  4.15

              	
                REO
                  Property.

              
	
                Section
                  4.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  4.17

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  4.18

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  4.19

              	
                Intention
                  of the Parties and Interpretation.

              
	
                Section
                  4.20

              	
                UCC.

              
	
                Section
                  4.21

              	
                Optional
                  Purchase of Certain Mortgage Loans.

                 

              
	
                ARTICLE
                  V ACCOUNTS

                 

              
	
                Section
                  5.01

              	
                Collection
                  of Mortgage Loan Payments; Protected Account.

              
	
                Section
                  5.02

              	
                Permitted
                  Withdrawals From the Protected Account.

              
	
                Section
                  5.03

              	
                Reports
                  to Master Servicer.

              
	
                Section
                  5.04

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

              
	
                Section
                  5.05

              	
                Servicer
                  Protected Accounts.

              
	
                Section
                  5.06

              	
                Master
                  Servicer Collection Account.

              
	
                Section
                  5.07

              	
                Permitted
                  Withdrawals From the Master Servicer Collection
                  Account.

              
	
                Section
                  5.08

              	
                Distribution
                  Account.

              
	
                Section
                  5.09

              	
                Permitted
                  Withdrawals and Transfers from the Distribution Account.

                 

              
	
                ARTICLE
                  VI DISTRIBUTIONS AND ADVANCES

                 

              
	
                Section
                  6.01

              	
                Advances.

              
	
                Section
                  6.02

              	
                Compensating
                  Interest Payments.

              
	
                Section
                  6.03

              	
                REMIC
                  Distributions.

              
	
                Section
                  6.04

              	
                Distributions.

              
	
                Section
                  6.05

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  6.06

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  6.07

              	
                REMIC
                  Designations and REMIC Distributions.

              
	
                Section
                  6.08

              	
                Reserve
                  Fund.

              
	
                Section
                  6.09

              	
                Class
                  P Certificate Account.

              
	
                Section
                  6.10

              	
                Class
                  A-1/A-2 Net WAC Pass-Through Amount; Class A-3/A-2 Net WAC Pass-Through
                  Amount; Class A-1/A-2/A-3 Net WAC Reserve Account.

                 

              
	
                ARTICLE
                  VII THE CERTIFICATES

                 

              
	
                Section
                  7.01

              	
                The
                  Certificates.

              
	
                Section
                  7.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              
	
                Section
                  7.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  7.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  7.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              
	
                Section
                  7.06

              	
                Book-Entry
                  Certificates.

              
	
                Section
                  7.07

              	
                Notices
                  to Depository.

              
	
                Section
                  7.08

              	
                Definitive
                  Certificates.

              
	
                Section
                  7.09

              	
                Maintenance
                  of Office or Agency.

                 

              
	
                ARTICLE
                  VIII THE COMPANY AND THE MASTER SERVICER

                 

              
	
                Section
                  8.01

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

              
	
                Section
                  8.02

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

              
	
                Section
                  8.03

              	
                Indemnification
                  of the Master Servicer.

              
	
                Section
                  8.04

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

              
	
                Section
                  8.05

              	
                Master
                  Servicer and Company Not to Resign.

              
	
                Section
                  8.06

              	
                Successor
                  Master Servicer.

              
	
                Section
                  8.07

              	
                Sale
                  and Assignment of Master Servicing.

                 

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

                 

              
	
                Section
                  9.01

              	
                Events
                  of Default.

              
	
                Section
                  9.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  9.03

              	
                Notification
                  to Certificateholders and Rating Agencies.

              
	
                Section
                  9.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  9.05

              	
                Company
                  Default.

              
	
                Section
                  9.06

              	
                Waiver
                  of Company Defaults.

                 

              
	
                ARTICLE
                  X CONCERNING THE TRUSTEE

                 

              
	
                Section
                  10.01

              	
                Duties
                  of Trustee.

              
	
                Section
                  10.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                Section
                  10.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  10.04

              	
                Trustee
                  May Own Certificates.

              
	
                Section
                  10.05

              	
                Trustee’s
                  Fees and Expenses.

              
	
                Section
                  10.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                Section
                  10.07

              	
                Insurance.

              
	
                Section
                  10.08

              	
                Resignation
                  and Removal of Trustee.

              
	
                Section
                  10.09

              	
                Successor
                  Trustee.

              
	
                Section
                  10.10

              	
                Merger
                  or Consolidation of Trustee.

              
	
                Section
                  10.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  10.12

              	
                Tax
                  Matters.

              
	
                Section
                  10.13

              	
                Indemnification
                  of the Trustee.

              
	
                Section
                  10.14

              	
                Limitations
                  on Liability of the Trustee.

                 

              
	
                ARTICLE
                  XI TERMINATION

                 

              
	
                Section
                  11.01

              	
                Termination
                  upon Liquidation or Repurchase of all Mortgage Loans.

              
	
                Section
                  11.02

              	
                Final
                  Distribution on the Certificates.

              
	
                Section
                  11.03

              	
                Additional
                  Termination Requirements.

                 

              
	
                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

                 

              
	
                Section
                  12.01

              	
                Amendment.

              
	
                Section
                  12.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  12.03

              	
                Governing
                  Law.

              
	
                Section
                  12.04

              	
                Intention
                  of Parties.

              
	
                Section
                  12.05

              	
                Notices.

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.07

              	
                Assignment.

              
	
                Section
                  12.08

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  12.09

              	
                Inspection
                  and Audit Rights.

              
	
                Section
                  12.10

              	
                Certificates
                  Nonassessable and Fully Paid.

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS

    

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificates 

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class M Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class B Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  B

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                Form
                  of Transferee Affidavit and Agreement

              
	
                Exhibit
                  D

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  E

              	
                Form
                  of Investment Letter (Non-Rule 144A)

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A and Related Matters Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Request for Release

              
	
                Exhibit
                  H

              	
                DTC
                  Letter of Representations

              
	
                Exhibit
                  I

              	
                Schedule
                  of Mortgage Loans with Lost Notes

              
	
                Exhibit
                  J-1

              	
                Form
                  of Treasury Bank Custodial Agreement

              
	
                Exhibit
                  J-2

              	
                Form
                  of Wells Fargo Custodial Agreement

              
	
                Exhibit
                  K

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

              
	
                Exhibit
                  L

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  M

              	
                [Reserved]

              
	
                Exhibit
                  N

              	
                Servicing
                  Criteria to Be Addressed in Assessment of Compliance

              
	
                Exhibit
                  O

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

              
	
                Exhibit
                  P

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  Q-1

              	
                Countrywide
                  Servicing Agreement

              
	
                Exhibit
                  Q-2

              	
                Fifth
                  Third Servicing Agreement

              
	
                Exhibit
                  Q-3

              	
                GreenPoint
                  Servicing Agreement

              
	
                Exhibit
                  Q-4

              	
                HSBC
                  Servicing Agreement

              
	
                Exhibit
                  Q-5

              	
                Mid
                  America Servicing Agreement

              
	
                Exhibit
                  Q-6

              	
                National
                  City Servicing Agreement

              
	
                Exhibit
                  R-1 

              	
                Countrywide
                  Assignment Agreement

              
	
                Exhibit
                  R-2 

              	
                Fifth
                  Third Assignment Agreement

              
	
                Exhibit
                  R-3 

              	
                GreenPoint
                  Assignment Agreement

              
	
                Exhibit
                  R-4 

              	
                HSBC
                  Assignment Agreement

              
	
                Exhibit
                  R-5

              	
                Mid
                  America Assignment Agreement

              
	
                Exhibit
                  R-6 

              	
                National
                  City Assignment Agreement

              
	
                Exhibit
                  S

              	
                Remittance
                  Overview Report

              
	
                Exhibit
                  T

              	
                Remittance
                  Summary Report

              
	
                Exhibit
                  U

              	
                Calculation
                  of Gain-Loss Delinquent Loans

              
	
                Exhibit
                  V

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

              
	
                Exhibit
                  W

              	
                [Reserved]
                  

              
	
                Exhibit
                  X

              	
                Claims
                  Submitted

              
	
                Exhibit
                  Y

              	
                Default
                  Overview Report

              
	
                Exhibit
                  Z

              	
                Delinquent
                  Summary Report

              
	
                Exhibit
                  AA

              	
                Loss
                  Severity Summary Report

              
	
                Exhibit
                  BB

              	
                Modified
                  Loans Report

              
	
                Exhibit
                  CC

              	
                Form
                  of Transferor Affidavit

              

      

    

     

     

     

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

     

    PRELIMINARY
      STATEMENT

     

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

     

    REMIC
      I

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets subject to
      this Agreement (other than the Reserve Fund, the Class A-1/A-2/A-3/A-4/A-5
      Net
      WAC Reserve Account and any Prepayment Charge Waiver Amounts) as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC I”. The Class R-1 Certificates will represent the sole
      class of Residual Interests in REMIC I for purposes of the REMIC Provisions.
      The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      I Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC I Regular Interests. None
      of the REMIC I Regular Interests will be certificated.

     

    
      	
               

               

              Designation

            	 	
               

              Initial
                Uncertificated Principal Balance

            	 	
              Uncertificated
                REMIC I 

              Pass-Through
                Rate

            	 	
               

              Latest
                Possible Maturity Date(1)

            	 
	
              AA

            	 	
              $

            	
              400,036,715.10

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              A-1

            	 	
              $

            	
              3,794,220.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-1

            	 	
              $

            	
              102,050.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-2

            	 	
              $

            	
              69,390.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-1

            	 	
              $

            	
              44,900.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-2

            	 	
              $

            	
              30,620.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              ZZ

            	 	
              $

            	
              4,122,834.59

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              P

            	 	
              $

            	
              100.00

            	 	 	
              0.00

            	
              %

            	 	
              May
                25, 2037

            	 

    

    ___________________________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    

    REMIC
      II

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC II”.
      The Class R-2 Certificates will represent the sole class of Residual Interests
      in REMIC II for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
      Rate, the initial Uncertificated Principal Balance and, for purposes of
      satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC II Regular Interests. None of the REMIC II
      Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Uncertificated
                REMIC II 

              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            	 
	
              A-1

            	 	
              $

            	
              379,422,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-1

            	 	
              $

            	
              10,205,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-2

            	 	
              $

            	
              6,939,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-1

            	 	
              $

            	
              4,490,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-2

            	 	
              $

            	
              3,062,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              C

            	 	
              $

            	
              4,082,729.69

            	 	 	
              (2(3))

            	
               

            	 	
              May
                25, 2037

            	 
	
              P

            	 	
              $

            	
              100.00

            	 	 	
              0.00%

            	
               

            	 	
              May
                25, 2037

            	 

    

    ___________________________

    
      	
              (1)

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

            
	
              (2)

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

            
	
              (3)

            	
              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 shall elect to treat the segregated pool of assets
      consisting of the REMIC II Regular Interests as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC III”.
      The Class R-3 Certificates will represent the sole class of Residual Interests
      in REMIC III for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC III
      Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC III Regular Interests.
      None of the REMIC III Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Uncertificated
                REMIC III 

              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            	 
	
              A-1

            	 	
              $

            	
              298,563,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              A-2

            	 	
              $

            	
              63,237,000.00

            	 	 	
              (2)(3)

            	
               

            	 	
              May
                25, 2037

            	 
	
              A-3

            	 	
              $

            	
              10,000,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              A-4

            	 	
              $

            	
              7,622,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-1

            	 	
              $

            	
              10,205,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              M-2

            	 	
              $

            	
              6,939,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-1

            	 	
              $

            	
              4,490,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              B-2

            	 	
              $

            	
              3,062,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                25, 2037

            	 
	
              C

            	 	
              $

            	
              4,082,729.69

            	 	 	
              (2(4))

            	
               

            	 	
              May
                25, 2037

            	 
	
              P

            	 	
              $

            	
              100.00

            	 	 	
              0.00%

            	
               

            	 	
              May
                25, 2037

            	 

    

    ___________________________

    
      	
              (1)

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

            
	
              (2)

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

            
	
              (3)

            	
              REMIC
                III Regular Interest A-2 will not accrue interest on its Uncertificated
                Principal Balance, but will accrue interest at the related Uncertificated
                REMIC III Pass-Through Rate on its Uncertificated Notional Amount
                which
                shall equal the Uncertificated Principal Balance of REMIC II Regular
                Interest A-1.

            
	
              (4)

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

            

    

    

     

    REMIC
      IV

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC III Regular Interests as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC IV”.
      The Class R-4 Certificates will represent the sole class of Residual Interests
      in REMIC IV for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, Pass-Through Rate,
      Initial Certificate Principal Balance (or initial Uncertificated Principal
      Balance, in the case of the Class C Interest or Class P Interest) and, for
      purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each class of Certificates and interests
      that represents ownership of one or more of the Regular Interests in REMIC
      IV
      created hereunder.

     

    
      	
               

               

              Designation

            	 	
              Initial
                Certificate or Uncertificated

              Principal
                Balance

            	 	
               

               

              Pass-Through
                Rate

            	 	
               

              Latest
                Possible Maturity Date(1)

            
	
              A-1(2)

            	 	
              $298,563,000.00

            	 	
              Class
                A-1 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              A-2(3)

            	 	
              $63,237,000.00

            	 	
              Class
                A-2 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              A-3(2)

            	 	
              $10,000,000.00

            	 	
              Class
                A-3 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              A-4(2)

            	 	
              $7,622,000.00

            	 	
              Class
                A-4 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              A-5(3)

            	 	
              N/A(4)

            	 	
              Class
                A-5 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              M-1

            	 	
              $10,205,000.00

            	 	
              Class
                M-1 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              M-2

            	 	
              $6,939,000.00

            	 	
              Class
                M-2 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              B-1

            	 	
              $4,490,000.00

            	 	
              Class
                B-1 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              B-2
                

            	 	
              $3,062,000.00

            	 	
              Class
                B-2 Pass-Through Rate

            	 	
              May
                25, 2037

            
	
              Class
                C Interest

            	 	
              $4,082,729.69

            	 	
              (5)

            	 	
              May
                25, 2037

            
	
              Class
                P Interest

            	 	
              $100.00

            	 	
              0.00%

            	 	
              May
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

            	
              Each
                of the Class A-1, Class A-3 and Class A-4 Certificates represents
                ownership of a Regular Interest in REMIC IV, as well as the obligation
                to
                make payments in respect of Class A-1/A-2/A-5 Net WAC Pass-Through
                Amounts, Class A-3/A-2/A-5 Net WAC Pass-Through Amounts and Class
                A-4/A-2/A-5 Net WAC Pass-Through Amounts, respectively, to the Class
                A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account for distribution in respect
                of
                the Class A-2 Certificates and Class A-5 Certificates, which obligation
                shall not be an interest in any REMIC but a contractual obligation
                of the
                Holders of the Class A-1, Class A-3 and Class A-4 Certificates. For
                federal income tax purposes, the Regular Interest the ownership of
                which
                is represented by this Certificate shall accrue interest at the related
                Uncertificated REMIC IV Pass-Through Rate instead of the Pass-Through
                Rate
                applicable to such Certificate. Any amount accrued on each Distribution
                Date by Holders of this Certificate in excess of, or less than, the
                amount
                specified in the foregoing sentence for the Regular Interest the
                ownership
                of which is represented by this Certificate shall be treated in accordance
                with the provisions relating to Class A-1/A-2/A-5 Net WAC Pass-Through
                Amounts, Class A-3/A-2/A-5 Net WAC Pass-Through Amounts and Class
                A-4/A-2/A-5 Net WAC Pass-Through Amounts, as applicable, in Section
                6.10.

            
	
              (3)

            	
              Each
                of the Class A-2 Certificates and Class A-5 Certificates represents
                ownership of a Regular Interest in REMIC IV, as well as the right
                to
                receive payments from the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve
                Account in respect of Class A-2 Net WAC Pass-Through Allocation Amounts
                and Class A-5 Net WAC Pass-Through Allocation Amounts, respectively,
                which
                payments shall not be in respect of an interest in any REMIC. For
                federal
                income tax purposes, the Regular Interest the ownership of which
                is
                represented by the Class A-2 Certificates shall have a principal
                balance
                equal to the Certificate Principal Balance of such Certificates,
                but such
                Regular Interest shall not accrue interest on its principal balance
                and
                rather shall be entitled to 70% of the interest distributed on REMIC
                III
                Regular Interest A-2. For federal income tax purposes, the Regular
                Interest the ownership of which is represented by the Class A-5
                Certificates shall not have a principal balance but shall rather
                be
                entitled to 30% of the interest distributed on REMIC III Regular
                Interest
                A-2. Any amount accrued on each Distribution Date by Holders of this
                Certificate in excess of, or less than, the amount specified in the
                foregoing sentence for the Regular Interest the ownership of which
                is
                represented by this Certificate shall be treated in accordance with
                the
                provisions relating to Class A-2 Net WAC Pass-Through Allocation
                Amounts
                and Class A-5 Net WAC Pass-Through Allocation Amounts, as applicable,
                in
                Section 6.10.

            
	
              (4)

            	
              The
                Class A-5 Certificates do not have a Certificate Principal Balance
                but
                will accrue interest on a Notional Amount which shall be equal to
                the
                product of 1.500 and the Certificate Principal Balance of the Class
                A-2
                Certificates.

            
	
              (5)

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

            

    

     

    
 

    REMIC
      V

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Class C Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC V”. The Class
      R-5 Interest will represent the sole class of Residual Interests in REMIC V
      for
      purposes of the REMIC Provisions.

     

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

     

    
      	
               

              Class
                Designation

            	
               

              Pass-Through
                Rate

            	
              Initial
                Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              C

            	
              (2)

            	
              $ 4,082,729.69

            	
              May
                25, 2037

            

    

    _______________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    REMIC
      VI

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Class P Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC VI”. The Class
      R-6 Interest will represent the sole class of Residual Interests in REMIC VI
      for
      purposes of the REMIC Provisions.

     

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

     

    
      	
               

              Class
                Designation

            	
               

              Pass-Through
                Rate

            	
              Initial
                Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              P

            	
              0.00%(2)

            	
              $
                100.00

            	
              May
                25, 2037

            

    

    _______________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    The
      Trust
      Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed
      Securities I Trust 2007-AC4.” The Certificates issued hereunder may be referred
      to as “Asset-Backed Certificates Series 2007-AC4” (including for purposes of any
      endorsement or assignment of a Mortgage Note or Mortgage).

     

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

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms. 

     

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

     

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

     

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

     

    Account:
      The
      Distribution Account, the Master Servicer Collection Account, the Reserve Fund,
      the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account and any Protected
      Account.

     

    Additional
      Disclosure:
      As
      defined in Section 4.18. 

     

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

     

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

     

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

     

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

     

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

     

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

     

    Amount
      Held for Future Distribution:
      As to
      any Distribution Date, the aggregate amount held in the Company’s or the related
      Servicer’s Protected Accounts at the close of business on the immediately
      preceding Remittance 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 received in respect of such Mortgage
      Loans
      after the last day of the related Prepayment Period, (iii) Liquidation Proceeds
      and Insurance Proceeds received in respect of such Mortgage Loans after the
      last
      day of the calendar month immediately preceding such Distribution
      Date.

     

    Annual
      Statement of Compliance:
      As
      defined in Section 4.16.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date and a Class of Class A (other than the Class
      A-5 Certificates), Class M and Class B 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 a Class of Certificates pursuant to
      Section 6.05 of this Agreement which have not previously been reimbursed or
      reduced by any Subsequent Recoveries applied to such Applied Realized Loss
      Amount.

     

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

     

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

     

    Assessment
      of Compliance:
      As
      defined in Section 4.17.

     

    Attesting
      Party:
      As
      defined in Section 4.17.

     

    Attestation
      Report:
      As
      defined in Section 4.17.

     

    Bankruptcy
      Code:
      Title
      11 of the United States Code.

     

    Basis
      Risk Shortfall Carry Forward Amount:
      With
      respect to any Distribution Date and any Class of Class A, Class M and Class
      B
      Certificates, an amount equal to the sum of (A) if the Pass-Through Rate for
      such Class for such Distribution Date is limited to the related Net Rate Cap,
      the excess, if any, of (a) the amount of Current Interest that such Class would
      have been entitled to receive on such Distribution Date had the Pass-Though
      Rate
      applicable to such Class not been reduced by the applicable Net Rate Cap on
      such
      Distribution Date, over (b) the amount of Current Interest that such Class
      received on such Distribution Date based on the applicable Net Rate Cap on
      such
      Distribution Date and (B) the Basis Risk Shortfall Carry Forward Amount for
      the
      previous Distribution Date not previously paid, together with interest thereon
      at a rate equal to the related Pass-Through Rate for the current Distribution
      Date.

     

    Book-Entry
      Certificates:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 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, Columbia, Maryland, Minneapolis,
      Minnesota or the city in which the Corporate Trust Office of the Trustee or
      the
      principal office of the Company or the Master Servicer is located are authorized
      or obligated by law or executive order to be closed.

     

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

     

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

     

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

     

    Certificate
      Principal Balance:
      As to
      any Certificate (other than the Class A-5, Class C or Class R Certificates)
      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 6.04(b), 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 the Class C Interest.

     

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

     

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

     

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

     

    Class
      A Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the Principal
      Distribution Amount for such Distribution Date and (y) the greater of (A) the
      excess, if any, of (i) the aggregate Certificate Principal Balance of the Class
      A Certificates (other than the Class A-5 Certificates) immediately prior to
      such
      Distribution Date, over (ii) the lesser of (a) the product of (1) 85.90% and
      (2)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month), and (b) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month) minus $2,041,004, and (B) the lesser of (I)
      $1,000, and (II) the aggregate Certificate Principal Balance of the Class A
      Certificates (other than the Class A-5 Certificates) on such Distribution Date
      prior to principal distributions on such Certificates.

     

    Class
      A-1 Certificate:
      Any
      Certificate designated as a “Class A-1 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV, (ii) the right to receive Basis
      Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
      A-1/A-2/A-5 Net WAC Pass-Through Amounts.

     

    Class
      A-1 Pass-Through Rate:
      Shall
      mean on any Distribution Date, One-Month LIBOR plus 0.300% per annum, with
      a
      maximum rate of 7.500% per annum and a minimum rate of 0.300% per annum, subject
      to the related Net Rate Cap for such Distribution Date.

     

    Class
      A-1/A-2/A-5 Net WAC Pass-Through Amount:
      With
      respect to any Distribution Date, the excess, if any, of (A) the amount of
      interest payable on such Distribution Date to the Regular Interest the ownership
      of which is represented by the Class A-1 Certificates at the related
      Uncertificated REMIC IV Pass-Through Rate, over (B) the amount of interest
      payable on such Distribution Date to the Class A-1 Certificates at the Class
      A-1
      Pass-Through Rate.

     

    Class
      A-1/A-2/A-3/A-4/A-5
      Net
      WAC Reserve Account:
      Shall
      mean the separate trust account or subaccount created and maintained by the
      Trustee pursuant to Section 6.10(a) hereof.

     

    Class
      A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account Deposit:
      With
      respect to the Class A-1/A-2/A-3/A-4/A-5
      Net
      WAC
      Reserve Account, an amount equal to $5,000, which the Depositor shall deposit
      initially into the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account pursuant
      to
      Section 6.10(a) hereof.

     

    Class
      A-1/A-2/A-3/A-4/A-5 Target Rate:
      Shall
      mean (A) for any Distribution Date on or prior to the Optional Termination
      Date,
      6.250% per annum, and (B) for any Distribution Date thereafter, 6.750% per
      annum.

     

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

     

    Class
      A-2 Net WAC Pass-Through Allocation Amount:
      With
      respect to any Distribution Date, the excess, if any, of (A) the amount of
      interest payable on such Distribution Date to the Class A-2 Certificates at
      the
      Class A-2 Pass-Through Rate on its Certificate Principal Balance, over (B)
      the
      amount of interest payable on such Distribution Date to the Regular Interest
      the
      ownership of which is represented by the Class A-2 Certificates.

     

    Class
      A-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 25.200% per annum minus the product of 3.500 and One-Month
      LIBOR, with a maximum rate of 25.200% per annum and a minimum rate of 0.000%
      per
      annum and (ii) for each Distribution Date thereafter, 27.300% per annum minus
      the product of 3.500 and One-Month LIBOR, with a maximum rate of 27.300% per
      annum and a minimum rate of 2.100%, in each case subject to a cap equal to
      the
      related Net Rate Cap for such Distribution Date.

     

    Class
      A-3 Certificate:
      Any
      Certificate designated as a “Class A-3 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-3 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV, (ii) the right to receive Basis
      Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
      A-3/A-2/A-5 Net WAC Pass-Through Amounts.

     

    Class
      A-3 Pass-Through Rate:
      Shall
      mean on any Distribution Date, One-Month LIBOR plus 0.300% per annum, with
      a
      maximum rate of 7.500% per annum and a minimum rate of 0.300% per annum, subject
      to the related Net Rate Cap for such Distribution Date.

     

    Class
      A-3/A-2/A-5 Net WAC Pass-Through Amount:
      Shall
      mean, with respect to any Distribution Date, the excess, if any, of (A) the
      amount of interest payable on such Distribution Date to the Regular Interest
      the
      ownership of which is represented by the Class A-3 Certificates at the related
      Uncertificated REMIC IV Pass-Through Rate, over (B) the amount of interest
      payable on such Distribution Date to the Class A-3 Certificates at the Class
      A-3
      Pass-Through Rate.

     

    Class
      A-4 Certificate:
      Any
      Certificate designated as a “Class A-4 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-4 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV, (ii) the right to receive Basis
      Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
      A-4/A-2/A-5 Net WAC Pass-Through Amounts.

     

    Class
      A-4 Pass-Through Rate:
      Shall
      mean on any Distribution Date, One-Month LIBOR plus 0.300% per annum, with
      a
      maximum rate of 7.500% per annum and a minimum rate of 0.300% per annum, subject
      to the related Net Rate Cap for such Distribution Date.

     

    Class
      A-4/A-2/A-5 Net WAC Pass-Through Amount:
      Shall
      mean, with respect to any Distribution Date, the excess, if any, of (A) the
      amount of interest payable on such Distribution Date to the Regular Interest
      the
      ownership of which is represented by the Class A-4 Certificates at the related
      Uncertificated REMIC IV Pass-Through Rate, over (B) the amount of interest
      payable on such Distribution Date to the Class A-4 Certificates at the Class
      A-4
      Pass-Through Rate.

     

    Class
      A-5 Certificate:
      Any
      Certificate designated as a “Class A-5 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-5 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV, (ii) the right to receive Basis
      Risk Shortfall Carry Forward Amounts and (iii) the right to receive Class A-5
      Net WAC Pass-Through Allocation Amounts.

     

    Class
      A-5 Net WAC Pass-Through Allocation Amount:
      With
      respect to any Distribution Date, the excess, if any, of (A) the amount of
      interest payable on such Distribution Date to the Class A-5 Certificates at
      the
      Class A-5 Pass-Through Rate on its Notional Amount, over (B) the amount of
      interest payable on such Distribution Date to the Regular Interest the ownership
      of which is represented by the Class A-5 Certificates.

     

    Class
      A-5 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 7.200% per annum minus One-Month LIBOR, with a maximum rate
      of
      7.200% per annum and a minimum rate of 0.000% per annum and (ii) for each
      Distribution Date thereafter, 7.800% per annum minus One-Month LIBOR, with
      a
      maximum rate of 7.800% per annum and a minimum rate of 0.600%, in each case
      subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B Certificates:
      Any of
      the Class B-1 Certificates and Class B-2 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 its Percentage Interest
      of
      distributions provided for the Class B-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV and (ii) the right to receive
      Basis Risk Shortfall Carry Forward 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 (1) One-Month LIBOR plus 1.500% per annum and
      (2) 11.000% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 2.250% per annum and (2) 11.000% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B-1 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount
      and
      the Class M-2 Principal Distribution Amount and (y) the excess, if any, of
      (a)
      the sum of (1) the aggregate Certificate Principal Balance of the Class A
      Certificates (other
      than the Class A-5 Certificates) (after
      taking into account the distribution of the Class A Principal Distribution
      Amount on such Distribution Date), (2) the Certificate Principal Balance of
      the
      Class M-1 Certificates (after taking into account the payment of the Class
      M-1
      Principal Distribution Amount on such Distribution Date), (3) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      payment of the Class M-2 Principal Distribution Amount on such Distribution
      Date) and (4) the Certificate Principal Balance of the Class B-1 Certificates
      immediately prior to such Distribution Date, over (b) the lesser of (1) the
      product of (x) 96.50% and (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period, and after reduction for Realized Losses
      incurred during the prior calendar month), and (2) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      minus $2,041,004.

     

    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 its Percentage Interest
      of
      distributions provided for the Class B-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV and (ii) the right to receive
      Basis Risk Shortfall Carry Forward 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 (1) One-Month LIBOR plus 1.800% per annum and
      (ii) 11.000% per annum and (ii) for each Distribution Date thereafter, the
      lesser of (1) One-Month LIBOR plus 2.700% per annum and (ii) 11.000% per annum,
      in each case subject to a cap equal to the related Net Rate Cap for such
      Distribution Date.

     

    Class
      B-2 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount and the Class B-1 Principal Distribution
      Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate
      Certificate Principal Balance of the Class A Certificates (other than the Class
      A-5 Certificates) (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (4) the Certificate Principal Balance of
      the
      Class B-1 Certificates (after taking into account the payment of the Class
      B-1
      Principal Distribution Amount on such Distribution Date) and (5) the Certificate
      Principal Balance of the Class B-2 Certificates immediately prior to such
      Distribution Date, over (b) the lesser of (1) the product of (x) 98.00% and
      (y)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month), and (2) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month) minus $2,041,004.

     

    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 V and (ii) the obligation to pay Basis Risk Shortfall
      Carry Forward Amounts.

     

    Class
      C Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Current Interest for the
      Class C Interest 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 any
      Distribution Date after the Distribution Date on which the Certificate Principal
      Balances of the Class A, Class M and Class B Certificates have been reduced
      to
      zero, the Class C Distribution Amount shall include the Overcollateralization
      Amount. For federal income tax purposes, the Class C Distribution Amount for
      any
      Distribution Date shall be an amount equal to 100% of the amounts distributed
      in
      respect of REMIC III Regular Interest C on such Distribution Date.

     

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

     

    Class
      M Certificates:
      Any of
      the Class M-1 Certificates and Class M-2 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 its Percentage Interest
      of
      distributions provided for the Class M-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV and (ii) the right to receive
      Basis Risk Shortfall Carry Forward 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 (1) One-Month LIBOR plus 0.450% per annum and
      (ii) 11.000% per annum and (ii) for each Distribution Date thereafter, the
      lesser of (1) One-Month LIBOR plus 0.675% per annum and (ii) 11.000% per annum,
      in each case subject to a cap equal to the related Net Rate Cap for such
      Distribution Date.

     

    Class
      M-1 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount and (y) the excess, if any, of (a) the sum of
      (1)
      the aggregate Certificate Principal Balance of the Class A Certificates (other
      than the Class A-5 Certificates) (after taking into account the distribution
      of
      the Class A Principal Distribution Amount on such Distribution Date) and (2)
      the
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date, over (b) the lesser of (1) the product of (x) 90.90%
      and
      (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month), and (2) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month) minus $2,041,004.

     

    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 its Percentage Interest
      of
      distributions provided for the Class M-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC IV and (ii) the right to receive
      Basis Risk Shortfall Carry Forward 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 (1) One-Month LIBOR plus 0.600% per annum and
      (ii) 11.000% per annum and (ii) for each Distribution Date thereafter, the
      lesser of (1) One-Month LIBOR plus 0.900% per annum and (ii) 11.000% per annum,
      in each case subject to a cap equal to the related Net Rate Cap for such
      Distribution Date.

     

    Class
      M-2 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount and the Class M-1 Principal Distribution Amount
      and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate
      Principal Balance of the Class A Certificates (other than the Class A-5
      Certificates) (after taking into account the distribution of the Class A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (3) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date, over (b) the lesser of (1) the
      product of (x) 94.30% and (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period, and after reduction for Realized Losses
      incurred during the prior calendar month), and (2) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      minus $2,041,004.

     

    Class
      P Certificate:
      Any
      Certificate designated as a “Class P Certificate” on the face thereof, in the
      form of Exhibit A-5 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class P Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC VI and (ii) the right to receive
      any
      Prepayment Charge Waiver Amounts.

     

    Class
      P Certificate Account:
      The
      account established and maintained by the Trustee pursuant to Section 6.09
      hereof.

     

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

     

    Class
      R Certificate:
      Any of
      the Class R-1, Class R-2, Class R-3, Class R-4 or Class RX
      Certificates.

     

    Class
      R-1 Certificate:
      Any
      Certificate designated a “Class R-1 Certificate” on the face thereof, in 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 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 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.

     

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

     

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

     

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

     

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

     

    Closing
      Date:
      April
      30, 2007.

     

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

     

    Company:
      EMC.

     

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

     

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

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, the designated corporate trust office of the Trustee
      where at any particular time its corporate trust business with respect to this
      Agreement shall be administered, which office at the date of the execution
      of
      this agreement is located at 9062 Old Annapolis Road, Columbia, MD 21045,
      Attention: Corporate Trust Services, BSABS I 2007-AC4. For purposes of
      certificate transfer purposes, such term shall mean the office or agency of
      the
      Trustee located at Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust Services, BSABS I
      2007-AC4.

     

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

     

    Corresponding
      Interest:
      With
      respect to each REMIC I Regular Interest (other than REMIC I Regular Interests
      AA and ZZ), the REMIC II Regular Interest with the corresponding designation,
      and with respect to each REMIC II Regular Interest, the REMIC III Regular
      Interest with the corresponding designation.

     

    Countrywide:
      Countrywide Home Loans Servicing LP, or its successor in interest.

    

    Countrywide
      Assignment Agreement:
      The Assignment, Assumption and Recognition Agreement, dated as of April 30,
      2007
      among the Seller, Countrywide Home Loans, Inc., Countrywide and the Trustee
      evidencing the assignment of the Countrywide Servicing Agreement to the Trust,
      attached hereto as Exhibit R-1.

     

    Countrywide
      Servicing Agreement:
      The Seller’s Warranties and Servicing Agreement, dated as of September 1, 2002,
      by and between the EMC and Countrywide Home Loans, Inc., as amended by Amendment
      No. 1, dated January 1, 2003, Amendment No.2, dated September 1, 2004, Amendment
      No. 3, dated May 1, 2005 and Amendment Reg AB to the Master Mortgage Loan
      Purchase and Servicing Agreement,
      dated as of January 1, 2006,
      attached hereto as Exhibit Q-1, as modified by the Countrywide Assignment
      Agreement.

     

    Current
      Interest:
      As of
      any Distribution Date, with respect to the Certificates and interests of each
      class (other than the Class P Interest, the Class P Certificates, the Residual
      Interests and the Residual Certificates), (i) the interest accrued on the
      Certificate Principal Balance or Notional Amount or Uncertificated Notional
      Amount, as applicable, during the related Interest Accrual Period at the
      applicable Pass-Through Rate, plus any amount previously distributed with
      respect to interest for such Certificate or interest that has been recovered
      as
      a voidable preference by a trustee in bankruptcy minus (ii) the sum of (a)
      any
      Prepayment Interest Shortfall for such Distribution Date, to the extent not
      covered by Compensating Interest and (b) any Relief Act Interest Shortfalls
      during the related Due Period, provided, however, that for purposes of
      calculating Current Interest for any such class, amounts specified in clause
      (ii) hereof for any such Distribution Date shall be allocated first to the
      Class
      C Certificates and the Class C Interest in reduction of amounts otherwise
      distributable to such Certificates and interest on such Distribution Date and
      then any excess shall be allocated to each Class of Class A, Class M and Class
      B
      Certificates pro
      rata
      based on
      the respective amounts of interest accrued pursuant to clause (i) hereof for
      each such Class on such Distribution Date.

     

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

     

    Current
      Specified Enhancement Percentage:
      With
      respect to any Distribution Date, the percentage obtained by dividing (x) the
      sum of (i) the aggregate Certificate Principal Balance of the Class M
      Certificates and Class B Certificates and (ii) the Overcollateralization Amount,
      in each case prior to the distribution of the Principal Distribution Amount
      on
      such Distribution Date, by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the end of the related Due Period (after giving effect
      to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month).

     

    Custodial
      Agreements:
      The
      Treasury Bank Custodial Agreement or Wells Fargo Custodial Agreement, as
      applicable. 

     

    Custodians:
      (i)
      Treasury Bank or any successor custodian appointed pursuant to the provisions
      hereof and the Treasury Bank Custodial Agreement and (ii)Wells Fargo Bank,
      National Association, or any successor custodian appointed pursuant to the
      provisions hereof and the Wells Fargo Custodial Agreement.

     

    Cut-off
      Date:
      April
      1, 2007.

     

    Cut-off
      Date Principal Balance:
      As to
      any Mortgage Loan, the unpaid principal balance thereof on the Cut-off Date
      after application of all Principal Prepayments received prior to the Cut-off
      Date and scheduled payments of principal due on or before the Cut-off Date,
      whether or not received, but without giving effect to any installments of
      principal received in respect of Due Dates after the Cut-off Date. The aggregate
      Cut-off Date Principal Balance of the Mortgage Loans is
      $408,200,729.69.

     

    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.

     

    Delinquency
      Event:
      A
      Delinquency Event shall have occurred and be continuing if at any time, (x)
      the
      percent equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans that are 60 days or more Delinquent
      (including for this purpose any such Mortgage Loans in bankruptcy or foreclosure
      and Mortgage Loans with respect to which the related Mortgaged Property is
      REO
      Property), and the denominator of which is the aggregate Stated Principal
      Balance of all of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      exceeds (y) 49.65% of the Current Specified Enhancement Percentage.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Trustee pursuant to
      Section 5.08 in the name of the Trustee for the benefit of the
      Certificateholders and designated “Wells Fargo Bank, National Association, in
      trust for registered Holders of Bear Stearns Asset Backed Securities I LLC,
      Asset-Backed Certificates, Series 2007-AC4” shall be held in trust for the
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

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

     

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

     

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

     

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

     

    EDGAR:
      As
      defined in Section 4.18.

     

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

     

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

     

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

     

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

     

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

     

    Event
      of Default:
      As
      defined in Section 9.01 hereof.

     

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

     

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

     

    Excess
      Spread:
      With
      respect to any Distribution Date, the excess, if any, of (i) the Interest Funds
      for such Distribution Date, over (ii) the sum of the Current Interest on the
      Class A, Class M and Class B Certificates and Interest Carry Forward Amounts
      on
      the Class A Certificates (other than Interest Carry Forward Amounts paid
      pursuant to Section 6.04(a)(3)(A)), in each case for such Distribution
      Date.

     

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

     

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

     

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

     

    Extra
      Principal Distribution Amount:
      With
      respect to any Distribution Date, the lesser of (i) the excess, if any, of
      the
      Overcollateralization Target Amount for such Distribution Date, over the
      Overcollateralization Amount for such Distribution Date (after giving effect
      to
      distributions of principal on the Certificates other than any Extra Principal
      Distribution Amount) and (ii) the Excess Spread for such Distribution
      Date.

     

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

     

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

     

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

     

    Fifth
      Third:
      Fifth
      Third Mortgage Company.

     

    Fifth
      Third Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among the Seller, Fifth Third and the Trustee evidencing the assignment
      of
      the Fifth Third Servicing Agreement to the Trust, attached hereto as Exhibit
      R-2.

     

    Fifth
      Third Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of September 1, 2002,
      between the Seller and Fifth Third, as amended by Amendment Number One, dated
      as
      of April 1, 2006, attached hereto as Exhibit Q-2, as modified by the Fifth
      Third
      Assignment Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    GreenPoint:
      GreenPoint Mortgage Funding, Inc.

     

    GreenPoint
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among the Seller, GreenPoint and the Trustee evidencing the assignment
      of
      the GreenPoint Servicing Agreement to the Trust, attached hereto as Exhibit
      R-3.

     

    GreenPoint
      Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of September 1, 2003,
      between the Seller and Greenpoint, as amended by Amendment Number One, dated
      as
      of January 1, 2006, attached hereto as Exhibit Q-3, as modified by the
      GreenPoint Assignment Agreement.

     

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

     

    HSBC:
      HSBC Mortgage Corporation (USA).

     

    HSBC
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among the Seller, HSBC and the Trustee evidencing the assignment of the
      HSBC
      Servicing Agreement to the Trust, attached hereto as Exhibit R-4.

     

    HSBC
      Servicing Agreement:
      The Amended and Restated Purchase, Warranties and Servicing Agreement, dated
      as
      of September 1, 2005, between EMC and HSBC, as amended by Amendment Reg AB,
      dated as of November 7, 2005, attached hereto as Exhibit Q-4, as modified by
      the
      HSBC Assignment Agreement. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Interest
      Carry Forward Amount:
      As of
      any Distribution Date and with respect to each Class of Certificates (other
      than
      the Class C, Class P and Residual Certificates), the sum of (i) the excess
      of
      (a) the Current Interest for such Class with respect to such Distribution Date
      and any prior Distribution Dates over (b) the amount actually distributed to
      such Class of Certificates with respect to interest on such Distribution Dates
      and (ii) interest thereon (to the extent permitted by applicable law) at the
      applicable Pass-Through Rate for such Class for the related Interest Accrual
      Period including the Interest Accrual Period relating to such Distribution
      Date.

     

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

     

    Interest
      Funds:
      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 Trustee Fee and the LPMI Fee, if any, (b)
      all
      Advances relating to interest with respect to the related Mortgage Loans
      remitted by the related Servicer, the Company or Master Servicer, as applicable,
      on or prior to the related Remittance Date, (c) all Compensating Interest with
      respect to the related Mortgage Loans required to be remitted by the Company
      pursuant to this Agreement or the related Servicer pursuant to the related
      Servicing Agreement with respect to such Distribution Date, (d) Net Liquidation
      Proceeds, Insurance Proceeds and Subsequent Recoveries with respect to the
      related Mortgage Loans collected during the prior calendar month (to the extent
      such Net Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries
      relate to interest), (e) all amounts relating to interest with respect to each
      Mortgage Loan repurchased by the Seller pursuant to Sections 2.02 and 2.03
      and
      by EMC (on its own behalf as Seller and on behalf of Master Funding) pursuant
      to
      Section 4.21, (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 Master Servicer Collection Account
      pursuant to this Agreement or the related Servicing Agreement and (g) the
      interest portion of any proceeds received from the exercise of an Optional
      Termination pursuant to Section 11.01 minus (ii) all amounts required to be
      reimbursed pursuant to Sections 5.02, 5.05, 5.07 and 5.09 or as otherwise set
      forth in this Agreement.

     

    Issuing
      Entity:
      Bear
      Stearns Asset Backed Securities I Trust 2007-AC4.

     

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

     

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

     

    LIBOR
      Certificates:
      Any of
      the Class A, Class M and Class B Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    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 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 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, A-1, P and ZZ) shall be multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days in the
      related Interest Accrual Period.

     

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

     

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

     

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

     

    Master
      Servicer Collection Account:
      The
      trust account or accounts created and maintained pursuant to Section 5.01,
      which
      shall be denominated “EMC Mortgage Corporation, as Master Servicer for the
      benefit of the Wells Fargo Bank, National Association, in trust for registered
      Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed
      Certificates, Series 2007-AC4 - Master Servicer Collection Account.” The Master
      Servicer Collection Account shall be an Eligible Account.

     

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

     

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

     

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

     

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

     

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

     

    Mid
      America:
      Mid
      America Bank, fsb.

     

    Mid
      America Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among the Seller, Mid America and the Trustee evidencing the assignment
      of
      the Mid America Servicing Agreement to the Trust, attached hereto as Exhibit
      R-5.

     

    Mid
      America Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of February 1, 2006,
      between the Seller and Mid America, as amended by Amendment No. 1, dated as
      of
      February 1, 2006, attached hereto as Exhibit Q-5, as modified by the Mid America
      Assignment Agreement.

     

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

     

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

     

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

     

    Monthly
      Statement:
      The
      statement delivered pursuant to Section 6.06.

     

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

     

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

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents delivered to the Trustee or the
      related 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 30, 2007, among
      EMC, as a seller, Master Funding, as a seller and the Depositor, as purchaser
      in
      the form attached hereto as Exhibit L.

     

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

     

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

     

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

     

    (b)  the
      property type;

     

    (c)  the
      Mortgage Interest Rate;

     

    (d)  the
      Servicing Fee Rate;

     

    (e)  [reserved];

     

    (f)  the
      LPMI
      Fee, if applicable;

     

    (g)  the
      Trustee Fee Rate, if applicable;

     

    (h)  the
      Net
      Rate;

     

    (i)  the
      maturity date;

     

    (j)  the
      stated original term to maturity;

     

    (k)  the
      stated remaining term to maturity;

     

    (l)  the
      original Principal Balance;

     

    (m)  the
      first
      payment date;

     

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

     

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

     

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

     

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

     

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

     

    (s)  the
      Gross
      Margin, if applicable;

     

    (t)  the
      next
      Adjustment Date, if applicable;

     

    (u)  the
      Maximum Mortgage Rate, if applicable;

     

    (v)  the
      Minimum Mortgage Rate, if applicable;

     

    (w)  the
      Periodic Rate Cap, if applicable; 

     

    (x)  the
      Loan
      Group, if applicable;

     

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

     

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

     

    (aa)  the
      Prepayment Charge, if any;

     

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

     

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

     

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

     

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

     

    (ff)  the
      Mortgage Loan Seller; and

     

    (gg)  the
      original amortization term.

     

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

     

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

     

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

     

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

     

    Mortgaged
      Property:
      The
      underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The
      obligors on a Mortgage Note.

     

    National
      City:
      National City Mortgage Co.

     

    National
      City Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among the Seller, National City and the Trustee evidencing the assignment
      of
      the National City Servicing Agreement to the Trust, attached hereto as Exhibit
      R-6.

     

    National
      City Servicing Agreement:
      The
      Amended and Restated Purchase, Warranties and Servicing Agreement, dated as
      of
      October 1, 2001, between the Seller and National City, as amended by Amendment
      Reg AB dated as of March 1, 2006, attached hereto as Exhibit Q-6, as modified
      by
      the National City Assignment Agreement.

     

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

     

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

     

    Net
      Rate Cap:
      With
      respect to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5
      Certificates and any Distribution Date will be calculated based on an assumed
      certificate with a Certificate Principal Balance equal to the aggregate
      Certificate Principal Balance of the Class A-1, Class A-2, Class A-3 and Class
      A-4 Certificates and a fixed pass-through rate of 6.250% per annum and a rate
      increase of 0.500% per annum after the Optional Termination Date, where if
      the
      weighted average of the Net Mortgage Rates on the Mortgage Loans for any
      Distribution Date is less than 6.250% per annum (or, after the Optional
      Termination Date, 6.750% per annum), the amount of the shortfall which would
      occur with respect to the assumed certificate for such Distribution Date will
      be
      allocated among the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5
      Certificates in proportion to their current entitlements to interest for such
      Distribution Date calculated without regard to this cap, and the Net Rate Cap
      for each such Class for such Distribution Date will be equal to the Pass-Through
      Rate for such Class for such Distribution Date (determined without regard to
      the
      related Net Rate Cap) reduced by the shortfall for such Distribution Date
      allocable to such Class as determined pursuant to this sentence. For the
      avoidance of doubt, the Net Rate Cap will not be applicable to the Class A-1,
      Class A-2, Class A-3, Class A-4 and Class A-5 Certificates for any Distribution
      Date on which the weighted average of the Net Mortgage Rates on the Mortgage
      Loans is equal to or greater than 6.250% per annum (or, after the Optional
      Termination Date, 6.750% per annum). 

     

    With
      respect to the Class M Certificates and Class B Certificates and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Mortgage Rates on the Mortgage Loans as of the first day of the related Due
      Period, adjusted for the actual numbers of days elapsed in the Interest Accrual
      Period.

     

    For
      federal income tax purposes, the Net Rate Cap with respect to each of the Class
      A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates and any
      Distribution Date shall be equal to the Uncertificated REMIC IV Pass-Through
      Rate for such Distribution Date for the Regular Interest the ownership of which
      is represented by such Certificate. For federal income tax purposes, the Net
      Rate Cap with respect to each of the Class M Certificates and Class B
      Certificates and any Distribution Date shall be equal to a per annum rate equal
      to the weighted average (adjusted for the actual number of days elapsed in
      the
      related Interest Accrual Period) of the Uncertificated REMIC III Pass-Through
      Rate for such Distribution Date for the REMIC III Regular Interest for which
      such Certificate is the Corresponding Certificate, weighted
      on the basis of the Uncertificated Principal Balance of such REMIC III Regular
      Interest immediately prior to such Distribution Date.
      

     

    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.

     

    Notional
      Amount:
      With
      respect to the Class A-5 Certificates and any Distribution Date, an amount
      equal
      to the product of 1.500 and the Certificate Principal Balance of the Class
      A-2
      Certificates for such Distribution Date. With respect to the Class C
      Certificates and any Distribution Date, an amount equal to the aggregate Stated
      Principal Balance of the Mortgage Loans. The initial Notional Amount of the
      Class C Certificates shall be $408,200,729.69. With respect to the Class C
      Certificates, an amount equal to the Uncertificated Notional Amount of the
      Class
      C Interest.

     

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

     

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

     

    One-Month
      LIBOR:
      With
      respect to any Interest Accrual Period and the LIBOR Certificates, the rate
      determined by the Trustee on the related Interest Determination Date on the
      basis of the rate for U.S. dollar deposits for one month that appears on
Reuters
      Screen LIBOR1 Page, which is the display page currently so designated on the
      Reuters Monitor Money Rates Service (or such other page as may replace that
      page
      on that service for the purpose of displaying comparable rates or
      prices),
      as of
      11:00 a.m. (London time) on such Interest Determination Date. If
      such
      rate does not appear on such page (or such other page as may replace that page
      on that service, or if such service is no longer offered, such other service
      for
      displaying One-Month LIBOR or comparable rates as may be reasonably selected
      by
      the Trustee), One-Month LIBOR for the applicable Interest Accrual Period will
      be
      the Reference Bank Rate. If no such quotations can be obtained by the Trustee
      and no Reference Bank Rate is available, One-Month LIBOR shall be One-Month
      LIBOR applicable to the preceding Interest Accrual Period. The establishment
      of
      One-Month LIBOR on each Interest Determination Date by the Trustee and the
      Trustee’s calculation of the rate of interest applicable to the LIBOR
      Certificates for the related Interest Accrual Period shall, in the absence
      of
      manifest error, be final and binding. One-Month LIBOR for the Class M
      Certificates and Class B Certificates and any Interest Accrual Period shall
      be
      calculated as described above. One-Month LIBOR for the initial Interest Accrual
      Period will be approximately 5.320% with regard to the Class A
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

    OTS:
      The
      Office of Thrift Supervision.

     

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

     

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

     

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

     

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

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the excess, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      over the aggregate Certificate Principal Balance of the Certificates (other
      than
      the Class C Certificates and the Class P Certificates) on such Distribution
      Date
      (after taking into account the payment of principal other than any Extra
      Principal Distribution Amount on such Certificates).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Funds for
      such
      Distribution Date and (y) the excess, if any, of (i) the Overcollateralization
      Amount for such Distribution Date (assuming that 100% of the Principal Funds
      are
      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 Overcollateralization Amount
      is
      less than or equal to the Overcollateralization Target Amount on that
      Distribution Date).

     

    Overcollateralization
      Target Amount:
      With
      respect to any Distribution Date (a) prior to the Stepdown Date, 1.00% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date,
      (b) on or after the Stepdown Date and if a Trigger Event is not in effect,
      the
      greater of (i) the lesser of (1) 1.00% of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date and (2) 2.00% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      and (ii) $2,041,004 or (c) on or after the Stepdown Date and if a Trigger Event
      is in effect, the Overcollateralization Target Amount for the immediately
      preceding Distribution Date.

     

    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 Certificates
      and
      the Class C Interest), the Class A-1 Pass-Through Rate, Class A-2 Pass-Through
      Rate, Class A-3 Pass-Through Rate, Class A-4 Pass-Through Rate, Class A-5
      Pass-Through Rate, Class M-1 Pass-Through Rate, Class M-2 Pass-Through Rate,
      Class B-1 Pass-Through Rate or Class B-2 Pass-Through Rate, as
      applicable.

     

    With
      respect to the Class C Interest, the Class C Interest shall not have a
      Pass-Through Rate, but the Current Interest for such interest and each
      Distribution Date shall be an amount equal to 100% of the interest distributable
      to REMIC III Regular Interest C.

     

    With
      respect to the Class C Certificates,
      the
      Class C Certificates shall not have a Pass-Through Rate, but Current Interest
      for such Certificates and each Distribution Date shall be an amount equal to
      100% of the amounts distributable to the Class C Interest for such Distribution
      Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (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 Trustee shall receive an Opinion of Counsel, at the expense of the
      Trustee, to the effect that such investment will not adversely affect the status
      of any such REMIC as a REMIC under the Code or result in imposition of a tax
      on
      any such REMIC. Permitted Investments that are subject to prepayment or call
      may
      not be purchased at a price in excess of par.

     

    Permitted
      Transferee:
      Any
      Person (x) other than (i) the United States, any State or political subdivision
      thereof, any possession of the United States or any agency or instrumentality
      of
      any of the foregoing, (ii) a foreign government, International Organization
      or
      any agency or instrumentality of either of the foregoing, (iii) an organization
      (except certain farmers’ cooperatives described in Section 521 of the Code) that
      is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
      by Section 511 of the Code on unrelated business taxable income) on any excess
      inclusions (as defined in Section 860E(c)(1) of the Code) with respect to any
      Residual Certificate, (iv) rural electric and telephone cooperatives described
      in Section 1381(a)(2)(C) of the Code or (v) an electing large partnership within
      the meaning of Section 775(a) of the Code, (y) that is a citizen or resident
      of
      the United States, a corporation, partnership (other than a partnership that
      has
      any direct or indirect foreign partners) or other entity (treated as a
      corporation or a partnership for federal income tax purposes), created or
      organized in or under the laws of the United States, any State thereof or the
      District of Columbia, an estate whose income from sources without the United
      States is includible in gross income for United States federal income tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States, or a trust if a court within the United States is
      able
      to exercise primary supervision over the administration of the trust and one
      or
      more United States persons have authority to control all substantial decisions
      of the trust or if it has a valid election in effect under applicable U.S.
      Treasury regulations to be treated as a United States person and (z) other
      than
      any other Person so designated by the Trustee based upon an Opinion of Counsel
      addressed to the Trustee (which shall not be an expense of the Trustee) that
      states that the Transfer of an Ownership Interest in a Residual Certificate
      to
      such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC
      VI to fail to qualify as a REMIC at any time that any Certificates are
      Outstanding. The terms “United States,” “State” and “International Organization”
shall have the meanings set forth in Section 7701 of the Code or successor
      provisions. A corporation will not be treated as an instrumentality of the
      United States or of any State or political subdivision thereof for these
      purposes if all of its activities are subject to tax and, with the exception
      of
      Freddie Mac, a majority of its board of directors is not selected by such
      government unit.

     

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

     

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

     

    Prepayment
      Charge:
      Any
      prepayment premium, penalty or charge payable by a Mortgagor in connection
      with
      any Principal Prepayment on a Mortgage Loan pursuant to the terms of the related
      Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

    Principal
      Distribution Amount:
      With
      respect to each Distribution Date, an amount equal to (x) the Principal Funds
      for such Distribution Date plus (y) any Extra Principal Distribution Amount
      for
      such Distribution Date, less (z) any Overcollateralization Release
      Amount.

     

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

     

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

     

    Private
      Certificates:
      Any of
      the Class B-2, Class C, Class P and Class R Certificates.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated April 27, 2007 relating to the public offering
      of
      the Offered Certificates.

     

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

     

    PUD:
      A
      Planned Unit Development.

     

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

     

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

     

    
      Realized
        Loss:
        With
        respect to each Mortgage Loan as to which a Final Recovery Determination
        has
        been made, an amount (not less than zero) equal to (i) the unpaid principal
        balance of such Mortgage Loan as of the commencement of the calendar month
        in
        which the Final Recovery Determination was made, plus (ii) accrued interest
        from
        the Due Date as to which interest was last paid by the Mortgagor or advanced
        through the end of the calendar month in which such Final Recovery Determination
        was made, calculated in the case of each calendar month during such period
        (A)
        at an annual rate equal to the annual rate at which interest was then accruing
        on such Mortgage Loan and (B) on a principal amount equal to the Stated
        Principal Balance of such Mortgage Loan as of the close of business on the
        Distribution Date during such calendar month, minus (iii) the proceeds, if
        any,
        received in respect of such Mortgage Loan during the calendar month in which
        such Final Recovery Determination was made, net of amounts that are payable
        therefrom to the Master Servicer pursuant to this Agreement which have not
        been
        previously reimbursed. With respect to each Mortgage Loan which is the subject
        of a Servicing Modification during the calendar month immediately preceding
        the
        related Distribution Date, the sum of (a) the total amount of interest and
        principal which is forgiven with respect to the related Mortgage Loan and
        (b)
        the amount of any Advances and Servicing Advances made by the Master Servicer
        or
        the related Servicer with respect to such Mortgage Loan which are reimbursable
        from the Trust to the Master Servicer or the related Servicer with respect
        to
        that Servicing Modification, subject to the terms of this Agreement or the
        related Servicing Agreement, as applicable; provided that the amounts expressed
        in clause (a) above shall not include the amounts expressed in clause (b)
        above.
        In addition, to the extent the Master Servicer receives Subsequent Recoveries
        with respect to any Mortgage Loan, the amount of the Realized Loss with respect
        to that Mortgage Loan will be reduced to the extent such recoveries are
        distributed to any Class of Certificates or applied to increase Excess Spread
        on
        any Distribution Date pursuant to Section 6.04(b).

       

    

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, minus (iv) the aggregate of all unreimbursed Advances and Servicing
      Advances.

     

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

     

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

     

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

     

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

     

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

     

    Regular
      Certificate:
      Any
      Certificate other than a Residual Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      I Interest Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      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 Overcollateralization Amount:
      With
      respect to any date of determination, (i) 1.00% 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 (other than REMIC I Regular Interest P) 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:
      1.00%
      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) 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
      (other than REMIC I Regular Interest P) 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 (other than
      REMIC I Regular Interest P) for which a REMIC II Regular Interest is a
      Corresponding Interest and REMIC I Regular Interest ZZ.

     

    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 (other than REMIC I Regular
      Interest P) 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 (other than REMIC I Regular Interests A-1 and P) 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 Interest Accrual Period.

     

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

     

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

     

    REMIC
      II 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
      Balances of the Class A, Class M and Class B Certificates have been reduced
      to
      zero, the REMIC II Regular Interest C Distribution Amount shall include the
      Overcollateralization Amount.

     

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

     

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

     

    REMIC
      III Regular Interest C Distribution Amount:
      With
      respect to any Distribution Date, 100% of the amounts distributed in respect
      of
      REMIC II Regular Interest C on such Distribution Date.

     

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

     

    REMIC
      V:
      The
      segregated pool of assets consisting of the Class C Interest conveyed in trust
      to the Trustee, for the benefit of the Holders of the Class C Certificates
      and
      the Class RX Certificates (in respect of the Class R-5 Interest), with respect
      to which a separate REMIC election is to be made.

     

    REMIC
      VI:
      The
      segregated pool of assets consisting of the Class P Interest conveyed in trust
      to the Trustee, for the benefit of the Holders of the Class P Certificates
      and
      the Class RX Certificates (in respect of the Class R-6 Interest), with respect
      to which a separate REMIC election is to be made.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Reportable
      Event:
      As
      defined in Section 4.18.

     

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

     

    Reserve
      Fund:
      Shall
      mean the separate trust account created and maintained by the Trustee pursuant
      to Section 6.08 hereof.

     

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

     

    Residual
      Certificates:
      The
      Class R-1, Class R-2, Class R-3, Class R-4 and Class RX Certificates, each
      evidencing the sole class of Residual Interests in the related
      REMIC.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Servicing
      Fee Rate:
      An
      amount ranging from 0.200% per annum to 0.625% per annum, each as set forth
      in
      the Mortgage Loan Schedule.

     

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

     

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

     

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

     

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

     

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

     

    Stepdown
      Date:
      The
      later to occur of (a) the Distribution Date in May 2010 and (b) the first
      Distribution Date on which the Current Specified Enhancement Percentage is
      greater than or equal to 14.10%.

     

    Subordinated
      Certificates:
      The
      Class M, Class B, Class C and Residual Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Treasury
      Bank:
      Treasury Bank, a Division of Countywide Bank, FSB, and any successor in
      interest.

     

    Treasury
      Bank Custodial Agreement:
      An
      agreement, dated as of April 30, 2007, among the Depositor, the Company as
      a
      seller, Master Funding as a seller, the Trustee, the Master Servicer and
      Treasury Bank as Custodian relating to the Mortgage Loans identified in such
      Custodial Agreement, in substantially the form of Exhibit J-1
      hereto.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, a Trigger Event exists if (i) a Delinquency
      Event shall have occurred and be continuing or (ii) the aggregate amount of
      Realized Losses on the Mortgage Loans since the Cut-off Date as a percentage
      of
      the aggregate Cut-off Date Principal Balance of the Mortgage Loans exceeds
      the
      applicable percentages set forth below with respect to such Distribution
      Date:

     

    
      	
              Distribution
                Date

            	
              Percentage

            
	 	 
	
              May
                2010 to April 2011

            	
              0.50%
                with respect to May 2010, plus an additional 1/12th of the difference
                between 0.85% and 0.50% for each month thereafter 

            
	
              May
                2011 to April 2012

            	
              0.85%
                with respect to May 2011, plus an additional 1/12th of the difference
                between 1.20% and 0.85% for each month thereafter 

            
	
              May
                2012 to April 2013

            	
              1.20%
                with respect to May 2012, plus an additional 1/12th of the difference
                between 1.45% and 1.20% for each month thereafter 

            
	
              May
                2013 and thereafter

            	
              1.45%
                

            

    

     

    Trust
      or Trust Fund:
      The
      corpus of the trust created hereunder consisting of (i) the Mortgage Loans
      and
      all interest accruing and principal due with respect thereto after the Cut-off
      Date to the extent not applied in computing the Cut-off Date Principal Balance
      thereof; (ii) the Class P Certificate Account, the Reserve Fund, the Class
      A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account, the Distribution Account maintained
      by the Trustee, the Master Servicer Collection Account maintained by the Master
      Servicer and the Protected Accounts maintained by the Company and the Servicers
      and all amounts deposited therein pursuant to the applicable provisions of
      this
      Agreement and the Servicing Agreements; (iii) property that secured a Mortgage
      Loan and has been acquired by foreclosure, deed in lieu of foreclosure or
      otherwise; (iv) the mortgagee’s rights under the Insurance Policies with respect
      to the Mortgage Loans; (v) the Servicing Agreements and the Assignment
      Agreements; (vi) the rights under the Mortgage Loan Purchase Agreement; and
      (vii) all proceeds of the foregoing, including proceeds of conversion, voluntary
      or involuntary, of any of the foregoing into cash or other liquid property.
      The
      Reserve Fund, the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account and
      Prepayment Charge Waiver Amounts shall not be included in REMIC I, REMIC II,
      REMIC III, REMIC IV, REMIC V or REMIC VI.

     

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

     

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

     

    Trustee
      Fee Rate:
      0.014%
      per annum. 

     

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

     

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

     

    Uncertificated
      Notional Amount:
      With
      respect to REMIC II Regular Interest C and any Distribution Date, an amount
      equal to the aggregate Uncertificated Principal Balance of the REMIC I Regular
      Interests (other than REMIC I Regular Interest P) for such Distribution Date.
      With respect to REMIC III Regular Interest C and any Distribution Date, an
      amount equal to the Uncertificated Notional Amount of REMIC II Regular Interest
      C for such Distribution Date. With respect to the Class C Interest and any
      Distribution Date, an amount equal to the Uncertificated Notional Amount of
      REMIC III Regular Interest C for such Distribution Date.

     

    With
      respect to REMIC III Regular Interest A-2 and any Distribution Date, an amount
      equal to the Uncertificated Principal Balance of REMIC II Regular Interest
      A-1
      for such Distribution Date.

     

    Uncertificated
      Principal Balance:
      With
      respect to each REMIC Regular Interest, the Class C Interest and the Class
      P
      Interest, the principal amount of such REMIC Regular Interest, Class C Interest
      and Class P Interest outstanding as of any date of determination. As of the
      Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest, Class C Interest and Class P Interest shall equal the amount set
      forth
      in the Preliminary Statement hereto as its initial uncertificated principal
      balance. On each Distribution Date, the Uncertificated Principal Balance of
      the
      REMIC Regular Interests and Class P Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interests and Class P
      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, Class P Interest and Class C 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. With respect to REMIC
      III
      Regular Interest C as of any date of determination, an amount equal to the
      Uncertificated Principal Balance of REMIC II Regular Interest C. With respect
      to
      the Class C Interest as of any date of determination, an amount equal to the
      Uncertificated Principal Balance of REMIC III Regular Interest C.

     

    Uncertificated
      REMIC I Pass-Through Rate:
      With
      respect to any REMIC I Regular Interest (other than REMIC I Regular Interest
      P)
      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.

     

    Uncertificated
      REMIC II Pass-Through Rate:
      With
      respect to any Distribution Date and each REMIC II Regular Interest other than
      REMIC II Regular Interests C, P and A-1, a per annum rate equal to the
      Uncertificated REMIC III Pass-Through Rate for the Corresponding Interest for
      such Distribution Date; provided, however, that for this purpose the Net Rate
      Cap with respect to each Class of Corresponding Certificates for each such
      Corresponding Interest shall be equal to the weighted average (adjusted for
      the
      actual number of days elapsed in the related Interest Accrual Period) of the
      Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests
      (other than REMIC I Regular Interest P), weighted on the basis of the
      Uncertificated Principal Balances of each such REMIC I Regular Interest
      immediately prior to such Distribution Date.

     

    With
      respect to REMIC II Regular Interest C, a per annum rate equal to the percentage
      equivalent of a fraction, (i) the numerator of which is the sum of the amount
      determined for each REMIC I Regular Interest (other than REMIC I Regular
      Interest P) equal to the product of (x) 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 (ii) the denominator of which
      is
      the aggregate Uncertificated Principal Balance of such REMIC I Regular
      Interests.

     

    With
      respect to REMIC II Regular Interest P and any Distribution Date, 0.00% per
      annum.

     

    With
      respect to REMIC II Regular Interest A-1 and (i) any Distribution Date which
      occurs on or prior to the Optional Termination Date, the lesser of (a) 6.250%
      per annum and (b) the weighted average of the Uncertificated REMIC I
      Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular
      Interest P), weighted on the basis of the Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest immediately prior to such Distribution Date,
      and (ii) any Distribution Date thereafter, the lesser of (a) 6.750% per annum
      and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates
      for the REMIC I Regular Interests (other than REMIC I Regular Interest P),
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC I Regular Interest immediately prior to such Distribution
      Date.

     

    Uncertificated
      REMIC III Pass-Through Rate:
      With
      respect to any Distribution Date and each REMIC III Regular Interest other
      than
      REMIC III Regular Interests C, P, A-1, A-2, A-3 and A-4, a per annum rate equal
      to the Pass-Through Rate for the Corresponding Certificates for such
      Distribution Date; provided, however, that for this purpose the Net Rate Cap
      with respect to each such Class of Corresponding Certificates shall be equal
      to
      the weighted average (adjusted for the actual number of days elapsed in the
      related Interest Accrual Period) of the Uncertificated REMIC II Pass-Through
      Rate for such Distribution Date for the REMIC II Regular Interest for which
      such
      REMIC III Regular Interest is the Corresponding Interest, weighted
      on the basis of the Uncertificated Principal Balance of such REMIC II Regular
      Interest immediately prior to such Distribution Date.

    

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

    

    With
      respect to REMIC III Regular Interest P and any Distribution Date, 0.00% per
      annum.

    

    With
      respect to REMIC III Regular Interest A-1 and any Distribution Date, a rate
      equal to the least of (A) One-Month LIBOR plus 0.30% per annum, (B) 7.50% per
      annum and (C) the product of (x) the weighted average of the Uncertificated
      REMIC II Pass-Through Rate for REMIC II Regular Interest A-1 for such
      Distribution Date, weighted on the basis of the Uncertificated Principal Balance
      of such REMIC II Regular Interest, and (y) the quotient of (1) 1 over (2)
      83.33333333333330%.

    

    With
      respect to REMIC III Regular Interest A-3 and any Distribution Date, a rate
      equal to the least of (A) One-Month LIBOR plus 0.30% per annum, (B) 7.50% per
      annum and (C) the product of (x) the weighted average of the Uncertificated
      REMIC II Pass-Through Rate for REMIC II Regular Interest A-1 for such
      Distribution Date, weighted on the basis of the Uncertificated Principal Balance
      of such REMIC II Regular Interest, and (y) the quotient of (1) 1 over (2)
      83.33333333333330%.

    

    With
      respect to REMIC III Regular Interest A-4 and any Distribution Date, a rate
      equal to the least of (A) One-Month LIBOR plus 0.30% per annum, (B) 7.50% per
      annum and (C) the product of (x) the weighted average of the Uncertificated
      REMIC II Pass-Through Rate for REMIC II Regular Interest A-1 for such
      Distribution Date, weighted on the basis of the Uncertificated Principal Balance
      of such REMIC II Regular Interest, and (y) the quotient of (1) 1 over (2)
      83.33333333333330%.

    

    With
      respect to REMIC III Regular Interest A-2 and any Distribution Date, a rate
      equal to the excess, if any, of (A) the Uncertificated REMIC II Pass-Through
      Rate for REMIC II Regular Interest A-1 over (B) the least of (x) the product
      of
      (1) One-Month LIBOR plus 0.30% per annum and (2) 83.33333333333330%, (y) the
      product of (1) 7.50% per annum and (2) 83.33333333333330%, and (z) the weighted
      average of the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular
      Interest A-1 for such Distribution Date, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC II Regular Interest.

     

    Uncertificated
      REMIC IV Pass-Through Rate:
      With
      respect each of the Regular Interests the ownership of which is represented
      by
      the Class A-1, Class A-3 and Class A-4 Certificates and any Distribution Date,
      a
      per annum rate equal to the weighted average (adjusted for the actual number
      of
      days elapsed in the related Interest Accrual Period) of the Uncertificated
      REMIC
      III Pass-Through Rate for such Distribution Date for the REMIC III Regular
      Interest for which such Certificates are the Corresponding Certificates,
weighted
      on the basis of the Uncertificated Principal Balance of such REMIC III Regular
      Interest immediately prior to such Distribution Date.

     

    With
      respect to the Regular Interest the ownership of which is represented by the
      Class A-2 Certificates and any Distribution Date, such Regular Interest shall
      not have an Uncertificated REMIC IV Pass-Through Rate, but rather shall be
      entitled to 70% of the Uncertificated Accrued Interest distributable to REMIC
      III Regular Interest A-2.

     

    With
      respect to the Regular Interest the ownership of which is represented by the
      Class A-5 Certificates and any Distribution Date, such Regular Interest shall
      not have an Uncertificated REMIC IV Pass-Through Rate, but rather shall be
      entitled to 30% of the Uncertificated Accrued Interest distributable to REMIC
      III Regular Interest A-2.

     

    Unpaid
      Realized Loss Amount:
      With
      respect to any Class A Certificates and as to any Distribution Date, is the
      excess of Applied Realized Loss Amounts with respect to such Class over the
      sum
      of all distributions in reduction of the Applied Realized Loss Amounts on all
      previous Distribution Dates. Any amounts distributed to the Class A Certificates
      in respect of any Unpaid Realized Loss Amount shall not be applied to reduce
      the
      Certificate Principal Balance of such Class.

     

    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) 90% to the Class A (other than the Class A-5 Certificates),
      Class M and Class B Certificates, (ii) 3% to the Class C Certificates until
      paid
      in full, and (iii) 1% to each of the Class A-5, Class P, Class R-1, Class R-2,
      Class R-3, Class R-4 and Class RX Certificates, with the allocation among the
      Certificates (other than the Class C 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.

     

    Wells
      Fargo:
      Wells
      Fargo Bank, National Association, and any successor in interest.

     

    Wells
      Fargo Custodial Agreement:
      An
      agreement, dated as of April 30, 2007, among the Depositor, the Company as
      a
      seller, Master Funding as a seller, the Trustee, the Master Servicer and Wells
      Fargo as Custodian relating to the Mortgage Loans identified in such Custodial
      Agreement, in substantially the form of Exhibit J-2 hereto.

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls. 

     

    For
      purposes of calculating the amount of Current Interest for the Class A, Class
      M,
      Class B and Class C Certificates for any Distribution Date, the aggregate amount
      of any Prepayment Interest Shortfalls (to the extent not covered by payments
      by
      the related Servicer pursuant to the related Servicing Agreement, the Company
      or
      the Master Servicer pursuant to Section 6.02) and any Relief Act Interest
      Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date
      shall be allocated first, to the Class C Interest based on, and to the extent
      of, one month’s interest otherwise distributable thereto and, thereafter, among
      the Class A, Class M and Class B Certificates, on a pro
      rata
      basis,
      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
      or Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC I Regular Interests (other than REMIC I Regular Interest P) for any
      Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls
      (to the extent not covered by payments by the related Servicer pursuant to
      the
      related Servicing Agreement or the Master Servicer pursuant to Section 6.02)
      and
      any Relief Act 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 (other than REMIC I Regular Interest P) for which
      a
      REMIC II Regular Interest is the Corresponding Interest and REMIC I Regular
      Interest ZZ, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC I Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC II Regular Interests (other than REMIC II Regular Interest P) for any
      Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls
      (to the extent not covered by payments by the related Servicer pursuant to
      the
      related Servicing Agreement or the Master Servicer pursuant to Section 6.02)
      and
      any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
      for
      any Distribution Date shall be allocated among such REMIC II Regular Interests
      in the same manner and priority as such amounts are allocable to the REMIC
      III
      Regular Interests that are Corresponding Interests for such REMIC II Regular
      Interests; provided, however, that solely for purposes of allocating such
      shortfalls to such REMIC II Regular Interests, any such shortfalls allocable
      to
      REMIC III Regular Interests A-2, A-3 and A-4 shall be deemed to be allocated
      to
      REMIC III Regular Interest A-1.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC III Regular Interests (other than REMIC III Regular Interest P) for any
      Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls
      (to the extent not covered by payments by the related Servicer pursuant to
      the
      related Servicing Agreement or the Master Servicer pursuant to Section 6.02)
      and
      any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
      for
      any Distribution Date shall be allocated among such REMIC III Regular Interests
      in the same manner and priority as such amounts are allocable to the
      Corresponding Certificates for such REMIC III Regular Interests and, in the
      case
      of REMIC III Regular Interest C, to the Class C Interest; provided, however,
      that solely for purposes of allocating such shortfalls to such REMIC III Regular
      Interests, any such shortfalls allocable to the Class A-5 Certificates shall
      be
      deemed to be allocated to the Class A-1, Class A-2, Class A-3 and Class 4
      Certificates, pro rata, based on the entitlement of each such Class to Current
      Interest determined without regard to such shortfalls. 

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

     

    ARTICLE
      II

    CONVEYANCE
      OF TRUST FUND

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund. 

     

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

     

    The
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor pursuant to the Mortgage Loan Purchase Agreement
      and has agreed to take the actions specified herein.

     

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

     

    In
      connection with such sale, the Depositor has delivered to, and deposited with,
      or caused to be delivered to and deposited with, the Trustee or the related
      Custodian, as its agent, the following documents or instruments with respect
      to
      each Mortgage Loan so assigned: 

     

    (i)
      the
      original Mortgage Note, including any riders thereto, endorsed without recourse
      (A) in blank or to the order of “Wells Fargo Bank, National Association, as
      Trustee for Certificateholders of Bear Stearns Asset Backed Securities I LLC,
      Asset Backed Certificates, Series 2007-AC4”, or (B) in the case of a loan
      registered on the MERS system, in blank, and in each case showing an unbroken
      chain of endorsements
      from the related originator, at the time they made the initial endorsement,
      to
      the last endorsee up to and including the point the Sponsor acquired such
      mortgage loan,
      

     

    (ii)
      the
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, for Mortgage Loans other than the
      EMC
      Flow Loans, if the original is not available, a copy), with evidence of such
      recording indicated thereon (or if clause (x) in the proviso below applies,
      shall be in recordable form), 

     

    (iii)
      unless the Mortgage Loan is either a MOM Loan or has been assigned in the name
      of MERS®, the assignment (either an original or a copy, which may be in the form
      of a blanket assignment if permitted in the jurisdiction in which the Mortgaged
      Property is located) to blank or to the Trustee of the Mortgage with respect
      to
      each Mortgage Loan in
      the
      name of “Wells Fargo Bank, National Association, as Trustee for
      Certificateholders of Bear Stearns Asset Backed Securities I LLC, Asset Backed
      Certificates, Series 2007-AC4,”
which
      shall have been recorded (or if clause (x) in the proviso below applies, shall
      be in recordable form) 

     

    (iv)
      an
      original or a copy of all intervening assignments of the Mortgage, if any,
      with
      evidence of recording thereon, 

     

    (v)
      with
      respect to any Mortgage Loan, the original policy of title insurance or
      mortgagee’s certificate of title insurance or commitment or binder for title
      insurance or, in the event such original title policy has not been received
      from
      the title insurer, such title policy will be delivered within one year of the
      Closing Date or, in the event such original title policy is unavailable, a
      photocopy of such title policy, or, in lieu thereof, a current lien search
      on
      the related Mortgaged Property; and 

     

    (vi)
      originals or copies of all available assumption, modification or substitution
      agreements, if any; 

     

    provided,
      however, that in lieu of the foregoing, EMC or Master Funding, as applicable,
      may deliver the following documents, under the circumstances set forth below:
      (x) if
      any
      Mortgage (other than the Mortgages related to the EMC Flow Loans), assignment
      thereof to or intervening assignments thereof have been delivered or are being
      delivered to recording offices for recording and have not been returned in
      time
      to permit their delivery as specified above, the Depositor may
      deliver,
      or
      cause to be delivered, a true copy thereof with a certification, on the face
      of
      such copy, substantially as follows: “Certified to be a true and correct copy of
      the original”; (y)
      in
      lieu of the Mortgage (other than the Mortgages related to the EMC Flow Loans),
      assignment or intervening assignments thereof, if the applicable jurisdiction
      retains the originals of such documents (as evidenced by a certification to
      such
      effect) the Depositor may deliver, or cause to be delivered, photocopies of
      such
      documents containing an original certification by the judicial or other
      governmental authority of the jurisdiction where such documents were recorded;
      and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans identified
      in the list set forth in Exhibit I, the Depositor may deliver, or cause to
      be
      delivered, a lost note affidavit and indemnity and a copy of the original note,
      if available; and provided, further, however, that in the case of Mortgage
      Loans
      which have been prepaid in full after the Cut-off Date and prior to the Closing
      Date, the Depositor, in lieu of delivering the above documents, may deliver,
      or
      cause to be delivered, to the Trustee and the related Custodian a certification
      of a Servicing Officer to such effect and in such case shall deposit all amounts
      paid in respect of such Mortgage Loans, in the Protected Account, in the Master
      Servicer Collection Account or in the Distribution Account on the Closing Date.
      In the case of the documents referred to in clause (x) above, the Depositor
      shall deliver, or cause to be delivered, such documents to the Trustee or the
      related Custodian promptly after they are received. 

     

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

     

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

     

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

     

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

     

    Section
      2.02  Acceptance
      of the Mortgage Loans. 

     

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

     

    (b)  No
      later
      than 180 days after the Closing Date, the Trustee or the related Custodian
      on
      its behalf will review, for the benefit of the Certificateholders, the Mortgage
      Files and will execute and deliver or cause to be executed and delivered to
      EMC
      (on its own behalf and on behalf of Master Funding), the Master Servicer and,
      if
      reviewed by the related Custodian, to the Trustee, a Final Certification
      substantially in the form of Exhibit Three to the related Custodial Agreement.
      In conducting such review, the Trustee or the related 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 related 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 related 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 related Custodian on its behalf
      shall note such defect in the exception report attached to the Final
      Certification and shall promptly notify EMC. EMC (on its own behalf and on
      behalf of Master Funding) shall correct or cure any such defect or, if prior
      to
      the end of the second anniversary of the Closing Date, EMC (on its own behalf
      and on behalf of Master Funding) may substitute for the related Mortgage Loan
      a
      Replacement Mortgage Loan, which substitution shall be accomplished in the
      manner and subject to the conditions set forth in Section 2.03 or shall deliver
      to the Trustee an Opinion of Counsel addressed to the Trustee to the effect
      that
      such defect does not materially or adversely affect the interests of
      Certificateholders in such Mortgage Loan within 90 days from the date of notice
      from the Trustee of the defect and if EMC (on its own behalf and on behalf
      of
      Master Funding) is unable within such period to correct or cure such defect,
      or
      to substitute the related Mortgage Loan with a Replacement Mortgage Loan or
      to
      deliver such opinion, EMC (on its own behalf and on behalf of Master Funding)
      shall, subject to Section 2.03, within 90 days from the notification of the
      Trustee, purchase such Mortgage Loan at the Purchase Price; provided, however,
      that if such defect relates solely to the inability of EMC (on its own behalf
      and on behalf of Master Funding) to deliver the Mortgage, assignment thereof
      to
      the Trustee or intervening assignments thereof with evidence of recording
      thereon, because such documents have not been returned by the applicable
      jurisdiction, EMC (on its own behalf and on behalf of Master Funding) shall
      not
      be required to purchase such Mortgage Loan, if EMC (on its own behalf and on
      behalf of Master Funding) delivers such documents promptly upon receipt, but
      in
      no event later than 360 days after the Closing Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i)  It
      is a
      national banking association duly formed, validly existing and in good standing
      under the laws of the United States of America and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Trustee in any state in which a Mortgaged Property is located
      or is otherwise not required under applicable law to effect such qualification
      and, in any event, is in compliance with the doing business laws of any such
      state, to the extent necessary to ensure its ability to enforce each Mortgage
      Loan, to master service the Mortgage Loans in accordance with the terms of
      this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof or thereof;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.04  Representations
      and Warranties of the Depositor. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.06  Countersignature
      and Delivery of Certificates. 

     

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

     

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

     

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

     

    (d)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      III Regular Interests and the other assets of REMIC IV for the benefit of the
      holders of the Certificates (other than the Class C, Class P and Class R
      Certificates), the Class C Interest, the Class P Interest and the Class R-4
      Certificates. The Trustee acknowledges receipt of the REMIC III Regular
      Interests (which are uncertificated) and the other assets of REMIC IV and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the holders of the Certificates (other than the Class C, Class P
      and
      Class R Certificates), the Class C Interest, the Class P Interest and the Class
      R-4 Certificates.

     

    (e)  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 Class
      C Interest for the benefit of the Holders of the Class C Certificates and the
      Class RX Certificates (in respect of the Class R-5 Interest). The Trustee
      acknowledges receipt of the Class C Interest (which is uncertificated) and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class C Certificates and the Class RX Certificates
      (in respect of the Class R-5 Interest).

     

    (f)  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 Class
      P Interest for the benefit of the Holders of the Class P Certificates and the
      Class RX Certificates (in respect of the Class R-6 Interest). The Trustee
      acknowledges receipt of the Class P Interest (which is uncertificated) and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class P Certificates and the Class RX Certificates
      (in respect of the Class R-6 Interest).

     

    Section
      2.07  Purposes
      and Powers of the Trust. 

     

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

     

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

     

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

     

    (c)  to
      make
      distributions on the Certificates;

     

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

     

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

     

    (f)  The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trust shall
      not
      engage in any activity other than in connection with the foregoing or other
      than
      as required or authorized by the terms of this Agreement while any Certificate
      is outstanding, and this Section 2.07.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF

    EMC
      MORTGAGE LOANS BY COMPANY

     

    Section
      3.01  The
      Company. 

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      3.03  Subservicers. 

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      3.05  Maintenance
      of Hazard Insurance. 

     

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

     

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

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds. 

     

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

     

    Section
      3.07  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

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

     

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

     

    Section
      3.08  Fidelity
      Bond, Errors and Omissions Insurance. 

     

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

     

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

     

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

     

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

     

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

     

    In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or a default becoming reasonably
      foreseeable on an EMC Mortgage Loan, the Company shall dispose of such Mortgaged
      Property prior to three years after its acquisition by the Trust Fund or, at
      the
      expense of the Trust Fund, request more than 60 days prior to the day on which
      such three-year period would otherwise expire, an extension of the three-year
      grace period unless the Trustee shall have been supplied with an Opinion of
      Counsel addressed to the Trustee (such opinion not to be an expense of the
      Trustee) to the effect that the holding by the Trust Fund of such Mortgaged
      Property subsequent to such three-year period will not result in the imposition
      of taxes on “prohibited transactions” of REMIC I, REMIC II, REMIC III, REMIC IV,
      REMIC V or REMIC VI as defined in Section 860F of the Code or cause either
      REMIC
      I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to fail to qualify as
      a
      REMIC at any time that any Certificates are outstanding, 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, REMIC III, REMIC IV, REMIC V or REMIC
      VI
      to the imposition of any federal, state or local income taxes on the income
      earned from such Mortgaged Property under Section 860G(c) of the Code or
      otherwise, unless the Company has agreed to indemnify and hold harmless the
      Trust Fund with respect to the imposition of any such taxes.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      3.10  Servicing
      Compensation. 

     

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

     

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

     

    Section
      3.11  REO
      Property. 

     

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

     

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

     

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

     

    Section
      3.12  Liquidation
      Reports. 

     

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

     

    Section
      3.13  Books
      and
      Records. 

     

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

     

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

     

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

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    ADMINISTRATION
      AND MASTER

    SERVICING
      OF MORTGAGE LOANS BY

    MASTER
      SERVICER

     

    Section
      4.01  Master
      Servicer. 

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.02  REMIC-Related
      Covenants. 

     

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

     

    Section
      4.03  Monitoring
      of Company and Servicer. 

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.04  Fidelity
      Bond. 

     

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

     

    Section
      4.05  Power
      to
      Act; Procedures. 

     

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

     

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

     

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

     

    Section
      4.07  Release
      of Mortgage Files. 

     

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

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with this Agreement or the related Servicing Agreement, upon
      written instruction from such Servicer or the Master Servicer, the Trustee
      shall
      execute such documents as shall be prepared and furnished to the Trustee by
      the
      Company, the related Servicer or the Master Servicer (in form reasonably
      acceptable to the Trustee) and as are necessary to the prosecution of any such
      proceedings. The related Custodian, on behalf of the Trustee, shall, upon the
      request of the Company, the related Servicer or the Master Servicer, and
      delivery to the related 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 related 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 related Custodian, on behalf of the Trustee, to the Company, the related
      Servicer or the Master Servicer.

     

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

     

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

     

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

     

    Section
      4.09  Standard
      Hazard Insurance and Flood Insurance Policies. 

     

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

     

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

     

    Section
      4.10  Presentment
      of Claims and Collection of Proceeds. 

     

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

     

    Section
      4.11  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

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

     

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

     

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

     

    The
      Trustee (or the related 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 related Custodian, as directed
      by
      the Trustee), upon the execution or receipt thereof the originals of any Primary
      Mortgage Insurance Policies, any certificates of renewal, and such other
      documents or instruments that constitute portions of the Mortgage File that
      come
      into the possession of the Master Servicer from time to time.

     

    Section
      4.13  Realization
      Upon Defaulted Mortgage Loans. 

     

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

     

    Section
      4.14  Compensation
      for the Master Servicer. 

     

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

     

    Section
      4.15  REO
      Property. 

     

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

     

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

     

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

     

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

     

    Section
      4.16  Annual
      Statement as to Compliance. 

     

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

     

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

     

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

     

    Section
      4.17  Assessments
      of Compliance and Attestation Reports. 

     

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

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

     

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

     

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

     

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

     

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

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit N hereto which are indicated as applicable to the related Attesting
      Party.

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2008, each Attesting Party shall furnish to the
      Master Servicer, the Depositor and the Trustee a report (an “Attestation
      Report”) by a registered public accounting firm that attests to, and reports on,
      the Assessment of Compliance made by the related Attesting Party, as required
      by
      Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
      AB,
      which Attestation Report must be made in accordance with standards for
      attestation reports issued or adopted by the Public Company Accounting Oversight
      Board. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.18  Reports
      Filed with Securities and Exchange Commission.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.19  Intention
      of the Parties and Interpretation. 

     

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

     

    Section
      4.20  UCC. 

     

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

     

    Section
      4.21  Optional
      Purchase of Certain Mortgage Loans. 

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    ARTICLE
      V

     

    ACCOUNTS

     

    Section
      5.01  Collection
      of Mortgage Loan Payments; Protected Account. 

     

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

     

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

     

    (b)  The
      Company shall establish and maintain a Protected Account (which shall at all
      times be an Eligible Account) with a depository institution in the name of
      the
      Company for the benefit of the Trustee on behalf of the Certificateholders
      and
      designated “Wells Fargo Bank, National Association, in trust for registered
      holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates
      Series 2007-AC4”. The Company shall deposit or cause to be deposited into the
      Protected Account on a daily basis within two Business Days of receipt and
      identification, except as otherwise specifically provided herein, the following
      payments and collections remitted by subservicers or received by it in respect
      of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect
      of principal and interest due on the EMC Mortgage Loans on or before the Cut-off
      Date) and the following amounts required to be deposited hereunder:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.02  Permitted
      Withdrawals From the Protected Account. 

     

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

     

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

     

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

     

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

     

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

     

    (v)  to
      pay
      the Company any unpaid Servicing Fees and to reimburse it for any unreimbursed
      Servicing Advances, provided, however, that the Company’s right to reimbursement
      for Servicing Advances pursuant to this subclause (v) with respect to any EMC
      Mortgage Loan shall be limited 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 Seller, the Depositor or itself, as applicable, with respect to each EMC
      Mortgage Loan or property acquired in respect thereof that has been purchased
      pursuant to Section 2.02, 2.03 or 4.21 of this Agreement, all amounts received
      thereon and not taken into account in determining the related Stated Principal
      Balance of such repurchased EMC Mortgage Loan;

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.03  Reports
      to Master Servicer. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.05  Servicer
      Protected Accounts. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.06  Master
      Servicer Collection Account. 

     

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

     

    (i)  any
      Advance and any Compensating Interest Payments;

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.07  Permitted
      Withdrawals From the Master Servicer Collection Account. 

     

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

     

    (i)  to
      reimburse the Master Servicer, the Company or the related Servicer for any
      Advance or Servicing Advance of its own funds, the right of the Master Servicer,
      the Company or the related Servicer to reimbursement pursuant to this subclause
      (i) being limited to amounts received on a particular Mortgage Loan (including,
      for this purpose, the Purchase Price therefor, Insurance Proceeds and
      Liquidation Proceeds) which represent late payments or recoveries of the
      principal of or interest on such Mortgage Loan respecting which such Advance
      or
      Servicing Advance was made;

     

    (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 Purchase 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) through (iv);

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.08  Distribution
      Account. 

     

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

     

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

     

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

     

    Section
      5.09  Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

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

     

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

     

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

     

    (iii)  to
      remove
      amounts deposited in error;

     

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

     

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

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI

     

    DISTRIBUTIONS
      AND ADVANCES

     

    Section
      6.01  Advances. 

     

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

     

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

     

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

     

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

     

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

     

    Section
      6.02  Compensating
      Interest Payments. 

     

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

     

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

     

    Section
      6.03  REMIC
      Distributions. 

     

    On
      each
      Distribution Date the Trustee shall be deemed to have allocated distributions
      to
      the REMIC Regular Interests, the Regular Interests the ownership of which is
      represented by each of the Class A Certificates, the Class C Interest and the
      Class P Interest in accordance with Section 6.07 hereof.

     

    Section
      6.04  Distributions. 

     

    (a)  On
      each
      Distribution Date, an amount equal to the Interest Funds and Principal Funds
      for
      such Distribution Date shall be withdrawn by the Trustee from the Distribution
      Account and distributed in the following order of priority: 

     

    (1)  Interest
      Funds shall be distributed in the following manner and order of
      priority:

     

    (A)  To
      the
      Class A Certificates, the Current Interest and any Interest Carry Forward Amount
      for each such Class, pro rata in accordance with the amount of accrued interest
      due thereon; and

     

    (B)  From
      remaining Interest Funds, sequentially, to the Class M-1, Class M-2, Class
      B-1
      and Class B-2 Certificates, in that order, the Current Interest for each such
      Class.

     

    Any
      Excess Spread to the extent necessary to meet a level of overcollateralization
      equal to the Overcollateralization Target Amount will be the Extra Principal
      Distribution Amount and will be included as part of the Principal Distribution
      Amount. Any Remaining Excess Spread together with any Overcollateralization
      Release Amount will be applied as Excess Cashflow and distributed pursuant
      to
      clauses (3)(A) through (H) below.

     

    On
      any
      Distribution Date, any Relief Act Interest Shortfalls and any Prepayment
      Interest Shortfalls to the extent not covered by Compensating Interest will
      be
      allocated as set forth in the definition of “Current Interest”
herein.

     

    (2)  On
      each
      Distribution Date, the Principal Distribution Amount shall be distributed in
      the
      following manner and order of priority:

     

    (A)  For
      each
      Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger
      Event is in effect:

     

    (i)  To
      the
      Class A Certificates (other than the Class A-5 Certificates), the 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 are reduced to zero;

     

    (ii)  To
      the
      Class M-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (iii)  To
      the
      Class M-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (iv)  To
      the
      Class B-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero; and

     

    (v)  To
      the
      Class B-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero.

     

    (B)  For
      each
      Distribution Date on or after the Stepdown Date, so long as a Trigger Event
      is
      not in effect:

     

    (i)  To
      the
      Class A Certificates (other than the Class A-5 Certificates), the Class A
      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 are reduced to zero;

     

    (ii)  To
      the
      Class M-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-1 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (iii)  To
      the
      Class M-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-2 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (iv)  To
      the
      Class B-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-1 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero; and

     

    (v)  To
      the
      Class B-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-2 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero.

     

    (3)  Any
      Excess Cashflow shall be distributed in the following manner and order of
      priority:

     

    (A)  To
      the
      Class A Certificates, any remaining Interest Carry Forward Amount for such
      Classes, pro rata, in accordance with the Interest Carry Forward Amount due
      with
      respect to each such Class, to the extent not fully paid pursuant to clause
      (1)
      (A) above; 

     

    (B)  To
      the
      Class A Certificates (other than the Class A-5 Certificates), any Unpaid
      Realized Loss Amount for such Classes for such Distribution Date, on a pro
      rata
      basis, in accordance with the Applied Realized Loss Amount allocated to each
      such Class;

     

    (C)  From
      any
      remaining Excess Cashflow, sequentially, to the Class M-1, Class M-2, Class
      B-1
      and Class B-2 Certificates, in that order, an amount equal to the Interest
      Carry
      Forward Amount for each such Class;

     

    (D)  From
      any
      remaining Excess Cashflow otherwise distributable to the Class C Interest and
      the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Classes
      of Class A Certificates, any Basis Risk Shortfall Carry Forward Amount for
      such
      Classes for such Distribution Date, on a pro rata basis, based on the amount
      of
      the Basis Risk Shortfall Carry Forward Amount for each such Class, to the extent
      such amount exceeds the amounts then on deposit in the Reserve Fund, and (ii)
      second, to maintain a balance in the Reserve Fund equal to the Reserve Fund
      Deposit;

     

    (E)  From
      any
      remaining Excess Cashflow otherwise distributable to the Class C Interest and
      the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Class
      M-1, Class M-2, Class B-1 and Class B-2 Certificates, sequentially in that
      order, any Basis Risk Shortfall Carry Forward Amount for each such Class, for
      such Distribution Date, if any, to the extent such amount exceeds the amounts
      then on deposit in the Reserve Fund, and (ii) second, to maintain a balance
      in
      the Reserve Fund equal to the Reserve Fund Deposit;

     

    (F)  From
      any
      remaining Excess Cashflow, to the Class A Certificates, on a pro rata basis,
      based on the entitlement of each such Class, and then sequentially to the Class
      M-1, Class M-2, Class B-1 and Class B-2 Certificates, in that order, the amount
      of Relief Act Shortfalls and any Prepayment Interest Shortfalls allocated to
      such Classes of Certificates, to the extent not previously
      reimbursed;

     

    (G)  From
      any
      remaining Excess Cashflow, to the Class C Interest and Class C Certificates,
      an
      amount equal to the Class C Distribution Amount reduced by amounts distributed
      in clauses (D) and (E) above; and

     

    (H)  From
      any
      remaining Excess Cashflow, to each of the Class R-1, Class R-2, Class R-3,
      Class
      R-4 and Class RX Certificates, based on the related REMIC in which such amount
      remains.

     

    In
      addition, notwithstanding the foregoing, on any Distribution Date after the
      Distribution Date on which the Certificate Principal Balance of the Class A
      (other than the Class A-5 Certificates), Class B or Class M 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
      Prepayment Interest Shortfalls or Basis Risk Shortfall Carry Forward
      Amounts.

     

    (b)  In
      addition to the foregoing distributions, with respect to any Subsequent
      Recoveries, the related Servicer shall deposit such funds into the related
      Protected Account pursuant to the related Servicing Agreement. 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 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
      Certificates pursuant to Section 6.05; provided, however, to the extent that
      no
      reductions to a Certificate Principal Balance of any Class of 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 increase the Certificate
      Principal Balance of the Class of Certificates with the next highest payment
      priority, up to the amount of such Realized Losses previously allocated to
      that
      Class of Certificates pursuant to Section 6.05, and so on. Holders of such
      Certificates will not be entitled to any payment in respect of Current Interest
      on the amount of such increases for any Accrual Period preceding the
      Distribution Date on which such increase occurs. Any such increases shall be
      applied to the Certificate Principal Balance of each Certificate of such Class
      in accordance with its respective Percentage Interest.

     

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

     

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

     

    Section
      6.05  Allocation
      of Realized Losses. 

     

    (a)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date as follows: first, to Excess Spread through an increased
      distribution of the Extra Principal Distribution Amount for such Distribution
      Date; second, to the Class C Interest and Class C Certificates, until the
      Certificate Principal Balance or Uncertificated Principal Balance thereof,
      as
      applicable, has been reduced to zero; third, to the Class B-2 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      fourth, to the Class B-1 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; fifth, to the Class M-2 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; sixth,
      to
      the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; and seventh, to the Class A Certificates (other than
      the
      Class A-5 Certificates), on a pro rata basis, in reduction of the Certificate
      Principal Balances thereof, until reduced to zero; provided, however, any
      Realized Losses otherwise allocable to the Class A-1 Certificates will first
      be
      allocated to the Class A-3 Certificates, until the Certificate Principal Balance
      of that Class has been reduced to zero, and then to the Class A-1 Certificates,
      and any Realized Losses otherwise allocable to the Class A-2 Certificates will
      first be allocated to the Class A-4 Certificates, until the Certificate
      Principal Balance of that Class has been reduced to zero, and then to the Class
      A-2 Certificates. All Realized Losses to be allocated to the Certificate
      Principal Balances of all Classes on any Distribution Date shall be so allocated
      after the actual distributions to be made on such date as provided above. All
      references above to the Certificate Principal Balance of any Class of
      Certificates shall be to the Certificate Principal Balance of such Class
      immediately prior to the relevant Distribution Date, before reduction thereof
      by
      any Realized Losses, in each case to be allocated to such Class of Certificates,
      on such Distribution Date.

     

    (b)  Any
      allocation of Realized Losses to a Class of Certificates or to the Class C
      Interest on any Distribution Date shall be made by reducing the Certificate
      Principal Balance or Uncertificated Principal Balance thereof by the amount
      so
      allocated; any allocation of Realized Losses to Excess Spread shall be made
      by
      reducing the amount otherwise payable in respect of the Class C Interest and
      the
      Class C Certificates pursuant to clause (G) of Section 6.04(a)(3). 

     

    Notwithstanding
      the foregoing, no such allocation of any Realized Loss shall be made on a
      Distribution Date to any Class of Certificates to the extent that such
      allocation would result in the reduction of the aggregate Certificate Principal
      Balance of all the Certificates as of such Distribution Date (other than the
      Class C Certificates and Class P Certificates) 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 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.

     

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

     

    (i)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC I Regular Interests in the following
      specified percentages: 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 shortfalls allocated pursuant to Section 1.02), 98.00% and 2.00%,
      respectively; second, to the Uncertificated Principal Balances of 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, 98.00% and 2.00%,
      respectively; third, to the Uncertificated Principal Balances of REMIC I Regular
      Interest AA, REMIC I Regular Interest B-2 and REMIC I Regular Interest ZZ,
      98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC I Regular Interest B-2 has been reduced to zero; fourth, to
      the
      Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I
      Regular Interest B-1 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest B-1 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-2 and REMIC
      I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC I Regular Interest M-2 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC I
      Regular Interest AA, REMIC I Regular Interest M-1 and REMIC I Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC I Regular Interest M-1 has been reduced to zero; and seventh,
      to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC
      I
      Regular Interest A-1 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest A-1 has been reduced to zero.

     

    (ii)  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 REMIC III Regular Interests that are the
      Corresponding Interests for such REMIC II Regular Interests; provided, however,
      that solely for purposes of allocating such Realized Losses to the REMIC II
      Regular Interests, any such losses allocable to REMIC III Regular Interests
      A-2,
      A-3 and A-4 shall be deemed to be allocated to REMIC III Regular Interest
      A-1.

     

    (iii)  All
      Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date to the REMIC III Regular Interests in the same manner and priority as
      Realized Losses are allocated to the Corresponding Certificates for such REMIC
      III Regular Interests and, in the case of REMIC III Regular Interest C, to
      the
      Class C Interest, pursuant to Section 6.05(a). 

     

    Section
      6.06  Monthly
      Statements to Certificateholders. 

     

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

     

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

     

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

     

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

     

    (iv)  the
      amount of the related distribution to Holders of the Class A (other than the
      Class A-5 Certificates), Class M and Class B Certificates (by Class) allocable
      to principal, separately identifying (A) the aggregate amount of any Principal
      Prepayments included therein, (B) the aggregate of all scheduled payments of
      principal included therein and (C) the Extra Principal Distribution Amount
      (if
      any);

     

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

     

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

     

    (vii)  the
      Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward
      Amounts for each Class of Certificates (if any);

     

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

     

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

     

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

     

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

     

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

     

    (xiii)  the
      amount of, if any, of excess cashflow or excess spread and the application
      of
      such excess cashflow;

     

    (xiv)  the
      cumulative amount of Applied Realized Loss Amounts through the end of the
      preceding month;

     

    (xv)  unless
      otherwise previously reported in the Form 10-D, material modifications,
      extensions or waivers to Mortgage Loan terms, fees, penalties or payments during
      the preceding calendar month or that have become material over
      time;

     

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

     

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

     

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

     

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

     

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

     

    (xxi)  whether
      a
      Trigger Event exists; 

     

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

     

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

     

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

     

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

     

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

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish upon request to each Person who at any time during the calendar year
      was
      a Certificateholder, the information set forth in clauses (a)(iv) and (a)(v)
      of
      this Section 6.06 aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder. Such obligation of
      the
      Trustee shall be deemed to have been satisfied to the extent that substantially
      comparable information shall be provided by the Trustee or the Trustee pursuant
      to any requirements of the Code as from time to time in effect.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      6.07  REMIC
      Designations and REMIC Distributions. 

     

    (a)  The
      Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC
      V
      and REMIC VI shall be treated as a REMIC under Section 860D of the Code. Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC elections. The assets of REMIC I shall include the Mortgage Loans and
      all
      interest owing in respect of and principal due thereon, the Distribution
      Account, the Protected Accounts, any REO Property, any proceeds of the foregoing
      and any other assets subject to this Agreement (other than the Reserve Fund,
      the
      Class A-1/A-2/A-3/A-4/A-5 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. The REMIC III Regular Interests shall constitute the assets of REMIC IV.
      The Class C Interest shall constitute assets of REMIC V. The Class P Interest
      shall constitute assets of REMIC VI.

     

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

     

    (i)  to
      the
      holders of the REMIC I Regular Interests (other than REMIC I Regular Interest
      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, allocated in the same proportion as the Extra
      Principal Distribution Amount is allocated to the Corresponding Interests for
      each such REMIC I Regular Interest, and the Uncertificated Principal Balance
      of
      REMIC I Regular Interest ZZ shall be increased by such amount;

     

    (ii)  from
      the
      remainder of the Interest Funds and Principal Funds for such Distribution Date
      after the distribution made pursuant to clause (i) 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; and

     

    (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 Interests for each such REMIC I Regular Interest,
      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; and

     

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

     

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

     

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

     

    (i)  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 Interests
      for
      each such REMIC II Regular Interest, 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 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 Interest Funds and Principal
      Funds for such Distribution Date after the distribution made pursuant to clause
      (i) above, allocated in the same manner and priority as paid to the
      Corresponding Interests for each such REMIC II Regular Interest, until the
      Uncertificated Principal Balances thereof have been reduced to zero, provided,
      however, that solely for purposes of allocating such principal payments to
      such
      REMIC II Regular Interests, any principal payments allocable to REMIC III
      Regular Interests A-2, A-3 and A-4 shall be deemed to be allocated to REMIC
      III
      Regular Interest A-1; and

     

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

     

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

     

    (f)  On
      each
      Distribution Date, the Interest Funds and Principal Funds, in the following
      order of priority, shall be deemed to be distributed by REMIC III to REMIC
      IV on
      account of the REMIC III Regular Interests (other than REMIC III Regular
      Interest P) or withdrawn from the Distribution Account and distributed to the
      Holders of the Class R-3 Certificates, as the case may be:

     

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

     

    (ii)  to
      the
      holders of the REMIC III Regular Interests (other than REMIC III Regular
      Interest P), in an amount equal to the remainder of the Interest Funds and
      Principal Funds for such Distribution Date after the distribution made pursuant
      to clause (i) above, allocated in the same manner and priority as paid to the
      Corresponding Certificates for each such REMIC III Regular Interest, until
      the
      Uncertificated Principal Balances thereof have been reduced to zero;
      and

     

    (iii) any
      remaining amount to the Holders of the Class R-3 Certificates.

     

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

     

    (h)  On
      each
      Distribution Date, for federal income tax purposes, (1) (i) the Regular Interest
      the ownership of which is represented by the Class A-1 Certificates shall be
      deemed to receive (x) accrued interest at the related Uncertificated REMIC
      IV
      Pass-Through Rate on an amount equal to the then current Certificate Principal
      Balance of the Class A-1 Certificates and (y) any amounts in respect thereof
      remaining unpaid from previous Distribution Dates for such Regular Interest,
      (ii) the Regular Interest the ownership of which is represented by the Class
      A-2
      Certificates shall be deemed to receive (x) an amount of accrued interest equal
      to 70% of the Uncertificated Accrued Interest distributable in respect of REMIC
      III Regular Interest A-2 for such Distribution Date, and (y) any amounts in
      respect thereof remaining unpaid from previous Distribution Dates for such
      Regular Interest, (iii) the Regular Interest the ownership of which is
      represented by the Class A-3 Certificates shall be deemed to receive (x) accrued
      interest at the related Uncertificated REMIC IV Pass-Through Rate on an amount
      equal to the then current Certificate Principal Balance of the Class A-3
      Certificates and (y) any amounts in respect thereof remaining unpaid from
      previous Distribution Dates for such Regular Interest, (iv) the Regular Interest
      the ownership of which is represented by the Class A-4 Certificates shall be
      deemed to receive (x) accrued interest at the related Uncertificated REMIC
      IV
      Pass-Through Rate on an amount equal to the then current Certificate Principal
      Balance of the Class A-4 Certificates and (y) any amounts in respect thereof
      remaining unpaid from previous Distribution Dates for such Regular Interest,
      and
      (v) the Regular Interest the ownership of which is represented by the Class
      A-5
      Certificates shall be deemed to receive (x) an amount of accrued interest equal
      to 30% of the Uncertificated Accrued Interest distributable in respect of REMIC
      III Regular Interest A-2 for such Distribution Date, and (y) any amounts in
      respect thereof remaining unpaid from previous Distribution Dates for such
      Regular Interest, and (2) amounts distributable in reduction of the Certificate
      Principal Balance of each of the Class A-1, Class A-2, Class A-3 and Class
      A-4
      Certificates shall be deemed distributed to the Regular Interest 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 each of the Class A Certificates at a rate equal to the related
      Pass-Through Rate which is in excess of, or less than, the amounts specified
      above in the related clause (x) for the Regular Interest the ownership of which
      is represented by such Certificates shall be treated in accordance with the
      provisions relating to Class A-1/A-2/A-5 Net WAC Pass-Through Amounts, Class
      A-3/A-2/A-5 Net WAC Pass-Through Amounts, Class A-4/A-2/A-5 Net WAC Pass-Through
      Amounts, Class A-2 Net WAC Pass-Through Allocation Amounts or Class A-5 Net
      WAC
      Pass-Through Allocation Amounts, as applicable, in Section 6.10.

     

    (i)  On
      each
      Distribution Date, an amount equal to the amounts distributed pursuant to
      Sections 6.04(a)(3)(D), (E) and (G) on such date shall be deemed distributed
      from REMIC IV to REMIC V in respect of the Class C Distribution Amount
      distributable on the Class C Interest.

     

    (j)  On
      each
      Distribution Date, 100% of the amounts deemed distributed on REMIC III Regular
      Interest P shall be deemed distributed by REMIC IV to REMIC VI in respect of
      the
      Class P Interest.

     

    Section
      6.08  Reserve
      Fund. 

     

    (a)  The
      Trustee shall establish a Reserve Fund on behalf of the Holders of the
Class
      A,
      Class
      B, Class M and Class C Certificates. The Reserve Fund shall be an Eligible
      Account. The Reserve Fund shall be entitled “Reserve Fund, Wells Fargo Bank,
      N.A. as Trustee for the benefit of Holders of Bear Stearns Asset Backed
      Securities I LLC, Asset-Backed Certificates, Series 2007-AC4, Class A-1, Class
      A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, Class B-1, Class
      B-2
      and Class C Certificates”. On the Closing Date, the Depositor will deposit, or
      cause to be deposited, into the Reserve Fund an amount equal to the Reserve
      Fund
      Deposit. On each Distribution Date as to which there is a Basis Risk Shortfall
      Carry Forward Amount payable to any Class of Certificates, the Trustee shall
      deposit the amounts distributable pursuant to clauses (D) and (E) of Section
      6.04(a)(3) into the Reserve Fund, and the Trustee has been directed by the
      Class
      C Certificateholder to distribute any amounts then on deposit in the Reserve
      Fund to the Holders of the Class A, Class M and Class B Certificates in respect
      of Basis Risk Shortfall Carry Forward Amounts for each such Class in the
      priorities set forth in clauses (D) and (E) of Section 6.04(a)(3). Any amount
      paid to the Holders of Class A, Class M or Class B Certificates from amounts
      distributable pursuant to clauses (D) and (E) of Section 6.04(a)(3) pursuant
      to
      the preceding sentence in respect of Basis Risk Shortfall Carry Forward Amounts
      shall be treated as distributed to the Class C Certificateholder in respect
      of
      the Class C Certificates and paid by the Class C Certificateholder to the
      Holders of the Class A, Class M or Class B Certificates. Any payments to the
      Holders of the Class A, Class M or Class B in respect of Basis Risk Shortfall
      Carry Forwards Amounts pursuant to the second preceding sentence shall not
      be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Section 860G(a)(1) of the Code.

     

    (b)  The
      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 Reserve Fund. The Class C Certificateholders shall be the
      beneficial owners of the Reserve Fund, subject to the power of the Trustee
      to
      transfer amounts under Section 6.04(a)(3). Amounts in the Reserve Fund shall
      be
      held either uninvested in a trust or deposit account of the Trustee 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
      Class C Certificateholders, pro rata among such Certificateholders, 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 Reserve Fund shall be taxable
      to
      the Class C Certificateholder. Any losses on such investments shall be deposited
      in the Reserve Fund by the Class C Certificateholders, pro rata out of their
      own
      funds immediately as realized. In the event that the Class C Certificateholder
      shall fail to provide investment instructions to the Trustee, the amounts on
      deposit in the Reserve Fund shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the right of the Holders of the
      Class A, Class M and Class B Certificates to receive payments from the Reserve
      Fund in respect of any Basis Risk Shortfall Carry Forward Amounts shall be
      assigned a value of zero.

     

    Section
      6.09  Class
      P
      Certificate Account. 

     

    The
      Trustee shall establish and maintain with itself a separate, segregated trust
      account for each of the Class P Certificates, titled “Bear Stearns Asset Backed
      Securities I Trust 2007-AC4 Class P Certificate Account” (the “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. Prepayment charges
      shall be allocated to the Class P Certificate. The
      amount on deposit in the Class P Certificate Account shall be held uninvested.
      On the Distribution Date immediately following the expiration of the latest
      Prepayment Charge term as identified on the Mortgage Loan Schedule, the Trustee
      shall withdraw the amount on deposit in the Class P Certificate Account and
      remit such amount to the Holders of the Class P Certificates in reduction of
      the
      Certificate Principal Balance thereof.

     

    Section
      6.10  Class
      A-1/A-2/A-5 Net WAC Pass-Through Amount; Class A-3/A-2/A-5 Net WAC Pass-Through
      Amount; Class A-4/A-2/A-5 Net WAC Pass-Through Amount; Class A-2 Net WAC
      Pass-Through Allocation Amount; Class A-5 Net WAC Pass-Through Allocation
      Amount; Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account.

     

    The
      Trustee shall establish a Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account
      on
      behalf of the Holders of the Class A Certificates. The Class A-1/A-2/A-3/A-4/A-5
      Net WAC Reserve Account shall be an Eligible Account. The Class
      A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account shall be entitled “Class
      A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account, Wells Fargo Bank, N.A., as Trustee
      for the benefit of Holders of Bear Stearns Asset Backed Securities I LLC,
      Asset-Backed Certificates, Series 2007-AC4, Class A-1, Class A-2, Class A-3,
      Class A-4 and Class A-5 Certificates”. On the Closing Date, the Depositor will
      deposit, or cause to be deposited, into the Class A-1/A-2/A-3/A-4/A-5 Net WAC
      Reserve Account an amount equal to the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve
      Account Deposit.

     

    On
      each
      Distribution Date on which the weighted average of the Net Mortgage Rates on
      the
      Mortgage Loans is less than the Class A-1/A-2/A-3/A-4/A-5 Target Rate, the
      accrued interest in respect of the Regular Interest the ownership of which
      is
      represented by the Class A-1 Certificates will include the Class A-1/A-2/A-5
      Net
      WAC Pass-Through Amount for such Distribution Date, the accrued interest in
      respect of the Regular Interest the ownership of which is represented by the
      Class A-3 Certificates will include the Class A-3/A-2/A-5 Net WAC Pass-Through
      Amount for such Distribution Date, and the accrued interest in respect of the
      Regular Interest the ownership of which is represented by the Class A-4
      Certificates will include the Class A-4/A-2/A-5 Net WAC Pass-Through Amount
      for
      such Distribution Date. On each such Distribution Date, the Trustee shall
      deposit into the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account the Class
      A-1/A-2/A-5 Net WAC Pass-Through Amount, the
      Class
      A-3/A-2/A-5 Net WAC Pass-Through Amount
      and the
      Class A-4/A-2/A-5 Net WAC Pass-Through Amount, in each case for such
      Distribution Date, rather than distributing such amounts to the Class A-1,
      Class
      A-3 and Class A-4 Certificateholders, respectively. Notwithstanding the
      foregoing, for federal, state and local tax purposes, such Class A-1/A-2/A-5
      Net
      WAC Pass-Through Amount shall be deemed distributed to the Class A-1
      Certificateholders in respect of the Regular Interest the ownership of which
      is
      represented by the Class A-1 Certificates, such Class A-3/A-2/A-5 Net WAC
      Pass-Through Amount shall be deemed distributed to the Class A-3
      Certificateholders in respect of the Regular Interest the ownership of which
      is
      represented by the Class A-3 Certificates, and such Class A-4/A-2/A-5 Net WAC
      Pass-Through Amount shall be deemed distributed to the Class A-4
      Certificateholders in respect of the Regular Interest the ownership of which
      is
      represented by the Class A-4 Certificates. On each such Distribution Date,
      the
      Trustee shall hold the Class A-1/A-2/A-5 Net WAC Pass-Through Amount, the Class
      A-3/A-2/A-5 Net WAC Pass-Through Amount and Class A-4/A-2/A-5 Net WAC
      Pass-Through Amount for the benefit of the Holders of the Class A-2 Certificates
      and Class A-5 Certificates, and shall distribute the aggregate of such amounts
      to the Holders of the Class A-2 Certificates in respect of any Class A-2 Net
      WAC
      Pass-Through Allocation Amounts for such Distribution Date and to the Holders
      of
      the Class A-5 Certificates in respect of any Class A-5 Net WAC Pass-Through
      Allocation Amounts for such Distribution Date, pro rata, based on the
      entitlement of each such Holder to their respective amounts. Payments to the
      Holders of the Class A-2 Certificates of any Class A-2 Net WAC Pass-Through
      Allocation Amounts or to the Holders of the Class A-5 Certificates of any Class
      A-5 Net WAC Pass-Through Allocation Amounts 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, Class A-3 or Class A-4 Certificate, each Class A-1,
      Class
      A-3 or Class A-4 Certificateholder thereby agrees to direct the Trustee to
      deposit into the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account any Class
      A-1/A-2/A-5 Net WAC Pass-Through Amounts, Class A-3/A-2/A-5 Net WAC Pass-Through
      Amounts or Class A-4/A-2/A-5 Net WAC Pass-Through Amounts, as applicable, rather
      than distributing such amounts to the Class A-1, Class A-3 and Class A-4
      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 A-1, Class A-3 or Class A-4 Certificate,
      each Class A-1, Class A-3 or Class A-4 Certificateholder acknowledges that
      any
      such Class A-1/A-2/A-5 Net WAC Pass-Through Amounts, Class A-3/A-2/A-5 Net
      WAC
      Pass-Through Amounts or Class A-4/A-2/A-5 Net WAC Pass-Through Amounts, as
      applicable, 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, Class A-3 or Class A-4 Certificates, respectively.
      By accepting a Class A-2 Certificate or Class A-5 Certificate, each Class A-2
      Certificateholder or Class A-5 Certificateholder acknowledges that for federal,
      state and local tax purposes any payments of any Class A-2 Net WAC Pass-Through
      Allocation Amounts or Class A-5 Net WAC Pass-Through Allocation Amounts, as
      applicable, 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
      A-1/A-2/A-3/A-4/A-5 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 Trustee on behalf of the
      Trust
      shall be the nominal owner of the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve
      Account. The Class A-1, Class A-3 and Class A-4 Certificateholders shall be
      the
      beneficial owners of the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account,
      ratably in proportion to any Class A-1/A-2/A-5 Net WAC Pass-Through Amounts,
      Class A-3/A-2/A-5 Net WAC Pass-Through Amounts and Class A-4/A-2/A-5 Net WAC
      Pass-Through Amounts, respectively, that are deposited into such account, in
      each case subject to the power of the Trustee to transfer amounts under clause
      (b) above. Amounts in the Class A-1/A-2/A-3/A-4/A-5 Net WAC Reserve Account
      shall be held uninvested.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VII

     

    THE
      CERTIFICATES

     

    Section
      7.01  The
      Certificates. 

     

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

     

    

    
      	
              Class

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiple in Excess of Minimum

            	 	
              Initial
                Certificate Principal Balance

            	 	
              Pass-Through
                Rate

            	 
	
              A-1

            	 	
              $

            	
              1,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              298,563,000.00

            	 	
              Class
                A-1 Pass-Through Rate

            	 
	
              A-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              63,237,000.00

            	 	
              Class
                A-2 Pass-Through Rate

            	 
	
              A-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              10,000,000.00

            	 	
              Class
                A-3 Pass-Through Rate

            	 
	
              A-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              7,622,000.00

            	 	
              Class
                A-4 Pass-Through Rate

            	 
	
              A-5

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              94,855,000.00

            	
              (1)

            	
              Class
                A-5 Pass-Through Rate

            	 
	
              M-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              10,205,000.00

            	 	
              Class
                M-1 Pass-Through Rate

            	 
	
              M-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              6,939,000.00

            	 	
              Class
                M-2 Pass-Through Rate

            	 
	
              B-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              4,490,000.00

            	 	
              Class
                B-1 Pass-Through Rate

            	 
	
              B-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              3,062,000.00

            	 	
              Class
                B-2 Pass-Through Rate

            	 
	
              C

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              408,200,729.69

            	
              (1)

            	
              (3)

            	 
	
              P

            	 	
              $

            	
              100

            	 	 	
              N/A

            	 	
              $

            	
              100.00

            	
              (2)

            	
              N/A

            	 
	
              R-1

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            	 
	
              R-2

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            	 
	
              R-3

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            	 
	
              R-4

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            	 
	
              RX

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            	 

    

    

    
      	
              (1)

            	
              This
                is a notional amount. 

            
	
              (2)

            	
              The
                Class P, Class R-1, Class R-2, Class R-3, Class R-4 and Class RX
                Certificates are not entitled to distributions in respect of
                interest

            
	
              (3)

            	
              As
                defined in “Pass-Through Rate” definition.

            
	 	 

    

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

     

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

     

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

     

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

     

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

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      Transfer or exchange of Certificates, but payment of a sum sufficient to cover
      any tax or governmental charge that may be imposed in connection with any
      Transfer or exchange of Certificates may be required.

     

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

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the Transfer in substantially the forms set forth
      in Exhibit D (the “Transferor Certificate”) and (x) deliver a letter in
      substantially the form of either Exhibit E (the “Investment Letter”) or Exhibit
      F (the “Rule 144A Letter”) or (y) there shall be delivered to the Trustee an
      Opinion of Counsel addressed to the Trustee that such Transfer may be made
      pursuant to an exemption from the Securities Act, which Opinion of Counsel
      shall
      not be an expense of the Depositor, the Mortgage Loan Sellers, the Master
      Servicer or the Trustee; provided, however, that such representation letters
      will not be required in connection with any transfer of any such Certificate
      by
      the Depositor to an affiliate of the Depositor and the Trustee and the Trustee
      shall be entitled to conclusively rely upon a representation (which, upon the
      request of the Trustee, shall be a written representation) from the Depositor
      of
      the status of such transferee as an affiliate of the Depositor. The Depositor
      shall provide to any Holder of a Private Certificate and any prospective
      transferee designated by any such Holder, information regarding the related
      Certificates and the Mortgage Loans and such other information as shall be
      necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
      for Transfer of any such Certificate without registration thereof under the
      Securities Act pursuant to the registration exemption provided by Rule 144A.
      The
      Trustee and the Master Servicer shall cooperate with the Depositor in providing
      the Rule 144A information referenced in the preceding sentence, including
      providing to the Depositor such information regarding the Certificates, the
      Mortgage Loans and other matters regarding the Trust Fund as the Depositor
      shall
      reasonably request to meet its obligation under the preceding sentence.
      Notwithstanding the provisions of the immediately preceding sentence, no
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in any Certificate that is a Global
      Certificate of a Class to a transferee that takes delivery in the form of a
      beneficial interest in the Global Certificate of such Class provided that each
      such transferee shall be deemed to have made such representations and warranties
      contained in the Rule 144A and Related Matters Certificate as are sufficient
      to
      establish that it is a QIB. Each Holder of a Private Certificate desiring to
      effect such Transfer shall, and does hereby agree to, indemnify the Trustee,
      the
      Depositor, the Mortgage Loan Sellers, the Trustee and the Master Servicer
      against any liability that may result if the Transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      Transfer of an ERISA Restricted Certificate or Class B-2 Certificate shall
      be
      made unless either (i) the Master Servicer and the Trustee shall have received
      a
      representation from the transferee of such Certificate acceptable to and in
      form
      and substance satisfactory to the Master Servicer and the Trustee, to the effect
      that such transferee is not an employee benefit plan subject to Section 406
      of
      ERISA and/or a plan subject to Section 4975 of the Code, or a Person acting
      on
      behalf of any such plan or using the assets of any such plan, or (ii) in the
      case of any such ERISA Restricted Certificate presented for registration in
      the
      name of an employee benefit plan subject to ERISA, or a plan subject to Section
      4975 of the Code (or comparable provisions of any subsequent enactments), or
      a
      trustee of any such plan or any other person acting on behalf of any such plan,
      the Trustee shall have received an Opinion of Counsel for the benefit of the
      Trustee and the Master Servicer and on which they may rely, satisfactory to
      the
      Trustee, to the effect that the purchase and holding of such ERISA Restricted
      Certificate is permissible under applicable law, will not constitute or result
      in the assets of the Trust being deemed to be “plan assets” within the meaning
      of Department of Labor Regulation 29
      C.F.R. 2510.3-101,
      as modified by Section 3(42) of ERISA (“Plan Assets”), will not result in any
      prohibited transactions under ERISA or Section 4975 of the Code and will not
      subject the Trustee, the Master Servicer or the Depositor to any obligation
      in
      addition to those expressly undertaken in this Agreement, which Opinion of
      Counsel shall not be an expense of the Trustee, the Master Servicer or the
      Depositor, or, in the case of a Class B-2 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 Trustee
      or
      the Master Servicer. Notwithstanding anything else to the contrary herein,
      any
      purported transfer of an ERISA Restricted Certificate to or on behalf of an
      employee benefit plan subject to Section 406 of ERISA and/or a plan subject
      to
      Section 4975 of the Code without the delivery of the Opinion of Counsel as
      described above shall be void and of no effect; provided that the restriction
      set forth in this sentence shall not be applicable if there has been delivered
      to the Trustee
      an Opinion of Counsel meeting the requirements of clause (ii) of the first
      sentence of this paragraph. Neither the Trustee nor the Master Servicer shall
      be
      required to monitor, determine or inquire as to compliance with the transfer
      restrictions with respect to any ERISA Restricted Certificate that is a
      Book-Entry Certificate, and neither the Trustee nor the Master Servicer shall
      have any liability for transfers of any such Book-Entry Certificates made
      through the book-entry facilities of any Depository or between or among
      participants of the Depository or Certificate Owners made in violation of the
      transfer restrictions set forth herein. Neither the Trustee nor the Master
      Servicer shall be under any liability to any Person for any registration of
      transfer of any ERISA Restricted Certificate that is in fact not permitted
      by
      this Section 7.02(b) or for making any payments due on such Certificate to
      the
      Holder thereof or taking any other action with respect to such Holder under
      the
      provisions of this Agreement. The Trustee shall be entitled, but not obligated,
      to recover from any Holder of any ERISA Restricted Certificate that was in
      fact
      an employee benefit plan subject to Section 406 of ERISA or a plan subject
      to
      Section 4975 of the Code or a Person acting on behalf of any such plan at the
      time it became a Holder or, at such subsequent time as it became such a plan
      or
      Person acting on behalf of such a plan, all payments made on such ERISA
      Restricted Certificate at and after either such time. Any such payments so
      recovered by the Trustee shall be paid and delivered by the Trustee to the
      last
      preceding Holder of such Certificate that is not such a plan or Person acting
      on
      behalf of a plan.

     

    Each
      beneficial owner of a Class M Certificate and Class B Certificate, except for
      a
      Class B-2 Certificate, or any interest therein shall be deemed to have
      represented, by virtue of its acquisition or holding of that certificate or
      interest therein, that either (i) it is not a Plan or investing with Plan
      Assets, (ii) it has acquired and is holding such certificate in reliance on
      the
      Exemption, and that it understands that there are certain conditions to the
      availability of the Exemption, including that the certificate must be rated,
      at
      the time of purchase, not lower than “BBB-”(or its equivalent) by S&P, Fitch
      Ratings, Dominion Bond Rating Service Limited (known as DBRS Limited), Dominion
      Bond Rating Service, Inc. (known as DBRS, Inc.) or Moody’s, and the certificate
      is so rated or (iii) (1) it is an insurance company, (2) the source of funds
      used to acquire or hold the certificate or interest therein is an “insurance
      company general account,” as such term is defined in Prohibited Transaction
      Class Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of
      PTCE 95-60 have been satisfied.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (h)  Any
      Individual Certificate issued in exchange for or upon transfer of another
      Individual Certificate or of a beneficial interest in a Global Certificate
      shall
      bear the applicable legends set forth in Exhibit A-3.

     

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

     

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

     

    Section
      7.03  Mutilated,
      Destroyed, Lost or Stolen Certificates. 

     

    If
      any
      mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate and of the ownership thereof.

     

    Section
      7.04  Persons
      Deemed Owners. 

     

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

     

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

     

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

     

    Section
      7.06  Book-Entry
      Certificates. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    All
      transfers by Certificate Owners of such respective Classes of Book-Entry
      Certificates and any Global Certificates shall be made in accordance with the
      procedures established by the Depository Participant or brokerage firm
      representing such Certificate Owners. Each Depository Participant shall only
      transfer Book-Entry Certificates of Certificate Owners it represents or of
      brokerage firms for which it acts as agent in accordance with the Depository’s
      normal procedures.

     

    Section
      7.07  Notices
      to Depository. 

     

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

     

    Section
      7.08  Definitive
      Certificates. 

     

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

     

    Section
      7.09  Maintenance
      of Office or Agency. 

     

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

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

     

    THE
      COMPANY AND THE MASTER SERVICER

     

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

     

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

     

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

     

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

     

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

     

    Section
      8.03  Indemnification
      of the Master Servicer. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      8.05  Master
      Servicer and Company Not to Resign. 

     

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

     

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

     

    Section
      8.06  Successor
      Master Servicer. 

     

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

     

    Section
      8.07  Sale
      and
      Assignment of Master Servicing. 

     

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

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX

     

    DEFAULT;
      TERMINATION OF MASTER SERVICER;

    TERMINATION
      OF COMPANY

     

    Section
      9.01  Events
      of
      Default. 

     

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

     

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

     

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

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 consecutive days;
      or

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      9.02  Trustee
      to Act; Appointment of Successor. 

     

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

     

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

     

    Section
      9.03  Notification
      to Certificateholders and Rating Agencies. 

     

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

     

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

     

    Section
      9.04  Waiver
      of
      Defaults. 

     

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

     

    Section
      9.05  Company
      Default. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    then,
      and in each and every such case, so long as a Company Default shall not have
      been remedied, the 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 pay any costs and expenses incurred by the Master Servicer in
      accordance with Section 4.03(c) and 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 

     

    Section
      10.01  Duties
      of
      Trustee. 

     

    (a)  The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred undertakes to perform
      such duties and only such duties as are specifically set forth in this Agreement
      as duties of the Trustee. If an Event of Default has occurred and has not been
      cured or waived, the Trustee shall exercise such of the rights and powers vested
      in it by this Agreement, and the same degree of care and skill in their
      exercise, as a prudent person would exercise under the circumstances in the
      conduct of such Person’s own affairs.

     

    (b)  Upon
      receipt of all resolutions, certificates, statements, opinions, reports,
      documents, orders or other instruments which are specifically required to be
      furnished to the Trustee pursuant to any provision of this Agreement, the
      Trustee shall examine them to determine whether they are, on their face, in
      the
      form required by this Agreement; provided, however, that the Trustee shall
      not
      be responsible for the accuracy or content of any resolution, certificate,
      statement, opinion, report, document, order or other instrument furnished by
      the
      Master Servicer; provided, further, that the Trustee shall not be responsible
      for the accuracy or verification of any calculation provided to it pursuant
      to
      this Agreement.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make monthly distributions and the final
      distribution to the Certificateholders from funds in the Distribution Account
      as
      provided in Sections 6.04 and 11.02 herein based solely on the applicable
      Remittance Report.

     

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

     

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

     

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

     

    (iii)  The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the directions of
      the
      Holders of Certificates evidencing not less than 25% of the aggregate Voting
      Rights of the Certificates (or such other percentage as specifically set forth
      herein), if such action or non-action relates to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee or exercising
      any trust or other power conferred upon the Trustee under this
      Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Event of Default unless a Responsible Officer of
      the
      Trustee shall have actual knowledge thereof. In the absence of such notice,
      the
      Trustee may conclusively assume there is no such default or Event of
      Default;

     

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

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      be liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Trustee
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action; and

     

    (vii)  None
      of
      the Master Servicer, the Seller, the Depositor or the Trustee shall be
      responsible for the acts or omissions of the other, it being understood that
      this Agreement shall not be construed to render them partners, joint venturers
      or agents of one another.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Master Servicer or the Company hereunder or any Servicer under the related
      Servicing Agreement.

     

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

     

    Section
      10.02  Certain
      Matters Affecting the Trustee.

     

    (a)  Except
      as
      otherwise provided in Section 10.01:

     

    (i)  The
      Trustee may rely and shall be protected in acting or refraining from acting
      in
      reliance on any resolution or certificate of the Seller, the Company, the Master
      Servicer or the related Servicer, any certificates of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or
      parties;

     

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

     

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

     

    (iv)  Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred with respect to the Trustee,
      the Trustee shall not be liable in its individual capacity for any action taken,
      suffered or omitted by it in good faith and believed by it to be authorized
      or
      within the discretion or rights or powers conferred upon it by this
      Agreement;

     

    (v)  The
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by Holders of Certificates evidencing
      not
      less than 25% of the aggregate Voting Rights of the Certificates and provided
      that the payment within a reasonable time to the Trustee of the costs, expenses
      or liabilities likely to be incurred by it in the making of such investigation
      is, in the opinion of the Trustee reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement. The Trustee may require
      reasonable indemnity against such expense or liability as a condition to taking
      any such action. The reasonable expense of every such examination shall be
      paid
      by the Certificateholders requesting the investigation;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, agents or attorneys; provided,
      however, that the Trustee may not appoint any paying agent to perform any paying
      agent functions under this Agreement without the express written consent of
      the
      Master Servicer, which consents will not be unreasonably withheld. The Trustee
      shall not be liable or responsible for the misconduct or negligence of any
      of
      the Trustee’s agents or attorneys or paying agent appointed hereunder by the
      Trustee with due care and, when required, with the consent of the Master
      Servicer;

     

    (vii)  Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee to
      perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be accountable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

    (viii)  The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted hereunder, except
      as
      provided in Subsection 10.07; and

     

    (ix)  The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      any Person pursuant to this Agreement, or the eligibility of any Mortgage Loan
      for purposes of this Agreement.

     

    (b)  The
      Trustee is hereby directed by the Depositor to execute and deliver the Insurance
      Agreement.

     

    Section
      10.03  Trustee
      Not Liable for Certificates or Mortgage Loans. 

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Trustee on the Certificates) shall be taken as the
      statements of the Depositor, and the Trustee shall not have any responsibility
      for their correctness. The Trustee does not make any representation as to the
      validity or sufficiency of the Certificates (other than the signature and
      countersignature of the Trustee on the Certificates) or of any Mortgage Loan
      except as expressly provided in Sections 2.02 and 2.06 hereof; provided,
      however, that the foregoing shall not relieve the Trustee, or the related
      Custodian on its behalf, of the obligation to review the Mortgage Files pursuant
      to Section 2.02 of this Agreement. The Trustee shall not be accountable for
      the
      use or application by the Depositor of any of the Certificates or of the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor with respect to the Mortgage Loans. Subject to Section 2.06,
      the Trustee shall not be responsible for the legality or validity of this
      Agreement or any document or instrument relating to this Agreement, the validity
      of the execution of this Agreement or of any supplement hereto or instrument
      of
      further assurance, or the validity, priority, perfection or sufficiency of
      the
      security for the Certificates issued hereunder or intended to be issued
      hereunder. The Trustee shall not at any time have any responsibility or
      liability for or with respect to the legality, validity and enforceability
      of
      any Mortgage or any Mortgage Loan, or the perfection and priority of any
      Mortgage or the maintenance of any such perfection and priority, or for or
      with
      respect to the sufficiency of the Trust Fund or its ability to generate the
      payments to be distributed to Certificateholders, under this Agreement. The
      Trustee shall not have any responsibility for filing any financing or
      continuation statement in any public office at any time or to otherwise perfect
      or maintain the perfection of any security interest or lien granted to it
      hereunder or to record this Agreement.

     

    Section
      10.04  Trustee
      May Own Certificates. 

     

    The
      Trustee in its individual capacity or in any capacity other than as Trustee
      hereunder may become the owner or pledgee of any Certificates with the same
      rights it would have if it were not the Trustee and may otherwise deal with
      the
      parties hereto.

     

    Section
      10.05  Trustee’s
      Fees and Expenses. 

     

    The
      Trustee shall be entitled to the Trustee Fee as compensation for its activities
      under this Agreement. In addition, the Trustee shall be entitled to recover
      from
      the Distribution Account pursuant to Section 5.09 all reasonable out-of-pocket
      expenses, disbursements and advances and the expenses of the Trustee and in
      connection with any Event of Default, any breach of this Agreement or any claim
      or legal action (including any pending or threatened claim or legal action)
      incurred or made by the Trustee in the administration of the trusts hereunder
      (including the reasonable compensation, expenses and disbursements of its
      counsel) except any such expense, disbursement or advance as may arise from
      its
      negligence or intentional misconduct or which is the responsibility of the
      Certificateholders or the Trust Fund hereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee shall recover such expenses,
      disbursements or advances from the Depositor and the Depositor hereby agrees
      to
      pay such expenses, disbursements or advances upon demand. Such compensation
      and
      reimbursement obligation shall not be limited by any provision of law in regard
      to the compensation of a trustee of an express trust.

     

    Section
      10.06  Eligibility
      Requirements for Trustee. 

     

    The
      Trustee and any successor Trustee shall during the entire duration of this
      Agreement be a state bank or trust company or a national banking association
      organized and doing business under the laws of a state or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus and undivided profits of at least $40,000,000
      or,
      in the case of a successor Trustee, $50,000,000, subject to supervision or
      examination by federal or state authority and, in the case of the Trustee,
      rated
“BBB” or higher by Fitch, Inc. with respect to their long-term rating and rated
“BBB” or higher by Standard & Poor’s and “Baa2” or higher by Moody’s with
      respect to any outstanding long-term unsecured unsubordinated debt, and, in
      the
      case of a successor Trustee other than pursuant to Section 10.10, rated in
      one
      of the two highest long-term debt categories of, or otherwise acceptable to,
      each of the Rating Agencies (which consent shall not be unreasonably withheld).
      The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section 10.06 the combined capital and surplus of such
      corporation shall be deemed to be its total equity capital (combined capital
      and
      surplus) as set forth in its most recent report of condition so published.
      In
      case at any time the Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 10.06, the Trustee shall resign immediately in the
      manner and with the effect specified in Section 10.08.

     

    Section
      10.07  Insurance. 

     

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

     

    Section
      10.08  Resignation
      and Removal of Trustee. 

     

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

     

    If
      at any time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 10.06 hereof and shall fail to resign after written
      request thereto by the Depositor, (ii) the Trustee shall become incapable of
      acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed
      with respect to the Trust Fund by any state in which the Trustee or the Trust
      Fund is located, (B) the imposition of such tax would be avoided by the
      appointment of a different trustee and (C) the Trustee fails to indemnify the
      Trust Fund against such tax, then the Depositor or the Master Servicer may
      remove the Trustee and appoint a successor trustee by written instrument, in
      multiple copies, a copy of which instrument shall be delivered to the Trustee,
      each Master Servicer and the successor trustee.

     

    The
      Holders over 50% of the Voting Rights of each Class of Certificates may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in multiple copies, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered by the successor trustee to each of the Master Servicer or the
      Trustee so removed and the successor trustee so appointed. Notice of any removal
      of the Trustee shall be given to each Rating Agency by the Trustee or successor
      trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 10.08 shall become effective
      upon acceptance of appointment by the successor trustee as provided in Section
      10.09 hereof.

     

    Section
      10.09  Successor
      Trustee. 

     

    Any
      successor trustee appointed as provided in Section 10.08 hereof shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee and
      the
      Master Servicer an instrument accepting such appointment hereunder and thereupon
      the resignation or removal of the predecessor trustee shall become effective
      and
      such successor trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with the like effect as if originally named as trustee
      herein.

     

    No
      successor trustee shall accept appointment as provided in this Section 10.09
      unless at the time of such acceptance such successor trustee shall be eligible
      under the provisions of Section 10.06 hereof and its appointment shall not
      adversely affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section
      10.09, the successor trustee shall mail notice of the succession of such trustee
      hereunder to all Holders of Certificates. If the successor trustee fails to
      mail
      such notice within ten days after acceptance of appointment, the Depositor
      shall
      cause such notice to be mailed at the expense of the Trust Fund.

     

    Section
      10.10  Merger
      or
      Consolidation of Trustee. 

     

    Any
      corporation, state bank or national banking association into which the Trustee
      may be merged or converted or with which it may be consolidated or any
      corporation, state bank or national banking association resulting from any
      merger, conversion or consolidation to which the Trustee shall be a party,
      or
      any corporation, state bank or national banking association succeeding to
      substantially all of the corporate trust business of the Trustee, shall be
      the
      successor of the Trustee hereunder, provided that such corporation shall be
      eligible under the provisions of Section 10.06 hereof without the execution
      or
      filing of any paper or further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding.

     

    Section
      10.11  Appointment
      of Co-Trustee or Separate Trustee. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      10.12  Tax
      Matters. 

     

    It
      is
      intended that the Trust Fund shall constitute one or more REMICs, and that
      the
      affairs of the Trust Fund shall be conducted so that each REMIC formed hereunder
      qualifies as a “real estate mortgage investment conduit” as defined in and in
      accordance with the REMIC Provisions. The Trustee, as agent on behalf of the
      Trust Fund, shall do or refrain from doing, as applicable, the following: (a)
      the Trustee shall prepare and file, or cause to be prepared and filed, in a
      timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
      (Form 1066 or any successor form adopted by the Internal Revenue Service) and
      prepare and file or cause to be prepared and filed with the Internal Revenue
      Service and applicable state or local tax authorities income tax or information
      returns for each taxable year with respect to each such REMIC containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations or rules, and furnish or cause to be
      furnished, to Certificateholders the schedules, statements or information at
      such times and in such manner as may be required thereby; (b) the Trustee shall
      apply for an employer identification number with the Internal Revenue Service
      via a Form SS-4 or other comparable method for each REMIC that is or becomes
      a
      taxable entity, and within thirty days of the Closing Date, furnish or cause
      to
      be furnished to the Internal Revenue Service on Forms 8811 or as otherwise
      may
      be required by the Code, the name, title, address, and telephone number of
      the
      person that the Holders of the Certificates may contact for tax information
      relating thereto, together with such additional information as may be required
      by such form, and update such information at the time or times in the manner
      required by the Code for the Trust Fund; (c) the Trustee shall make, or cause
      to
      be made, elections on behalf of each REMIC formed hereunder to be treated as
      a
      REMIC on the federal tax return of such REMIC for its first taxable year (and,
      if necessary, under applicable state law); (d) the Trustee shall prepare and
      forward, or cause to be prepared and forwarded, to the Certificateholders and
      to
      the Internal Revenue Service and, if necessary, state tax authorities, all
      information returns and reports as and when required to be provided to them
      in
      accordance with the REMIC Provisions, including without limitation, the
      calculation of any original issue discount using the Prepayment Assumption;
      (e)
      the Trustee shall provide information necessary for the computation of tax
      imposed on the transfer of a Residual Certificate to a Person that is not a
      Permitted Transferee, or an agent (including a broker, nominee or other
      middleman) of a Person that is not a Permitted Transferee, or a pass-through
      entity in which a Person that is not a Permitted Transferee is the record Holder
      of an interest (the reasonable cost of computing and furnishing such information
      may be charged to the Person liable for such tax); (f) the Trustee shall, to
      the
      extent under its control, conduct the affairs of the Trust Fund at all times
      that any Certificates are outstanding so as to maintain the status of each
      REMIC
      formed hereunder as a REMIC under the REMIC Provisions; (g) the Trustee shall
      not knowingly or intentionally take any action or omit to take any action that
      could (i) cause the termination of the REMIC status of any REMIC formed
      hereunder or (ii) result in the imposition of a tax upon the Trust Fund
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code); (h) the Trustee shall pay, from the sources
      specified in this Section 10.12, the amount of any federal, state and local
      taxes, including prohibited transaction taxes as described below, imposed on
      any
      REMIC formed hereunder prior to the termination of the Trust Fund when and
      as
      the same shall be due and payable (but such obligation shall not prevent the
      Trustee or any other appropriate Person from contesting any such tax in
      appropriate proceedings and shall not prevent the Trustee from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings); (i) the Trustee shall sign or cause to be signed federal, state
      or
      local income tax or information returns or any other document prepared by the
      Trustee pursuant to this Section 10.12 requiring a signature thereon by the
      Trustee; (j) the Trustee shall maintain records relating to each REMIC formed
      hereunder including but not limited to the income, expenses, assets and
      liabilities of each such REMIC and adjusted basis of the Trust Fund property
      determined at such intervals as may be required by the Code, as may be necessary
      to prepare the foregoing returns, schedules, statements or information; (k)
      the
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to the REMICs on a calendar year and on an accrual basis; (l) neither
      the Trustee nor the Master Servicer shall enter into any arrangement not
      otherwise provided for in this Agreement by which the REMICs will receive a
      fee
      or other compensation for services nor permit the REMICs to receive any income
      from assets other than “qualified mortgages” as defined in Section 860G(a)(3) of
      the Code or “permitted investments” as defined in Section 860G(a)(5) of the
      Code; and (m) as and when necessary and appropriate, the Trustee shall represent
      the Trust Fund in any administrative or judicial proceedings relating to an
      examination or audit by any governmental taxing authority, request an
      administrative adjustment as to any taxable year of any REMIC formed hereunder,
      enter into settlement agreements with any governmental taxing agency, extend
      any
      statute of limitations relating to any tax item of the Trust Fund, and otherwise
      act on behalf of each REMIC formed hereunder in relation to any tax matter
      involving any such REMIC.

     

    In
      order to enable the Trustee to perform its duties as set forth herein, the
      Depositor shall provide, or cause to be provided, to the Trustee within 10
      days
      after the Closing Date all information or data that the Trustee requests in
      writing and determines to be relevant for tax purposes to the valuations and
      offering prices of the Certificates, including, without limitation, the price,
      yield, prepayment assumption and projected cash flows of the Certificates and
      the related Mortgage Loans. Thereafter, the Depositor shall provide to the
      Trustee promptly upon written request therefor, any such additional information
      or data that the Trustee may, from time to time, request in order to enable
      the
      Trustee to perform its duties as set forth herein. The Depositor hereby
      indemnifies the Trustee for any losses, liabilities, damages, claims or expenses
      of the Trustee arising from any errors or miscalculations of the Trustee that
      result from any failure of the Depositor to provide, or to cause to be provided,
      accurate information or data to the Trustee on a timely basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any of REMIC I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI as defined in Section
      860F(a)(2) of the Code, on the “net income from foreclosure property” of the
      Trust Fund as defined in Section 860G(c) of the Code, on any contribution to
      any
      of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI after the Startup
      Day pursuant to Section 860G(d) of the Code, or any other tax is imposed,
      including, without limitation, any federal, state or local tax or minimum tax
      imposed upon any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC
      VI
      and is not paid as otherwise provided for herein, such tax shall be paid (i)
      by
      the Master Servicer or the Trustee, if any such tax arises out of or results
      from a breach by the Master Servicer or the Trustee of any of its obligations
      under this Agreement, provided, however, in no event shall the Master Servicer
      or the Trustee
      have any liability (1) for any action or omission that is taken in accordance
      with and compliance with the express terms of, or which is expressly permitted
      by the terms of, this Agreement, (2) for any losses other than those arising
      out
      of a negligent performance by the Master Servicer or the Trustee
      of its duties and obligations set forth herein, or (3) for any special or
      consequential damages to Certificateholders (in addition to payment of principal
      and interest on the Certificates), (ii) by
      any
      party hereto (other than the Master Servicer or
      the Trustee)
      to the extent any such
      tax
      arises out of or results from a breach by such other party of any of its
      obligations under this Agreement or (iii) in all other cases, or in the event
      that any liable party hereto fails to honor its obligations under the preceding
      clauses (i) or (ii), first with amounts otherwise to be distributed to the
      Class
      R Certificateholders, and second with amounts otherwise to be distributed to
      all
      the Holders of the following Certificates in the following order of priority:
      first,
      to
      the
      Class B-2 Certificates, second, to the Class B-1 Certificates, third, to the
      Class M-2 Certificates, fourth, to the Class M-1 Certificates, and fifth, to
      the
      Class A Certificates (pro
      rata
      based on
      the amounts to be distributed). Notwithstanding anything to the contrary
      contained herein, to the extent that such tax is payable by the Holder of any
      Certificates, the Trustee is hereby authorized to retain on any Distribution
      Date, from the Holders of the Class R Certificates (and, if necessary, second,
      from the Holders of the other Certificates in the priority specified in the
      preceding sentence), funds otherwise distributable to such Holders in an amount
      sufficient to pay such tax. The
      Trustee
      shall include in its Remittance Report instructions as to distributions to
      such
      parties taking into account the priorities described in the preceding sentence.
      The
      Trustee shall promptly notify in writing the party liable for any such tax
      of
      the amount thereof and the due date for the payment thereof.

     

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

     

    Section
      10.13  Indemnification
      of the Trustee. 

     

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

     

    Section
      10.14  Limitations
      on Liability of the Trustee. 

     

    Subject
      to the obligation of the Trustee to indemnify the Indemnified Persons pursuant
      to Section 10.13:

     

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

     

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

     

    (c)  The
      Trustee and any director, officer, employee or agent of the Trustee shall be
      indemnified by the Trust and held harmless thereby against any loss, liability
      or expense (including reasonable legal fees and disbursements of counsel)
      incurred on their part that may be sustained in connection with, arising out
      of,
      or related to, any claim or legal action (including any pending or threatened
      claim or legal action) relating to this Agreement, the Assignment Agreements,
      the Custodial Agreements, the Certificates or the Servicing
      Agreements.

     

    (d)  The
      Trustee shall not be under any obligation to appear in, prosecute or defend
      any
      legal action that is not incidental to its duties under this Agreement and
      that
      in its opinion may involve it in any expense or liability, provided, however,
      the Trustee may in its discretion undertake any such action which it may deem
      necessary or desirable with respect to this Agreement and the rights and duties
      of the parties hereto and the interests of the Certificateholders hereunder.
      In
      such event, the legal expenses and costs of such action and any liability
      resulting therefrom shall be expenses, costs and liabilities of the Trust Fund,
      and the Trustee shall be entitled to be reimbursed therefor out of the
      Distribution Account as provided by Section 5.09.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

     

    TERMINATION

     

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

     

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

     

    The
      right
      to repurchase all Mortgage Loans and REO Properties by the Majority Class C
      Certificateholder pursuant to clause (a) in the preceding paragraph shall be
      conditioned upon the Stated Principal Balance of all of the Mortgage Loans
      in
      the Trust Fund, at the time of any such repurchase, aggregating 10% or less
      of
      the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans.
      

     

    Section
      11.02  Final
      Distribution on the Certificates.

     

    If
      on any
      Determination Date, (i) the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Distribution Account, the Master Servicer shall
      direct
      the
Trustee
      to send a final distribution notice promptly to each Certificateholder or (ii)
      the Trustee determines that a Class of Certificates shall be retired after
      a
      final distribution on such Class, the Trustee shall notify the
      Certificateholders within five (5) Business Days after such Determination Date
      that the final distribution in retirement of such Class of Certificates is
      scheduled to be made on the immediately following Distribution Date. Any
final
      distribution made pursuant to the immediately preceding sentence will be made
      only upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office of the Trustee.
      If
      the Majority 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 and the Trustee of the date the Majority Class C
      Certificateholder intends to terminate the Trust Fund. The Majority Class C
      Certificateholder shall remit the Mortgage Loan Purchase Price to the Trustee
      on
      the Business Day prior to the Distribution Date for such Optional Termination
      by
      the 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 Trustee by letter
      to Certificateholders mailed not later than two Business Days after the
      Determination Date in the month of such final distribution. Any such notice
      shall specify (a) the Distribution Date upon which final distribution on the
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office therein designated, (b) the amount of such final distribution, (c) the
      location of the office or agency at which such presentation and surrender must
      be made and (d) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, distributions being made only upon presentation and
      surrender of the Certificates at the office therein specified. The Trustee
      will
      give such notice to each Rating Agency at the time such notice is given to
      Certificateholders.

     

    Upon
      such
      final deposit with respect to the Trust Fund and the receipt by the related
      Custodian of a Request for Release therefor, the related Custodian shall
      promptly release to the Master Servicer, as applicable the Mortgage Files for
      the Mortgage Loans and the Trustee shall execute and deliver any documents
      prepared and delivered to it which are necessary to transfer any REO
      Property.

     

    Upon
      presentation and surrender of the Certificates, the Trustee shall distribute
      to
      Certificateholders of each Class the amounts allocable to such Certificates
      held
      in the Distribution Account in the order and priority set forth in Section
      6.04
      hereof on the final Distribution Date and in proportion to their respective
      Percentage Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the above mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within six months after the
      second notice all the applicable Certificates shall not have been surrendered
      for cancellation, the Trustee may take appropriate steps, or may appoint an
      agent to take appropriate steps, to contact the remaining Certificateholders
      concerning surrender of their Certificates, and the cost thereof shall be paid
      out of the funds and other assets that remain a part of the Trust Fund. If
      within one year after the second notice all Certificates shall not have been
      surrendered for cancellation, the Class R Certificateholders shall be entitled
      to all unclaimed funds and other assets of the Trust Fund that remain subject
      hereto.

     

    Section
      11.03  Additional
      Termination Requirements. 

     

    (a)  Upon
      exercise by the 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 the Trustee has 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 thereof, and the Trustee shall in turn specify the first
      day of such period in a statement attached to the tax return for each of REMIC
      I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI 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 Trustee shall sell all of the assets of REMIC
      I
      for cash; and

     

    (3) At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates, all cash on hand (other than cash retained to meet
      claims), and REMIC I shall terminate at that time.

     

    (b)  By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and
      REMIC VI, which authorization shall be binding upon all successor
      Certificateholders.

     

    (c)  The
      Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan
      of
      complete liquidation meeting the requirements for a qualified liquidation under
      Section 860F of the Code and any regulations thereunder upon the written request
      of the 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 conform to the
      language in the Prospectus Supplement, to correct or supplement any provisions
      herein (including to give effect to the expectations of investors), to comply
      with any changes in the Code, to revise any provisions to reflect the
      obligations of the parties to this Agreement as they relate to Regulation AB,
      to
      change the manner in which the Distribution Account maintained by the Trustee
      or
      the Protected Account maintained by the Company is maintained or to make such
      other provisions with respect to matters or questions arising under this
      Agreement as shall not be inconsistent with any other provisions herein if
      such
      action shall not, as evidenced by an Opinion of Counsel addressed to the
      Trustee, adversely affect in any material respect the interests of any
      Certificateholder; provided that any such amendment shall be deemed not to
      adversely affect in any material respect the interests of the Certificateholders
      and no such Opinion of Counsel shall be required if the Person requesting such
      amendment obtains a letter from each Rating Agency stating that such amendment
      would not result in the downgrading or withdrawal of the respective ratings
      then
      assigned to the Certificates or if the purpose of such amendment is to conform
      to the language in the Prospectus Supplement.

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders, the parties hereto
      may at any time and from time to time amend this Agreement to modify, eliminate
      or add to any of its provisions to such extent as shall be necessary or
      appropriate to maintain the qualification of each of REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI,
      as a REMIC under the Code or to avoid or minimize the risk of the imposition
      of
      any tax on any of REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      pursuant to the Code that would be a claim against any of REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      at any time prior to the final redemption of the Certificates, provided that
      the
      Trustee has been provided an Opinion of Counsel addressed to the Trustee, which
      opinion shall be an expense of the party requesting such opinion but in any
      case
      shall not be an expense of the Trustee or the Trust Fund, to the effect that
      such action is necessary or appropriate to maintain such qualification or to
      avoid or minimize the risk of the imposition of such a tax.

     

    This
      Agreement may also be amended from time to time by the parties hereto with
      the
      consent of the Holders of the Certificates evidencing over 50% of the Voting
      Rights of the Certificates or, if applicable, Holders of each Class of
      Certificates affected thereby evidencing over 50% of the Voting Rights of such
      Class or Classes for the purpose of adding any provisions to or changing in
      any
      manner or eliminating any of the provisions of this Agreement or of modifying
      in
      any manner the rights of the Holders of Certificates; provided that no such
      amendment shall (i) reduce in any manner the amount of, or delay the timing
      of,
      payments required to be distributed on any Certificate without the consent
      of
      the Holder of such Certificate, (ii) cause any of REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      to cease to qualify as a REMIC or (iii) reduce the aforesaid percentages of
      Certificates of each Class the Holders of which are required to consent to
      any
      such amendment without the consent of the Holders of all Certificates of such
      Class then outstanding.

     

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

     

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

     

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

     

    Section
      12.02  Recordation
      of Agreement; Counterparts. 

     

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

     

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

     

    Section
      12.03  Governing
      Law. 

     

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

     

    Section
      12.04  Intention
      of Parties. 

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Seller to the
      Depositor, and by the Depositor to the Trustee be, and be construed as, an
      absolute sale thereof to the Depositor or the Trustee, as applicable. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Seller to the Depositor, or by the Depositor to the
      Trustee. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Mortgage Loan Sellers or the
      Depositor, as applicable, or if for any other reason the Mortgage Loan Purchase
      Agreement or this Agreement is held or deemed to create a security interest
      in
      such assets, then (i) the Mortgage Loan Purchase Agreement and this Agreement
      shall each be deemed to be a security agreement within the meaning of the
      Uniform Commercial Code of the State of New York and (ii) the conveyance
      provided for in the Mortgage Loan Purchase Agreement from the Seller to the
      Depositor, and the conveyance provided for in this Agreement from the Depositor
      to the Trustee, shall be deemed to be an assignment and a grant by the Mortgage
      Loan Sellers or the Depositor, as applicable, for the benefit of the
      Certificateholders, of a security interest in all of the assets that constitute
      the Trust Fund, whether now owned or hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and shall be maintained
      as such throughout the term of the Agreement.

     

    Section
      12.05  Notices. 

     

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

     

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

     

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

     

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

     

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

     

    (v)  The
      final
      payment to Certificateholders.

     

    (b)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York, New
      York 10179, Attention: Chief Counsel, and with respect to Regulation AB
      notifications to the Depositor at regabnotifications@bear.com; (ii) in the
      case
      of the Master Servicer, EMC Mortgage Corporation, 2780 Lake Vista Drive,
      Lewisville, Texas 75067 (Facsimile: (214) 626-4889), attention: Michelle Viner
      or such other address as may be hereafter furnished to the other parties hereto
      by the Master Servicer in writing; (iii) in the case of the Seller or the
      Company, EMC Mortgage Corporation, 2780 Lake Vista Drive, Lewisville, Texas
      75067 (Facsimile: (469) 759-4714), attention: General Counsel or such other
      address as may be hereafter furnished to the other parties hereto by the Seller
      or the Company in writing; (iv) in the case of the Trustee, at each Corporate
      Trust Office or such other address as the Trustee may hereafter furnish to
      the
      other parties hereto; and (v) in the case of the Rating Agencies, (x) Moody’s
      Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Home Equity Monitoring and (y) Standard & Poor’s, 55 Water Street, 41st
      Floor, New York, New York 10041, Attention: Mortgage Surveillance Group. Any
      notice delivered to the Seller, the Master Servicer or the Trustee under this
      Agreement shall be effective only upon receipt. Any notice required or permitted
      to be mailed to a Certificateholder, unless otherwise provided herein, shall
      be
      given by first-class mail, postage prepaid, at the address of such
      Certificateholder as shown in the Certificate Register; any notice so mailed
      within the time prescribed in this Agreement shall be conclusively presumed
      to
      have been duly given, whether or not the Certificateholder receives such
      notice.

     

    Section
      12.06  Severability
      of Provisions. 

     

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

     

    Section
      12.07  Assignment. 

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 8.07, this Agreement may not be assigned by the Master Servicer, EMC
      (on
      its own behalf as Seller and on behalf of Master Funding) or the
      Depositor.

     

    Section
      12.08  Limitation
      on Rights of Certificateholders. 

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee a written notice of an Event
      of Default and of the continuance thereof, as hereinbefore provided, the Holders
      of Certificates evidencing not less than 25% of the Voting Rights evidenced
      by
      the Certificates shall also have made written request to the Trustee to
      institute such action, suit or proceeding in its own name as Trustee hereunder
      and shall have offered to the Trustee such reasonable indemnity as it may
      require against the costs, expenses, and liabilities to be incurred therein
      or
      thereby, and the Trustee for 60 days after its receipt of such notice, request
      and offer of indemnity shall have neglected or refused to institute any such
      action, suit or proceeding; it being understood and intended, and being
      expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue or by availing itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the Certificates, or to obtain or
      seek
      to obtain priority over or preference to any other such Holder or to enforce
      any
      right under this Agreement, except in the manner herein provided and for the
      common benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section 12.08, each and every Certificateholder, the
      Trustee shall be entitled to such relief as can be given either at law or in
      equity.

     

    Section
      12.09  Inspection
      and Audit Rights. 

     

    The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor or the Trustee during the Master Servicer’s
      normal business hours, to examine all the books of account, records, reports
      and
      other papers of the Master Servicer relating to the Mortgage Loans, to make
      copies and extracts therefrom, to cause such books to be audited by independent
      certified public accountants selected by the Depositor or the Trustee and to
      discuss its affairs, finances and accounts relating to such Mortgage Loans
      with
      its officers, employees and independent public accountants (and by this
      provision the Master Servicer hereby authorizes such accountants to discuss
      with
      such representative such affairs, finances and accounts), all at such reasonable
      times and as often as may be reasonably requested. Any out-of-pocket expense
      incident to the exercise by the Depositor or the Trustee of any right under
      this
      Section 12.09 shall be borne by the party requesting such inspection, subject
      to
      such party’s right to reimbursement hereunder (in the case of the Trustee,
      pursuant to Section 10.05 hereof).

     

    The
      Trustee agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor during the Trustee’s normal business hours, to
      examine all the books of account, records, reports and other papers of the
      Trustee relating to the Certificates, to make copies and extracts therefrom,
      to
      cause such books to be audited by independent certified public accountants
      selected by the Depositor and to discuss its affairs, finances and accounts
      relating to such Certificates with its officers, employees and independent
      public accountants (and by this provision the Trustee hereby authorizes such
      accountants to discuss with such representative such affairs, finances and
      accounts), all at such reasonable times and as often as may be reasonably
      requested. Any out-of-pocket expense incident to the exercise by the Depositor
      of any right under this Section 12.09 shall be borne by the party requesting
      such inspection, subject to such party’s right to reimbursement
      hereunder.

     

    Section
      12.10  Certificates
      Nonassessable and Fully Paid. 

     

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

     

    * * *

    

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Seller, the Company,
      and the Trustee have caused their names to be signed hereto by their respective
      officers thereunto duly authorized as of the day and year first above
      written.

     

    
      	 	 	 	 	 	 	
               BEAR
                STEARNS ASSET BACKED

               SECURITIES
                I LLC,

               as
                Depositor

               

            
	 	 	 	 	 	 	 	
              /s/
                Baron
                Silverstein                                 
                

            
	 	 	 	 	 	 	 	
               

              Name: Baron
                Silverstein

            
	 	 	 	 	 	 	 	
              Title: Vice
                President

            

    

    

    
      	 	 	 	 	 	 	
               EMC
                MORTGAGE CORPORATION,

               as
                Master Servicer, Seller and Company

               

            
	 	 	 	 	 	 	 	
              /s/
                Mark
                Novachek                                   
                

            
	 	 	 	 	 	 	 	
               

              Name:
                Mark Novachek

            
	 	 	 	 	 	 	 	
              Title: Assistant
                Secretary 

            

    

    

    
      	 	 	 	 	 	 	
               WELLS
                FARGO BANK, NATIONAL 

               ASSOCIATION,

               as
                Trustee 

               

            
	 	 	 	 	 	 	 	
              /s/
                Stacey M.
                Taylor                                   
                

            
	 	 	 	 	 	 	 	
               

              Name:
                Stacey M. Taylor

            
	 	 	 	 	 	 	 	
              Title: Vice
                President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    STATE
      OF
      NEW YORK    ) 

     
            ) ss.:

    COUNTY
      OF
      NEW YORK        ) 

    

    On
      this
      30th day of April, 2007, before me, a notary public in and for said State,
      appeared _____________, personally known to me on the basis of satisfactory
      evidence to be a Vice President of Bear Stearns Asset Backed Securities I LLC,
      one of the companies that executed the within instrument, and also known to
      me
      to be the person who executed it on behalf of such limited liability company
      and
      acknowledged to me that such limited liability company executed the within
      instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    STATE
      OF
      MARYLAND    ) 

       
            ) ss.:

    COUNTY
      OF
      BALTIMORE        ) 

    

    On
      this 30th day of April, 2007, before me, a notary public in and for said State,
      appeared ____________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of Wells Fargo Bank,
      National Association that executed the within instrument, and also known to
      me
      to be the person who executed it on behalf of such national banking association,
      and acknowledged to me that such national banking association executed the
      within instrument.

     

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

    
       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

    

    [Notarial
      Seal]

    

    

    

    STATE
      OF
      TEXAS    )

                         
      ) ss.:

    COUNTY
      OF
      DALLAS     ) 

    

    On
      this 30th day of April, 2007, before me, a notary public in and for said State,
      appeared ________________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of EMC Mortgage
      Corporation, one of the corporations that executed the within instrument, and
      also known to me to be the person who executed it on behalf of such corporation
      and acknowledged to me that such corporation executed the within
      instrument.

     

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

    
       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

    

    

    

    [Notarial
      Seal]

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    EXHIBIT
      A-1

    

    FORM
      OF CLASS A CERTIFICATES

     

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

     

    [FOR
      CLASS A-1, A-2, A-3 AND A-4] THE CERTIFICATE PRINCIPAL BALANCE OF THIS
      CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED
      LOSSES ALLOCABLE HERETO AS DESCRIBED IN THE AGREEMENT. ACCORDINGLY, FOLLOWING
      THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE
      OF
      THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE
      BY
      INQUIRY OF THE TRUSTEE NAMED HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

    

    
      	
              Certificate
                No. 1

            	 	
              Adjustable
                Pass-Through Rate

            
	 	 	 
	
              Class
                A-[1][2][3][4][5] Senior

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

              April
                1, 2007

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

              $[_____________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

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

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [___________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2007-AC4

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                A-[1][2][3][4][5] Certificates with respect to a Trust Fund consisting
                primarily of a pool of conventional, one- to four-family, fixed interest
                rate mortgage loans sold by BEAR STEARNS ASSET BACKED SECURITIES
                I
                LLC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    [For
      Class A-1, A-2, A-3 and A-4] Interest on this Certificate will accrue from
      and
      including the 25th day of the calendar month preceding the month in which a
      Distribution Date (as hereinafter defined) occurs to and including the 24th
      day
      of the calendar month in which that Distribution Date occurs on the Certificate
      Principal Balance hereof at a per annum rate equal to the Pass-Through Rate
      set
      forth above and as further described in the Agreement. The Trustee will
      distribute on the 25th day of each month, or, if such 25th day is not a Business
      Day, the immediately following Business Day (each, a “Distribution Date”),
      commencing on the First Distribution Date specified above, to the Person in
      whose name this Certificate is registered at the close of business on the
      Business Day immediately preceding such Distribution Date so long as such
      Certificate remains in book-entry form (and otherwise, the close of business
      on
      the last Business Day of the month immediately preceding the month of such
      Distribution Date), an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount (of interest and principal, if
      any)
      required to be distributed to the Holders of Certificates of the same Class
      as
      this Certificate. The Assumed Final Distribution Date is the Distribution Date
      in the month immediately following the month of the latest scheduled maturity
      date of any Mortgage Loan and is not likely to be the date on which the
      Certificate Principal Balance of this Class of Certificates will be reduced
      to
      zero.

     

    [For
      Class A-5] Interest on this Certificate will accrue from and including the
      25th
      day of the calendar month preceding the month in which a Distribution Date
      (as
      hereinafter defined) occurs to and including the 24th day of the calendar month
      in which that Distribution Date occurs on the Certificate Notional Amount hereof
      at a per annum rate equal to the Pass-Through Rate set forth above and as
      further described in the Agreement. The Trustee will distribute on the 25th
      day
      of each month, or, if such 25th day is not a Business Day, the immediately
      following Business Day (each, a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered at the close of business on the Business Day immediately preceding
      such Distribution Date so long as such Certificate remains in book-entry form
      (and otherwise, the close of business on the last Business Day of the month
      immediately preceding the month of such Distribution Date), an amount equal
      to
      the product of the Percentage Interest evidenced by this Certificate and the
      amount (of interest, if any) required to be distributed to the Holders of
      Certificates of the same Class as this Certificate. The Assumed Final
      Distribution Date is the Distribution Date in the month immediately following
      the month of the latest scheduled maturity date of any Mortgage Loan and is
      not
      likely to be the date on which the Certificate Notional Amount of this Class
      of
      Certificates will be reduced to zero. The Class A-5 Certificates have no
      Certificate Principal Balance.

     

    [For
      Class A-1, A-2, A-3 and A-4] Distributions on this Certificate will be made
      by
      the Trustee by check mailed to the address of the Person entitled thereto as
      such name and address shall appear on the Certificate Register or, if such
      Person so requests by notifying the Trustee in writing as specified in the
      Agreement, by wire transfer. Notwithstanding the above, the final distribution
      on this Certificate will be made after due notice by the Trustee of the pendency
      of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trustee for that purpose
      and designated in such notice. The Initial Certificate Principal Balance of
      this
      Certificate is set forth above. The Certificate Principal Balance hereof will
      be
      reduced to the extent of distributions allocable to principal hereon and any
      Realized Losses allocable thereto.

     

    [For
      Class A-5] Distributions on this Certificate will be made by the Trustee by
      check mailed to the address of the Person entitled thereto as such name and
      address shall appear on the Certificate Register or, if such Person so requests
      by notifying the Trustee in writing as specified in the Agreement, by wire
      transfer. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Trustee of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Trustee for that purpose and designated in
      such notice. The Initial Certificate Notional Amount of this Certificate is
      set
      forth above.

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of Depositor, the Master Servicer, the Trustee
      or any such agent shall be affected by notice to the contrary.

     

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

     

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

    
 

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

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class
      A-[1][2][3][4][5] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

     

    
      	 	 
	 	
              .

            

    

     

    
 

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-2

    

    

    FORM
      OF CLASS M CERTIFICATES

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT
      TO THE SENIOR CERTIFICATES [AND] [CLASS M-1 CERTIFICATES] AS
      DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

     

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

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
      THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
      THE
      DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS
      CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED
      HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    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

            	 	
              Adjustable
                Pass-Through Rate

            
	 	 	 
	
              Class
                M-[1][2] Subordinate

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

              April
                1, 2007

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

              $[________________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

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

              $[________________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [_______________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC4

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                M-[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 or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    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 Trustee will distribute on the 25th day of each month, or, if such 25th
      day
      is not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the Business Day immediately preceding such Distribution Date so
      long as such Certificate remains in book-entry form (and otherwise, the close
      of
      business on the last Business Day of the month immediately preceding the month
      of such Distribution Date), an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount (of interest and
      principal, if any) required to be distributed to the Holders of Certificates
      of
      the same Class as this Certificate. The Assumed Final Distribution Date is
      the
      Distribution Date in the month immediately following the month of the latest
      scheduled maturity date of any Mortgage Loan and is not likely to be the date
      on
      which the Certificate Principal Balance of this Class of Certificates will
      be
      reduced to zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Certificate
      Principal Balance of this Certificate is set forth above. The Certificate
      Principal Balance hereof will be reduced to the extent of distributions
      allocable to principal hereon and any Realized Losses allocable
      hereto.

     

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

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

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

     

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

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

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class M-[1][2] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    

    
      	 	 
	 	
              .

            

    

    

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      

 

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-3

    

    FORM
      OF CLASS B 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
      B-1 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

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

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
      THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
      THE
      DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS
      CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED
      HEREIN.

     

    [For
      Class B-1] [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION
      OF
      TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
      THE
      NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
      & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN.]

     

    [For
      Class B-1] [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-2] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
      LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
      CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
      IN
      COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO
      RULE
      144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES
      IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”),
      PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB,
      WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE
      OR
      OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN
      EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE)
      OR
      (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
      MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL
      OF
      THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
      AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO
      COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES. THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE
      CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE
      AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I)
      WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN
      INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED
      TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE,
      WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR
      A
      GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
      EFFECT.]

    

    
      	
              Certificate
                No. 1

            	 	
              Adjustable
                Pass-Through Rate

            
	 	 	 
	
              Class
                B-[1][2] Subordinate

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

              April
                1, 2007

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

              $[________________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

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

              $[________________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [_______________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC4

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                B-[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 or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that ___________ is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    [For
      Class B-1] [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 Trustee will distribute on the 25th day of
      each
      month, or, if such 25th day is not a Business Day, the immediately following
      Business Day (each, a “Distribution Date”), commencing on the First Distribution
      Date specified above, to the Person in whose name this Certificate is registered
      at the close of business on the Business Day immediately preceding such
      Distribution Date so long as such Certificate remains in book-entry form (and
      otherwise, the close of business on the last Business Day of the month
      immediately preceding the month of such Distribution Date), an amount equal
      to
      the product of the Percentage Interest evidenced by this Certificate and the
      amount (of interest and principal, if any) required to be distributed to the
      Holders of Certificates of the same Class as this Certificate. The Assumed
      Final
      Distribution Date is the Distribution Date in the month immediately following
      the month of the latest scheduled maturity date of any Mortgage Loan and is
      not
      likely to be the date on which the Certificate Principal Balance of this Class
      of Certificates will be reduced to zero.]

     

    [For
      Class B-2] [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 Trustee will distribute on the 25th day of
      each
      month, or, if such 25th day is not a Business Day, the immediately following
      Business Day (each, a “Distribution Date”), commencing on the First Distribution
      Date specified above, to the Person in whose name this Certificate is registered
      at the close of business on the last 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 Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Certificate
      Principal Balance of this Certificate is set forth above. The Certificate
      Principal Balance hereof will be reduced to the extent of distributions
      allocable to principal hereon and any Realized Losses allocable
      hereto.

     

    [For
      Class B-2] [No transfer of this Class B-2 Certificate will be made unless such
      transfer is (i) exempt from the registration requirements of the Securities
      Act
      of 1933, as amended, and any applicable state securities laws or is made in
      accordance with said Act and laws and (ii) made in accordance with Section
      7.02
      of the Agreement. In the event that such transfer is to be made the Trustee
      shall register such transfer if, (i) made to a transferee who has provided
      the
      Trustee with evidence as to its QIB status; or (ii) (A) the transferor has
      advised the Trustee in writing that the Certificate is being transferred to
      an
      Institutional Accredited Investor and (B) prior to such transfer the transferee
      furnishes to the Trustee an Investment Letter; provided that if based upon
      an
      Opinion of Counsel to the effect that (A) and (B) above are not sufficient
      to
      confirm that such transfer is being made pursuant to an exemption from, or
      in a
      transaction not subject to, the registration requirements of the Securities
      Act
      and other applicable laws, the Trustee shall as a condition of the registration
      of any such transfer require the transferor to furnish such other
      certifications, legal opinions or other information prior to registering the
      transfer of this Certificate as shall be set forth in such Opinion of
      Counsel.]

     

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

     

    [For
      Class B-1] [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-2] [This Certificate may not be acquired directly or indirectly by,
      or
      on behalf of, an employee benefit plan or other retirement arrangement which
      is
      subject to Title I of the Employee Retirement Income Security Act of 1974,
      as
      amended, or Section 4975 of the Internal Revenue Code of 1986, as amended,
      unless the transferee certifies or represents that the proposed transfer and
      holding of a Certificate and the servicing, management and operation of the
      trust and its assets: (i) will not result in any prohibited transaction which
      is
      not covered under an individual or class prohibited transaction exemption,
      including, but not limited to, Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 or PTCE 96-23 and (ii) will not give
      rise to any additional obligations on the part of the Depositor, the Master
      Servicer or the Trustee, which will be deemed represented by an owner of a
      Book-Entry Certificate or a Global Certificate, or an Opinion of Counsel
      specified in section 7.02 of the Agreement is provided. This Certificate is
      one
      of a duly authorized issue of Certificates designated as set forth on the face
      hereof (the “Certificates”). The Certificates, in the aggregate, evidence the
      entire beneficial ownership interest in the Trust Fund formed pursuant to the
      Agreement.]

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

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

     

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

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

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class B-[1][2] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    

    
      	 	 
	 	
              .

            

    

     

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      

 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-4

    

    FORM
      OF CLASS
      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 TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
      AGREEMENT (as defined below) AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION
      OF
      COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
      STATES.

     

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

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	 	
              Percentage
                Interest: 100%

            
	 	 	 
	
              Class
                C

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date:

              April
                1, 2007

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

              $[____________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

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

              $[____________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [_______________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2007-AC4

     

    
      	
              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 or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Percentage Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      generally consisting of conventional, first lien, fixed rate mortgage loans
      secured by one- to four- family residences (collectively, the “Mortgage Loans”)
      sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
      BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement, dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company, Wells Fargo Bank, National Association, as trustee
      (the “Trustee”), a summary of certain of the pertinent provisions of which is
      set forth hereafter. To the extent not defined herein, capitalized terms used
      herein shall have the meaning ascribed to them in the Agreement. This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of its acceptance hereof assents and by which such Holder is
      bound.

     

    The
      Trustee will distribute on the 25th day of each month, or, if such 25th day
      is
      not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last day (or if such last day is not a Business Day, the
      Business Day immediately preceding such last day) of the calendar month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit D and either 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 or the Master Servicer in their respective capacities as such), together
      with copies of the written certification(s) of the Holder of the Certificate
      desiring to effect the transfer and/or such Holder’s prospective transferee upon
      which such Opinion of Counsel is based. Neither the Depositor nor the Trustee
      is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Depositor, the Seller and the Master Servicer against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

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

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer 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
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

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

     

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

    
 

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

     

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              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
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    

    
      	 	 
	 	
              .

            

    

    

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-5

    

    FORM
      OF CLASS P CERTIFICATES

     

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

     

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

     

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

     

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

    

    
      	
              Certificate
                No. 1

            	 	
              Percentage
                Interest: 100%

            
	 	 	 
	
              Class
                P

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

              April
                1, 2007

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

              $100.00

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

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

              $100.00

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [_________________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC4

     

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

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer, the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Percentage Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      generally consisting of conventional, first lien, fixed rate mortgage loans
      secured by one- to four- family residences (collectively, the “Mortgage Loans”)
      sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
      BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company and Wells Fargo Bank, National Association, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of its acceptance hereof assents and by which such Holder is
      bound.

     

    The
      Trustee will distribute on the 25th
      day of
      each month, or, if such 25th day is not a Business Day, the immediately
      following Business Day (each, a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered at the close of business on the last day (or if such last day
      is
      not a Business Day, the Business Day immediately preceding such last day) of
      the
      calendar month immediately preceding the month in which the Distribution Date
      occurs, an amount equal to the product of the Percentage Interest evidenced
      by
      this Certificate and the amounts required to be distributed to the Holders
      of
      Certificates of the same Class as this Certificate. The Assumed Final
      Distribution Date is the Distribution Date in the month following the latest
      scheduled maturity date of any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit D and either E or F, as applicable, and (ii) in all other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration or qualification (which Opinion of Counsel shall
      not
      be an expense of the Trust Fund or of the Depositor, the Trustee or the Master
      Servicer in their respective capacities as such), together with copies of the
      written certification(s) of the Holder of the Certificate desiring to effect
      the
      transfer and/or such Holder’s prospective transferee upon which such Opinion of
      Counsel is based. Neither the Depositor nor the Trustee is obligated to register
      or qualify the Class of Certificates specified on the face hereof under the
      1933
      Act or any other securities law or to take any action not otherwise required
      under the Agreement to permit the transfer of such Certificates without
      registration or qualification. Any Holder desiring to effect a transfer of
      this
      Certificate shall be required to indemnify the Trustee, the Depositor, the
      Seller and the Master Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

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

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

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

     

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

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

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    

    
      	 	 
	 	
              .

            

    

    

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

     

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

      
 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

    

    EXHIBIT
      A-6

    

    FORM
      OF CLASS R[-1][-2][-3][-4][X] CERTIFICATES

     

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

     

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

     

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

     

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

    

    
      	
              Certificate
                No. 1

            	 	 
	 	 	 
	
              Class
                R[-1][-2][-3][-4][X]

            	 	 
	
            	 	
              Percentage
                Interest: 100%

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

              April
                1, 2007

            	 	 
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	 
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
            
	 	 	
              CUSIP:
                [____________]

            
	
              Assumed
                Final Distribution Date:

              May
                25, 2037

            	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2007-AC4

     

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

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Percentage Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      generally consisting of conventional, first lien, fixed rate mortgage loans
      secured by one- to four- family residences (collectively, the “Mortgage Loans”)
      sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
      BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company and Wells Fargo Bank, National Association, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of its acceptance hereof assents and by which such Holder is
      bound.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions set forth in the Agreement to the effect that (i) each person
      holding or acquiring any Ownership Interest in this Certificate must be a
      Permitted Transferee, (ii) the transfer of any Ownership Interest in this
      Certificate will be conditioned upon the delivery to the Trustee of, among
      other
      things, an affidavit to the effect that it is a Permitted Transferee, (iii)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee, and (iv) if any person other than a
      Permitted Transferee acquires any Ownership Interest in this Certificate in
      violation of such restrictions, then the Depositor will have the right, in
      its
      sole discretion and without notice to the Holder of this Certificate, to sell
      this Certificate to a purchaser selected by the Depositor, which purchaser
      may
      be the Depositor, or any affiliate of the Depositor, on such terms and
      conditions as the Depositor may choose.

     

    The
      Trustee will distribute on the 25th day of each month, or, if such 25th day
      is
      not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last day (or if such last day is not a Business Day, the
      Business Day immediately preceding such last day) of the calendar month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

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

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of Depositor, the Master Servicer, the Trustee
      or any such agent shall be affected by notice to the contrary.

     

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

     

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

    
 

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

    

    
      	
              Dated:
                April 30, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class R[-1][-2][-3][-4][X] Certificates referred to in the
      within-mentioned Agreement.

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    

    
      	 	 
	 	
              .

            

    

    

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

    
      

      
        	 This assignee
                should include the following for purposes of distribution:	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number ___________, or, if mailed by check, to
                  ________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                This
                  information is provided by
                  ___________________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  _____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      B

    

    MORTGAGE
      LOAN SCHEDULE

    

    

    

MATURITY_DATE     FIRST_PAY_DATE    ORIGINAL_BALANCE           PAYMENT                 CURRENT_BALANCE                    STATE1                   STATED_REM_TERM          CITY1
-------------     --------------    ----------------           -------                 ---------------                    ------                   ---------------          -----
20211201             20070101            650000                 5662.2                      640194                      California                         176
20370301             20070401            280692                1549.65                      280692                      Colorado                           359
20361201             20070101            210900                1032.53                      210900                      California                         356
20370101             20070201            188000                1115.92                      187944                      Florida                            357
20211001             20061101            256750                2254.25                      251660                      California                         174
20370101             20070201            167105                1139.96                      166712                      Louisiana                          357
20370101             20070201            259920                1434.98                      259920                      Virginia                           357
20370101             20070201            328000                1776.19                      327911                      Maryland                           357
20370301             20070401            690000                4361.27                      689376                      Nevada                             359
20370201             20070301            151900                 972.64                      151631                      Virginia                           358
20370301             20070401            615000                3523.44                      615000                      Florida                            359
20370301             20070401            480000                3113.27                      479587                      Michigan                           359
20370301             20070401            820000                5182.96                      819259                      Michigan                           359
20370201             20070301            216000                1347.56                      215599                      California                         358
20370301             20070401            525000                3318.36                      524525                      Maryland                           359
20370201             20070301            102600                 630.56                      102600                      Alaska                             358
20370301             20070401            840000                5448.22                      839277                      Massachusetts                      359
20370101             20070201            140600                1031.67                      140315                      Florida                            357
20370301             20070401            700000                4424.48                      699367                      Florida                            359
20370201             20070301            245700                1612.41                      245700                      Alaska                             358
20370201             20070301            108400                  694.1                      108208                      Michigan                           358
20370301             20070401            520000                3117.66                      519482                      California                         359
20370301             20070401            574000                3675.38                      573494                      California                         359
20370301             20070401            493600                3839.17                      493309                      California                         359
20370201             20070301            526361                3326.96                      525407                      Nevada                             358
20370201             20070301            263250                1700.16                      263250                      Florida                            358
20370201             20070301            54790                  359.94                      54698                       Pennsylvania                       358
20370301             20070401            232000                1329.17                      232000                      Maryland                           359
20370301             20070401            260000                1751.67                      259792                      Washington                         359
20370101             20070201            130000                 965.25                      129743                      Tennessee                          357
20370101             20070201            262000                2061.16                      261544                      Pennsylvania                       357
20370301             20070401            63350                  481.51                      63311                       Texas                              359
20370101             20070201            408500                2593.14                      408100                      New Jersey                         357
20370101             20070201            175000                1149.63                      174487                      Georgia                            357
20370301             20070401            180800                1187.73                      180648                      Arizona                            359
20370301             20070401            640000                 4311.8                      634903                      Maryland                           359
20370301             20070401            66400                  487.22                      66355                       North Carolina                     359
20370101             20070201            90000                  848.61                      89900                       Michigan                           357
20370301             20070401            238923                1670.59                      238746                      Florida                            359
20370301             20070401            138750                1066.87                      138666                      Arizona                            359
20370201             20070301            198000                1258.13                      198000                      Maryland                           358
20370201             20070301            147100                 950.02                      147100                      Georgia                            358
20370201             20070301            283030                1680.49                      283030                      Arizona                            358
20370101             20070201            191000                1238.82                      190085                      Georgia                            357
20361201             20070101            910000                5213.54                      910000                      Florida                            356
20370201             20070301            61600                     385                      61600                       Tennessee                          358
20370301             20070401            85500                  605.63                      85500                       Georgia                            359
20370301             20070401            152600                1015.25                      152475                      Alabama                            359
20370301             20070401            83200                  588.88                      83140                       Texas                              359
20370301             20070401            188000                1077.08                      188000                      Arizona                            359
20370301             20070401            247920                1472.03                      247920                      Arizona                            359
20370301             20070401            82300                  531.52                      82300                       Delaware                           359
20370301             20070401            500000                   3125                      500000                      Arizona                            359
20370201             20070301            411200                2223.18                      410434                      District of Columbia               358
20370301             20070401            813000                4657.81                      813000                      Washington                         359
20370301             20070401            142500                1020.89                      142399                      Virginia                           359
20370201             20070301            146400                 925.35                      145767                      Texas                              358
20370301             20070401            239400                1471.31                      239400                      Virginia                           359
20370301             20070401            300000                 1812.5                      300000                      Nevada                             359
20370101             20070201            56000                  491.45                      55330                       Indiana                            357
20370101             20070201            435050                2447.16                      435050                      Virginia                           357
20361101             20061201            50100                  397.72                      49951                       Ohio                               355
20370301             20070401            94400                  643.98                      94326                       Texas                              359
20370301             20070401            281600                   1760                      281600                      Nevada                             359
20370301             20070401            275200                   1548                      275200                      Georgia                            359
20370201             20070301            125236                 782.73                      125236                      Georgia                            358
20370301             20070401            123000                  717.5                      123000                      Nevada                             359
20370301             20070401            285000                1692.19                      285000                      Georgia                            359
20361101             20061201            69900                  500.78                      69650                       Ohio                               355
20370201             20070301            206800                1324.17                      206434                      Florida                            358
20370301             20070401            190320                1298.32                      190172                      Florida                            359
20370301             20070401            87750                  621.56                      87750                       Georgia                            359
20370301             20070401            237490                1620.11                      237305                      Texas                              359
20370101             20070201            199200                1549.36                      198845                      Oklahoma                           177
20370201             20070301            129271                 993.98                      129114                      Texas                              358
20370301             20070401           1430100                7746.38                     1430100                      Texas                              359
20370301             20070401            230680                1513.84                      230680                      Florida                            359
20370201             20070301            200000                1330.61                      199671                      Maine                              358
20370301             20070401            97420                  681.17                      97348                       Indiana                            359
20370301             20070401           1000000                5208.33                     1000000                      District of Columbia               359
20370301             20070401            103265                 678.38                      103178                      Texas                              359
20370301             20070401            161000                1084.69                      160871                      Georgia                            359
20370201             20070301            227628                1495.35                      227244                      Tennessee                          358
20370201             20070301            102392                 672.64                      102219                      Texas                              358
20370201             20070301            348000                1921.25                      348000                      Maryland                           358
20370201             20070301            126956                 866.06                      126757                      Texas                              358
20370301             20070401            148000                 817.08                      148000                      Arizona                            359
20370301             20070401            175200                1136.34                      175049                      Washington                         359
20370101             20070201            189000                1337.73                      188587                      Maryland                           357
20370301             20070401            346000                1766.04                      345999                      New York                           359
20370301             20070401            207920                1562.03                      207787                      Florida                            359
20370101             20070201            200100                1331.27                      199605                      Texas                              357
20470301             20070401            265000                1575.12                      264888                      Massachusetts                      359
20370201             20070301            125600                 910.69                      125427                      Virginia                           358
20370201             20070301            200000                 1312.5                      200000                      Virginia                           358
20370201             20070301            213600                 1201.5                      213600                      Illinois                           358
20210701             20060801            60000                   543.5                      58274                       Virginia                           171
20360701             20060801            110000                 797.58                      109286                      Michigan                           171
20360601             20060701            128000                 905.98                      127047                      Florida                            170
20370301             20070401            316000                1909.17                      316000                      Arizona                            359
20370301             20070401            166500                1135.82                      166370                      Massachusetts                      359
20370301             20070401            348000                1993.75                      348000                      New Jersey                         359
20211101             20061201            275000                1546.88                      275000                      New York                           175
20370301             20070401            340000                1877.08                      340000                      New Jersey                         359
20370301             20070401           1456000                8341.67                     1456000                      California                         359
20361201             20070101            62800                   423.1                      62575                       Georgia                            356
20470301             20070401            472000                3149.79                      471774                      District of Columbia               359
20370101             20070201           1450000                8810.35                     1445750                      Nevada                             177
20361201             20070101            276000                1494.99                      275998                      Nevada                             356
20370301             20070401            116250                 714.43                      116246                      Florida                            359
20370101             20070201            600000                   3875                      600000                      California                         357
20360701             20060801            84000                  587.34                      83373                       Michigan                           171
20370101             20070201            337600                1969.33                      337600                      California                         357
20370401             20070501            215600                1167.83                      215600                      Arizona                            360
20370301             20070401            425883                2656.96                      425489                      Indiana                            359
20360501             20060601            160000                 972.18                      158062                      Virginia                           349
20360601             20060701            44150                   316.3                      43829                       North Carolina                     170
20370101             20070201            243800                1396.77                      243800                      California                         357
20360701             20060801            53400                  373.38                      53034                       Maryland                           171
20470301             20070401            70000                  486.72                      69980                       North Carolina                     359
20360701             20060801            280000                2005.95                      278175                      Michigan                           171
20360701             20060801            57600                  417.64                      57192                       Indiana                            171
20210501             20060601            580000                5376.67                      560118                      New York                           169
20210901             20061001            376000                2389.17                      376000                      California                         173
20370101             20070201            116080                 782.06                      115800                      Ohio                               357
20210901             20061001            432000                   2700                      432000                      Arizona                            173
20370101             20070201            158000                1015.34                      157214                      California                         357
20370101             20070201            128000                 840.87                      127676                      New Mexico                         357
20370101             20070201            156000                 991.25                      156000                      Florida                            357
20370101             20070201            98800                  565.47                      98700                       Michigan                           357
20361201             20070101            212000                1410.45                      211299                      Ohio                               356
20370201             20070301            211200                1052.48                      211200                      Texas                              358
20370201             20070301            388800                 2146.5                      388800                      Maryland                           358
20370201             20070301            66400                  441.77                      66290                       Texas                              358
20370201             20070301            66240                   440.7                      66128                       Texas                              358
20370201             20070301            219200                1255.83                      219200                      Virginia                           358
20370201             20070301            66400                  441.77                      66290                       Texas                              358
20370201             20070301            66400                  441.77                      66289                       Texas                              358
20370201             20070301            116000                 723.69                      115785                      Texas                              358
20370401             20070501            528000                3468.59                      528000                      California                         360
20370101             20070201            128000                 873.19                      127699                      Illinois                           357
20370101             20070201            201904                1114.68                      201904                      Florida                            357
20370101             20070201            341900                 1958.8                      341900                      Maryland                           357
20361201             20070101            148000                 972.26                      147498                      Illinois                           356
20370101             20070201            225000                 1440.7                      224366                      Rhode Island                       357
20370101             20070201            62480                  431.54                      62336                       Texas                              357
20370101             20070201            187405                1034.63                      187405                      Texas                              357
20370101             20070201            96075                  591.56                      95800                       Texas                              357
20370101             20070201            186050                1175.97                      185543                      New Jersey                         357
20370201             20070301            157600                 1022.2                      157328                      Texas                              358
20370201             20070301            588000                 3062.5                      588000                      Hawaii                             358
20370201             20070301            308000                1997.69                      307468                      California                         358
20370201             20070301            180000                 1087.5                      180000                      Florida                            358
20370201             20070301            46800                  319.26                      46727                       Connecticut                        358
20370201             20070301            193000                1045.42                      193000                      Nevada                             358
20370201             20070301            46800                  319.26                      46727                       Connecticut                        358
20211201             20070101            556000                5353.63                      549579                      Ohio                               176
20361201             20070101            134320                 848.99                      133830                      Ohio                               356
20370201             20070301            46800                  319.26                      46727                       Connecticut                        358
20470301             20070401            381500                 2336.2                      381349                      New Jersey                         359
20370101             20070201            243150                1342.39                      243150                      Arizona                            357
20370101             20070201            144000                 886.64                      143588                      Texas                              357
20370101             20070201            272000                1719.23                      270933                      Texas                              357
20370301             20070401            159560                 997.25                      159560                      Iowa                               359
20370101             20070201            389600                2150.92                      389600                      California                         357
20370101             20070201            98000                  676.87                      97775                       Maryland                           357
20370101             20070201            319200                1828.75                      319200                      Maryland                           357
20370301             20070401            212000                1302.92                      212000                      Florida                            359
20370101             20070201            214000                   1388                      213444                      Ohio                               357
20370101             20070201            156600                1028.76                      156203                      Georgia                            357
20370101             20070201            108800                 788.88                      108572                      Colorado                           357
20370101             20070201            128000                 905.98                      127675                      Ohio                               357
20370101             20070201            149600                  995.3                      149230                      Texas                              357
20370101             20070201            255800                1723.38                      255183                      Utah                               357
20370101             20070201            242400                   1515                      242400                      Maryland                           357
20370101             20070201            330640                1894.29                      330640                      Texas                              357
20361201             20070101            304200                1742.81                      304200                      Connecticut                        356
20361201             20070101            131920                 877.67                      131423                      North Carolina                     356
20370101             20070201            273600                 1843.3                      272940                      Illinois                           357
20370101             20070201            255000                 1487.5                      255000                      Missouri                           357
20370101             20070201            159000                 861.25                      159000                      Florida                            357
20370101             20070201            133600                 922.74                      133293                      Delaware                           357
20370101             20070201            295200                1752.75                      295200                      Virginia                           357
20370301             20070401            259200                1638.32                      258966                      Colorado                           359
20370301             20070401            140000                  978.9                      139896                      Texas                              359
20370301             20070401            173000                1122.07                      172809                      California                         359
20370101             20070201            109397                 729.31                      109397                      Texas                              357
20370301             20070401            870750                4988.67                      870750                      California                         359
20370301             20070401            102400                 638.84                      102305                      New Jersey                         359
20370301             20070401            204000                1296.25                      204000                      Florida                            359
20370301             20070401            73000                  535.65                      72951                       Georgia                            359
20370301             20070401            332000                2098.47                      331700                      Alabama                            359
20370301             20070401            109900                 740.42                      109712                      Texas                              359
20370101             20070201            149000                1158.91                      148734                      Mississippi                        357
20361201             20070101            327300                2545.71                      326519                      Texas                              356
20361001             20061101            100900                 630.63                      100900                      North Carolina                     354
20361101             20061201            112000                 746.42                      111963                      Alabama                            355
20370301             20070401            156085                 961.04                      155937                      Florida                            359
20370201             20070301            151312                    944                      151031                      Arizona                            358
20370201             20070301            251182                1670.96                      250769                      South Carolina                     358
20370301             20070401            395500                2307.08                      395500                      Florida                            359
20370201             20070301            417000                2809.41                      416331                      North Carolina                     358
20361201             20070101            576000                3735.93                      573999                      Indiana                            356
20361201             20070101            487500                3121.52                      485765                      California                         356
20361201             20070101            454400                3023.14                      452897                      Florida                            356
20370201             20070301            585000                3843.03                      584014                      Connecticut                        358
20370101             20070201            450000                3301.94                      449088                      Connecticut                        357
20370201             20070301            444500                2957.27                      443769                      Arizona                            358
20370301             20070401            273900                1868.48                      273686                      Arizona                            359
20370301             20070401            280000                   1750                      280000                      New Jersey                         359
20370301             20070401            224000                1547.11                      223830                      Florida                            359
20370101             20070201            138500                1089.59                      138259                      Michigan                           357
20370301             20070401            205760                1283.68                      205569                      Florida                            359
20370101             20070201            107000                1141.97                      106917                      Florida                            357
20370301             20070401            327850                1878.31                      327850                      Utah                               359
20370101             20070201            156600                1176.48                      156298                      Georgia                            357
20370101             20070201            161500                 925.26                      161500                      Arizona                            357
20220201             20070301            280000                2575.79                      278285                      Georgia                            178
20370301             20070401            169600                1071.99                      169436                      Utah                               359
20370201             20070301            47500                  403.74                      47454                       Missouri                           358
20370101             20070201            389500                2556.09                      389500                      California                         357
20370101             20070201            197740                1365.74                      197263                      Oregon                             357
20370101             20070201            306900                2145.89                      306212                      Virginia                           357
20370101             20070201            113600                 794.31                      113345                      Texas                              357
20370101             20070201            99200                  651.68                      98866                       New Mexico                         357
20370201             20070301            319200                1695.75                      319200                      California                         358
20370201             20070301            394000                2687.78                      393383                      California                         358
20370201             20070301            344800                1795.83                      344800                      Virginia                           358
20370201             20070301            160000                    950                      160000                      Florida                            358
20370201             20070301            113600                 591.67                      113600                      Ohio                               358
20370201             20070301            335200                 1885.5                      335200                      California                         358
20370201             20070301            260000                1664.81                      259540                      California                         358
20370201             20070301            215920                1436.53                      215565                      Texas                              358
20211001             20061101            528000                   3135                      528000                      California                         174
20220101             20070201            88000                  760.54                      87116                       Ohio                               177
20370101             20070201            77350                   501.7                      77149                       Arkansas                           357
20370101             20070201            72800                  502.82                      72633                       Ohio                               357
20361201             20070101            191600                1226.84                      190856                      California                         356
20370101             20070201            360000                 1987.5                      360000                      California                         357
20370301             20070401            59250                  419.37                      59207                       Georgia                            359
20370101             20070201            54150                  392.63                      53354                       Pennsylvania                       357
20370301             20070401            485000                3145.71                      484582                      Tennessee                          359
20370101             20070201            191920                1181.69                      191371                      Virginia                           357
20361201             20070101            144500                1035.22                      144086                      Illinois                           356
20361201             20070101            208000                1256.67                      208000                      Arizona                            356
20370101             20070201            72100                  479.69                      71922                       Illinois                           357
20370101             20070201            132000                 922.97                      131704                      Illinois                           357
20370301             20070401            176000                1156.19                      175526                      Texas                              359
20370201             20070301            66000                  417.17                      65880                       Texas                              358
20370201             20070301            188000                1057.36                      187975                      Illinois                           358
20370201             20070301            156000                1007.47                      155996                      Florida                            358
20370201             20070301            162400                1107.86                      162146                      Florida                            358
20211001             20061101            468000                   2730                      468000                      Virginia                           174
20220101             20070201            166400                1566.28                      163507                      Kentucky                           177
20470301             20070401            260000                1476.12                      259878                      California                         359
20370301             20070401            342920                2281.46                      342639                      Florida                            359
20370101             20070201            188000                1203.79                      187500                      Texas                              357
20370101             20070201            127200                 814.48                      126852                      Pennsylvania                       357
20370101             20070201            192000                   1080                      192000                      New Jersey                         357
20370101             20070201            224800                1458.05                      224216                      Michigan                           357
20370101             20070201            115150                 834.92                      114911                      Texas                              357
20370101             20070201            183920                1192.91                      183439                      Pennsylvania                       357
20361201             20070101            247500                1340.63                      247500                      Washington                         356
20200501             20050601            88600                  765.73                      81392                       Texas                              157
20370301             20070401            132000                 783.75                      132000                      Georgia                            359
20361201             20070101            424500                3041.17                      423290                      Illinois                           176
20370101             20070201            174400                1053.41                      174357                      North Carolina                     357
20370101             20070201            180950                 980.15                      180950                      Nevada                             357
20370301             20070401            360000                   2250                      360000                      California                         359
20361201             20070101            342200                1817.94                      342200                      Nevada                             356
20370101             20070201            134250                  713.2                      134250                      Washington                         357
20370101             20070201            128800                 878.65                      128470                      Missouri                           357
20370101             20070201            300000                1896.21                      299182                      California                         357
20370101             20070201            212000                1410.45                      211476                      Utah                               357
20370301             20070401            470000                2790.63                      470000                      Washington                         359
20370301             20070401            422955                 3030.1                      422656                      Florida                            359
20370101             20070201            247500                1688.39                      246917                      New Jersey                         357
20361101             20061201            522069                3473.34                      519904                      Florida                            355
20361101             20061201            468293                3037.34                      465019                      Florida                            355
20370401             20070501            536000                3656.47                      536000                      California                         360
20361201             20070101            220000                1482.18                      219290                      Illinois                           176
20370301             20070401            223920                 1492.8                      223920                      Florida                            359
20370301             20070401            698000                3998.96                      698000                      Maine                              359
20370301             20070401            103200                    645                      103200                      California                         359
20370101             20070201            95000                  672.41                      94792                       Maryland                           357
20370101             20070201            187200                    975                      187200                      Washington                         357
20370401             20070501            480000                3356.23                      480000                      Florida                            360
20370101             20070201            440000                2673.49                      438710                      California                         357
20370201             20070301            784000                4891.14                      782544                      New York                           358
20370101             20070201            237200                1284.83                      237200                      Rhode Island                       357
20370201             20070301            499000                2702.92                      499000                      California                         358
20370201             20070301           1160000                7142.32                     1157793                      North Carolina                     358
20361201             20070101            745700                 4836.6                      743110                      Florida                            356
20370301             20070401            521800                3128.46                      521281                      Virginia                           359
20370101             20070201            944000                5966.73                      941426                      California                         357
20370201             20070301            429200                2503.67                      429200                      New Jersey                         358
20470301             20070401            361656                2149.63                      361503                      Colorado                           359
20370101             20070201           1000000                5208.33                     1000000                      New York                           357
20370301             20070401            675000                4378.04                      674419                      Michigan                           359
20470101             20070101            196000                1164.99                      195666                      Maryland                           356
20370101             20070201            90950                  659.46                      90761                       Texas                              357
20370401             20070501            397592                2029.38                      397592                      Illinois                           360
20370201             20070301           1230000                7774.44                     1227770                      Alabama                            358
20370201             20070301            520000                2979.17                      520000                      Washington                         358
20370301             20070401           1500000                9481.02                     1498644                      California                         359
20370201             20070301            570000                3509.59                      568916                      Pennsylvania                       358
20370301             20070401            528000                 3512.8                      527567                      Minnesota                          359
20370201             20070301            600000                   3750                      600000                      North Carolina                     358
20370301             20070401            595200                   3410                      595200                      Wyoming                            359
20370301             20070401            472000                3179.95                      471423                      California                         359
20370301             20070401            595000                3760.81                      594462                      Massachusetts                      359
20360101             20070101            188000                1379.48                      185910                      Illinois                           176
20370201             20070301            417000                3132.78                      416466                      Florida                            358
20360601             20060701            130400                  934.2                      129452                      Utah                               170
20370301             20070401            910000                5826.83                      909197                      Wisconsin                          359
20470301             20070401            225000                1357.55                      224908                      California                         359
20370301             20070401            256428                1469.12                      256428                      Washington                         359
20360701             20060801            104750                 768.62                      104100                      Michigan                           171
20370101             20070201            960000                6306.52                      957567                      Hawaii                             357
20370301             20070401            451350                2538.84                      451350                      Maryland                           359
20370301             20070401            540000                   2925                      540000                      Virginia                           359
20370201             20070301            476650                2879.76                      476650                      Utah                               358
20370201             20070301            599600                3310.29                      599600                      Washington                         358
20370301             20070401            440000                2964.37                      439648                      North Carolina                     359
20370301             20070401            219200                1278.67                      219200                      Washington                         359
20370301             20070401            124000                 710.42                      124000                      California                         359
20370201             20070301            155000                1044.27                      154751                      Arizona                            358
20360601             20060701            141750                 991.14                      140666                      North Carolina                     170
20370301             20070401            580000                 3713.8                      579488                      Maryland                           359
20360601             20060701            69600                  463.05                      69014                       Indiana                            170
20370301             20070401            568000                3076.67                      568000                      Virginia                           359
20370301             20070401            496000                 3299.9                      495593                      Arizona                            359
20370201             20070301            490000                3017.01                      489068                      California                         358
20370301             20070401            260000                   1625                      260000                      Florida                            359
20370301             20070401            585000                3229.69                      585000                      New York                           359
20370201             20070301            585000                3107.81                      585000                      Tennessee                          358
20370301             20070401            99200                     651                      99200                       Florida                            359
20361101             20061201            423000                2599.69                      423000                      California                         355
20370301             20070401            520000                2870.83                      520000                      California                         359
20370301             20070401            495000                3503.58                      494642                      New Jersey                         359
20370301             20070401            500000                3242.99                      499570                      California                         359
20370301             20070401            628700                3820.05                      628089                      Florida                            359
20370401             20070501            162400                1053.33                      162400                      Georgia                            360
20370201             20070301            115200                    648                      115200                      Michigan                           358
20370301             20070401            159200                 978.42                      159200                      Georgia                            359
20470201             20070301            176255                 969.78                      176078                      Arizona                            358
20370101             20070201            298400                1554.17                      298400                      Minnesota                          357
20370101             20070201            342000                 2137.5                      342000                      Florida                            357
20370101             20070201            326400                   1836                      326400                      Arizona                            357
20370201             20070301            152000                 985.87                      151735                      Wisconsin                          358
20370201             20070301            252000                1740.51                      251615                      Illinois                           358
20370201             20070301            253320                1706.67                      252914                      Illinois                           358
20370201             20070301            144000                 970.16                      143769                      Virginia                           358
20370201             20070301            138240                 908.14                      138007                      Connecticut                        358
20370301             20070401           1312500                7519.53                     1312500                      North Carolina                     359
20370101             20070201            282290                1558.48                      282290                      Florida                            357
20370301             20070401            613000                3384.27                      613000                      California                         359
20370101             20070201            396000                 2186.2                      395990                      Maryland                           357
20370101             20070201            136000                 870.83                      135616                      Kentucky                           357
20370101             20070201            104000                 671.67                      104000                      Maryland                           357
20370101             20070201            264000                1333.17                      261192                      Maryland                           357
20361201             20070101            101150                 742.21                      99665                       Maryland                           356
20370101             20070201            128000                    895                      127713                      New Hampshire                      357
20370201             20070301            109600                  684.1                      109456                      Michigan                           358
20370101             20070201            217650                1503.26                      217150                      Arizona                            357
20370401             20070501            124656                 925.57                      124656                      Texas                              360
20370201             20070301            174800                 928.63                      174800                      Illinois                           358
20370301             20070401            145680                 895.33                      145680                      Minnesota                          359
20370401             20070501            272000                1643.33                      272000                      Minnesota                          360
20370201             20070301            218720                1161.95                      218720                      Texas                              358
20370201             20070301            77250                  520.45                      77126                       Texas                              358
20370201             20070301            114400                    742                      114202                      Texas                              358
20370101             20070201            420000                2829.62                      418900                      Hawaii                             357
20370201             20070301            128800                 711.08                      128800                      Ohio                               358
20370201             20070301            128000                 928.09                      127823                      Ohio                               358
20370201             20070301            128000                 928.09                      127823                      Ohio                               358
20370201             20070301            137250                 901.64                      137019                      Utah                               358
20370201             20070301            241600                   1359                      241600                      Maryland                           358
20211201             20070101            235000                2314.14                      232374                      Virginia                           176
20370301             20070401            168600                1311.35                      168500                      Texas                              359
20370101             20070201            104000                 631.92                      103695                      Texas                              357
20370101             20070201            252000                1255.05                      251850                      Virginia                           357
20370101             20070201            32310                  231.48                      32241                       Ohio                               357
20370401             20070501            207200                1316.58                      207200                      New Jersey                         360
20370101             20070201            53800                  357.94                      53652                       West Virginia                      357
20370101             20070201            340000                1983.33                      340000                      Montana                            357
20370101             20070201            320000                1733.33                      320000                      California                         357
20370101             20070201            105600                 667.47                      105312                      Texas                              357
20220201             20070301            164000                1395.03                      162811                      Ohio                               178
20370301             20070401            125800                 720.73                      125800                      Georgia                            359
20370201             20070301            63632                  444.93                      63537                       Texas                              358
20370201             20070301            131200                 840.09                      130941                      Minnesota                          358
20370201             20070301            208000                1297.65                      207614                      Texas                              358
20470301             20070401            515000                3200.37                      514804                      California                         359
20370201             20070301            58000                   400.6                      57911                       Ohio                               358
20370201             20070301            127500                 796.88                      127500                      New Mexico                         358
20211001             20061101            975000                8560.44                      955669                      California                         174
20370301             20070401            226500                1415.63                      226500                      Maryland                           359
20370101             20070201            185912                1007.02                      185912                      Colorado                           357
20370101             20070201            245000                1755.22                      244383                      Virginia                           357
20270101             20070201            184000                1426.56                      182915                      Ohio                               237
20370101             20070201          259693.38               1815.82                      259100                      Illinois                           357
20370101             20070201            199305                1393.57                      198858                      New Jersey                         357
20370301             20070401            343200                   2002                      343200                      California                         359
20370201             20070301            212800                1219.14                      212796                      Virginia                           358
20370301             20070401            618750                4273.55                      618279                      Florida                            359
20370401             20070501            401250                2257.03                      401250                      California                         360
20370201             20070301            174200                 889.15                      174200                      Virginia                           358
20370301             20070401            100800                 687.63                      100721                      Texas                              359
20370201             20070301            112000                 735.77                      111799                      Indiana                            358
20370201             20070301            212000                1446.22                      211668                      Illinois                           358
20370301             20070401            336600                1788.19                      336600                      California                         359
20370101             20070201            90400                  593.87                      89957                       Texas                              357
20370101             20070201            392125                2042.21                      392105                      California                         357
20370101             20070201            196000                1020.83                      196000                      Minnesota                          357
20361201             20070101            168000                 997.49                      167998                      Minnesota                          356
20370101             20070201            258617                1698.93                      257811                      California                         357
20370101             20070201            113520                  673.9                      113499                      Florida                            357
20370101             20070201            326300                2198.35                      325513                      Virginia                           357
20370301             20070401            458500                3008.91                      458500                      Florida                            359
20361201             20070101            193500                1386.26                      192948                      Illinois                           356
20370201             20070301            175600                 914.58                      175600                      North Carolina                     358
20370201             20070301            284000                1865.68                      283521                      Oregon                             358
20220101             20070201            76000                  677.81                      75269                       Indiana                            177
20370301             20070401            878000                5767.83                      877262                      California                         359
20211001             20061101            50000                  435.55                      48490                       New York                           174
20370201             20070301            136800                 783.75                      136800                      Florida                            358
20211201             20070101            60000                   526.8                      58403                       New York                           176
20370301             20070401            504500                2890.36                      504500                      California                         359
20370101             20070201            304800                1976.93                      304008                      Pennsylvania                       357
20361201             20070101            140250                 847.31                      140245                      Michigan                           356
20370101             20070201            83700                  435.79                      83672                       Illinois                           357
20211201             20070101            325000                2742.53                      317360                      Virginia                           176
20370101             20070201            218400                1114.67                      218384                      Washington                         357
20370201             20070301            280000                1573.88                      279800                      Maryland                           358
20370201             20070301            105000                 734.18                      104844                      Louisiana                          358
20461101             20061201            331880                2032.35                      331218                      New York                           355
20211201             20070101            464000                4138.21                      458029                      New York                           176
20370201             20070301            156800                 947.33                      156800                      Maryland                           358
20211201             20070101            549000                4896.28                      541936                      California                         176
20370301             20070401            63600                  494.67                      63562                       Texas                              359
20361201             20070101            403750                2186.98                      403750                      Nevada                             356
20370101             20070201            62800                  417.81                      62645                       Michigan                           357
20370101             20070201            219200                 1385.5                      218602                      Michigan                           357
20370301             20070401            280000                   1750                      280000                      Florida                            359
20470101             20070101            94300                   560.5                      94139                       California                         356
20370201             20070301            204800                   1280                      204800                      New Mexico                         358
20370201             20070301            151200                1109.46                      150996                      Missouri                           358
20461201             20070101            180950                1108.09                      180662                      New York                           356
20361201             20070101            196550                1391.17                      195976                      Texas                              356
20361201             20070101            260000                1489.08                      259912                      Maryland                           356
20370201             20070301            308800                 2026.5                      308800                      Maryland                           358
20370201             20070301            220000                1122.63                      219944                      Washington                         358
20370201             20070301            264000                   1540                      264000                      Florida                            358
20370301             20070401            850000                5583.89                      849286                      New Jersey                         359
20361201             20070101            315000                2202.53                      314056                      Illinois                           176
20370201             20070301            168000                  962.5                      168000                      Michigan                           358
20370201             20070301            286400                 1700.5                      286400                      Florida                            358
20370201             20070301            169509                1057.52                      169194                      Florida                            358
20361201             20070101            367400                 2104.9                      367400                      California                         356
20220101             20070201            496000                   3410                      496000                      California                         177
20370101             20070201            145500                 968.02                      145042                      Ohio                               357
20361201             20070101            74400                  533.02                      74188                       Missouri                           356
20370101             20070201            400000                2374.29                      399881                      California                         357
20370301             20070401            693750                3757.81                      693750                      California                         359
20370101             20070201            153600                    880                      153600                      Massachusetts                      357
20370101             20070201            121600                    684                      121600                      Georgia                            357
20370101             20070201            256500                1706.51                      255865                      Virginia                           357
20370201             20070301            188000                1155.42                      188000                      Utah                               358
20470101             20070201            406400                2599.63                      405964                      New Jersey                         357
20361201             20070101            271950                1416.41                      271950                      Nevada                             356
20361201             20070101            272000                1473.33                      272000                      California                         356
20370101             20070201            313850                1958.02                      312973                      California                         357
20370101             20070201            356000                2113.75                      356000                      Washington                         357
20170301             20070401            776000                9211.26                      771639                      Virginia                           119
20361201             20070101            180000                1182.48                      178345                      Nevada                             356
20370301             20070401            124000                 793.99                      123891                      Idaho                              359
20370101             20070201            212000                1148.32                      211998                      Washington                         357
20370301             20070401            413550                2110.83                      413550                      Virginia                           359
20370101             20070201            143000                 975.51                      142653                      Arizona                            357
20370101             20070201            92000                  589.09                      91741                       Wisconsin                          357
20370101             20070201            103374                 731.68                      103148                      California                         357
20370101             20070201            147200                    967                      146827                      Ohio                               357
20361201             20070101            203600                1124.01                      203595                      Nevada                             356
20370101             20070201            343450                1895.96                      343420                      Nevada                             357
20370301             20070401            222430                1367.02                      222430                      Florida                            359
20361201             20070101            180850                 998.44                      180850                      Nevada                             356
20361201             20070101            236000                1499.58                      236000                      Nevada                             356
20370101             20070201            336493                1857.72                      336493                      California                         357
20370101             20070201            180750                 997.89                      180750                      South Carolina                     357
20370101             20070201            200800                1150.42                      200800                      New Mexico                         357
20470301             20070401            51750                  374.47                      51737                       Missouri                           359
20361201             20070101            184000                1193.42                      183361                      Oklahoma                           356
20370101             20070201            274400                1628.97                      274353                      Washington                         357
20370101             20070201            118150                    806                      117872                      Texas                              357
20370301             20070401            90000                  553.13                      90000                       Illinois                           359
20370401             20070501            311500                1881.98                      311500                      New Jersey                         360
20370301             20070401            500000                2760.42                      500000                      Georgia                            359
20361201             20070101            305050                2065.44                      305050                      Nevada                             356
20361201             20070101            224750                1216.52                      224589                      Arizona                            356
20361201             20070101            46400                  251.33                      46400                       Tennessee                          356
20361201             20070101            106450                 735.23                      106123                      Texas                              356
20361201             20070101            260350                1410.23                      260350                      Nevada                             356
20370101             20070201            420800                2410.83                      420800                      California                         357
20370301             20070401            264000                   1540                      264000                      Washington                         359
20370401             20070501            367500                2696.59                      367500                      New Jersey                         360
20370101             20070201            181500                1253.58                      181082                      Illinois                           357
20370101             20070201            41250                  267.55                      41045                       Pennsylvania                       357
20370301             20070401            201500                1091.46                      201500                      Nevada                             359
20370301             20070401            512000                3320.82                      511559                      California                         359
20361201             20070101            500000                3538.97                      498539                      Illinois                           176
20370301             20070401            183500                1146.88                      183500                      Virginia                           359
20461201             20070101            340000                2082.07                      339459                      Maryland                           356
20361201             20070101            198450                1012.92                      198450                      California                         356
20370101             20070201            275600                1741.98                      274849                      Michigan                           357
20470301             20070401            319700                1986.72                      319578                      Florida                            359
20370101             20070201            156000                1024.81                      155605                      Ohio                               357
20370101             20070201            215600                1279.95                      215570                      Texas                              357
20370401             20070501            231600                   1822                      231600                      Missouri                           360
20370101             20070201            74400                  501.25                      74204                       Idaho                              357
20370101             20070201            356000                 2002.5                      356000                      Virginia                           357
20370301             20070401            496000                2686.67                      496000                      California                         359
20370301             20070401            260000                1461.75                      259867                      Indiana                            359
20370301             20070401            360000                   2100                      360000                      Minnesota                          359
20370301             20070401            191200                1369.78                      191065                      Georgia                            359
20361201             20070101            148000                 947.67                      147473                      South Carolina                     356
20370101             20070201            140000                 896.44                      139627                      South Carolina                     357
20370101             20070201            88000                  563.48                      87766                       Texas                              357
20370201             20070301            236000                 1530.7                      235592                      Michigan                           358
20370301             20070401            664000                4529.66                      663482                      Arizona                            359
20461201             20070101            250000                1441.44                      249543                      California                         356
20370301             20070401            129350                 741.07                      129350                      Arizona                            359
20360601             20060701            304000                2151.69                      301736                      Illinois                           170
20361201             20070101            173950                1050.95                      173950                      Florida                            356
20370301             20070401            565500                3475.47                      565500                      California                         359
20370101             20070201            318000                2062.54                      317174                      Indiana                            177
20370301             20070401            344500                 1973.7                      344500                      Nevada                             359
20370301             20070401            154900                1016.53                      154900                      Arizona                            359
20370201             20070301            247000                1561.21                      246552                      Massachusetts                      358
20220201             20070301            94600                  876.96                      94027                       Ohio                               178
20370101             20070201            257550                1735.17                      256928                      Nevada                             357
20370201             20070301            222950                1184.42                      222950                      California                         358
20370201             20070301            144000                 749.79                      143960                      Missouri                           358
20370401             20070501            91904                  619.18                      91904                       Texas                              360
20370201             20070301            144000                 749.79                      143960                      Missouri                           358
20220201             20070301            86250                  818.04                      85744                       Ohio                               178
20370201             20070301            144000                 749.79                      143960                      Missouri                           358
20370201             20070301            102400                 733.61                      102255                      New Jersey                         358
20370201             20070301            144000                 749.79                      143960                      Missouri                           358
20370201             20070301            387200                   1936                      387200                      Virginia                           358
20350201             20060901            131200                 951.29                      128609                      Iowa                               172
20370201             20070301            821424                4859.03                      819745                      California                         358
20370101             20070201            182400                1244.29                      181971                      Tennessee                          357
20370101             20070201            153600                    864                      153600                      Virginia                           357
20370301             20070401            252000                1634.47                      251783                      Indiana                            359
20370101             20070201            153900                1062.95                      153547                      Texas                              357
20370101             20070201            160000                  882.5                      159850                      Pennsylvania                       357
20370101             20070201            416000                   2340                      416000                      California                         357
20370101             20070201            97200                  638.54                      96780                       Texas                              357
20370101             20070201            344000                 1827.5                      344000                      Missouri                           357
20370201             20070301            174000                 924.38                      174000                      Colorado                           358
20370201             20070301            224000                1415.84                      223594                      Michigan                           358
20370201             20070301            260000                1352.12                      259608                      California                         358
20370301             20070401            154400                 916.75                      154400                      Minnesota                          359
20211201             20070101            415900                3738.23                      180631                      Indiana                            176
20370301             20070401            146000                 959.12                      145877                      Oregon                             359
20370301             20070401            496000                3048.33                      496000                      Arizona                            359
20220101             20070201            650000                5485.07                      643261                      Florida                            177
20370201             20070301            71360                  511.24                      71259                       North Carolina                     358
20370101             20070201            304000                1896.57                      303151                      Texas                              357
20370101             20070201            372000                2381.96                      371010                      Hawaii                             357
20361201             20070101            204000                   1275                      204000                      Florida                            356
20370101             20070201            170100                1131.68                      169679                      Texas                              357
20370101             20070201            340792                1809.67                      340645                      California                         357
20370101             20070201            110250                 696.86                      109943                      North Carolina                     357
20370201             20070301            167200                 870.83                      167200                      California                         358
20370201             20070301            287920                1589.01                      287820                      California                         358
20370401             20070501            368000                2108.33                      368000                      Maryland                           360
20370201             20070301            128000                    895                      127809                      North Carolina                     358
20370101             20070201            200000                1104.17                      200000                      Maryland                           357
20370101             20070201            102720                 657.73                      102447                      Georgia                            357
20370101             20070201            71200                  516.25                      71052                       Arizona                            357
20370101             20070201            305000                 1747.4                      305000                      Maine                              357
20370201             20070301            25000                  183.45                      24966                       Ohio                               358
20370101             20070201            90000                  598.78                      89777                       Arizona                            357
20370401             20070501            383500                2197.14                      383500                      California                         360
20370201             20070301            168514                 947.87                      168511                      Idaho                              358
20370201             20070301            410440                2736.27                      410440                      Arizona                            358
20370301             20070401            356000                1928.33                      356000                      California                         359
20470301             20070401            255523                1495.98                      255411                      California                         359
20370201             20070301            46905                  273.61                      46905                       South Carolina                     358
20370201             20070301            160000                 972.18                      159688                      Ohio                               358
20370201             20070301            562500                3981.35                      561683                      New York                           358
20370201             20070301            174200                1101.07                      173884                      Massachusetts                      358
20361001             20061101            205600                1242.17                      205600                      Florida                            354
20370301             20070401            108000                 755.15                      107920                      Oklahoma                           359
20360701             20060901            21350                  156.66                      21205                       Indiana                            172
20370201             20070301            160000                1118.75                      159762                      New Jersey                         358
20361201             20070101            76000                  499.27                      75742                       Texas                              356
20370101             20070201            176700                1175.59                      176263                      Texas                              357
20361201             20070101            284000                2010.13                      283170                      New Jersey                         356
20370401             20070501            93280                  644.27                      93280                       Texas                              360
20370101             20070201            148500                 938.63                      148095                      Texas                              357
20370101             20070201            181600                1192.99                      181140                      Texas                              357
20370101             20070201            165000                1056.52                      164561                      California                         357
20370101             20070201            244000                1623.34                      243396                      Missouri                           357
20370101             20070201            306000                1810.11                      305021                      California                         357
20370101             20070201            192000                1213.58                      191413                      Maryland                           357
20370101             20070201            171920                1086.66                      171451                      Illinois                           357
20370101             20070201            164000                1077.37                      163584                      Virginia                           357
20370101             20070201            298400                1837.31                      297546                      District of Columbia               357
20370101             20070201            360000                   2100                      360000                      Illinois                           357
20370201             20070301            205000                1174.48                      205000                      Florida                            358
20370301             20070401            380000                2335.42                      380000                      New Jersey                         359
20370201             20070301            276600                1703.08                      276074                      New Jersey                         358
20370201             20070301            276000                   1610                      276000                      Florida                            358
20370201             20070301            208000                1314.71                      207623                      Massachusetts                      358
20370201             20070301            116000                 781.52                      115814                      Illinois                           358
20370201             20070301            226100                1542.41                      225746                      Maine                              358
20370201             20070301            165775                1089.03                      165496                      Delaware                           358
20370101             20070201            74160                  499.63                      73981                       Michigan                           357
20370301             20070401           1000000                6906.76                      999239                      Missouri                           359
20370301             20070401            441000                2480.63                      441000                      Florida                            359
20370201             20070301            333600                   1946                      333600                      Illinois                           358
20360801             20060901            75500                  580.53                      75110                       Maryland                           172
20370201             20070301            124000                 867.03                      123815                      Virginia                           358
20370101             20070201            236000                   1180                      236000                      Washington                         357
20370201             20070301            296500                1972.63                      296012                      New Jersey                         358
20370201             20070301            411000                 2530.6                      410218                      New Jersey                         358
20370101             20070201            193500                1271.16                      193010                      Tennessee                          357
20370301             20070401            650000                4333.33                      650000                      New Jersey                         359
20370301             20070401            300800                1723.33                      300800                      Colorado                           359
20370101             20070201            344000                 2042.5                      344000                      Maryland                           357
20211101             20061201            207000                1860.58                      203392                      Michigan                           175
20470401             20070501            154600                 988.94                      154600                      Missouri                           360
20370101             20070201            344000                 2405.3                      343229                      New Jersey                         357
20370101             20070201            144200                 751.04                      144200                      Georgia                            357
20220101             20070201            363200                3138.96                      359552                      Pennsylvania                       177
20370101             20070201            103400                 714.16                      103162                      Maryland                           357
20370101             20070201            353300                 2233.1                      352337                      Texas                              357
20370201             20070301            277200                 1752.1                      276697                      Washington                         358
20370101             20070201            416000                2123.33                      416000                      Texas                              357
20370201             20070301            172500                 988.28                      172500                      Virginia                           358
20370301             20070401            102272                 723.87                      102198                      Texas                              359
20370201             20070301            169600                1114.16                      169314                      Illinois                           358
20370201             20070301            248000                1420.83                      248000                      Virginia                           358
20370301             20070401            205000                1238.54                      205000                      Massachusetts                      359
20360801             20060901            40250                  305.93                      40045                       Indiana                            172
20370101             20070201            112200                    748                      112200                      Maryland                           357
20370101             20070201            294900                 1839.8                      294002                      North Carolina                     357
20370101             20070201            157500                 934.04                      157311                      Maryland                           357
20370101             20070201            139200                 857.08                      138588                      Texas                              357
20370101             20070201            248000                 1316.7                      247850                      Ohio                               357
20370101             20070201            228000                 1472.5                      228000                      Florida                            357
20370101             20070201            76800                  510.96                      76610                       Ohio                               357
20370201             20070301            348000                1993.75                      348000                      Virginia                           358
20370301             20070401            465000                3251.35                      464655                      California                         359
20370201             20070301            117840                 675.13                      117840                      Texas                              358
20370201             20070301            265500                1548.75                      265500                      Virginia                           358
20370201             20070301            104000                 683.21                      103825                      Maryland                           358
20370201             20070301            625575                4374.11                      624644                      Florida                            358
20370201             20070301            910000                5213.54                      910000                      Florida                            358
20370301             20070401            685000                4386.13                      684165                      Nevada                             359
20370301             20070401            637000                4078.78                      636438                      California                         359
20370301             20070401            600000                   3250                      600000                      California                         359
20370301             20070401            530000                2815.63                      530000                      Massachusetts                      359
20370301             20070401            461500                2916.99                      461083                      California                         359
20370301             20070401            535500                3123.75                      535500                      Michigan                           359
20370301             20070401            900000                   4875                      900000                      Washington                         359
20370301             20070401            592000                3576.67                      592000                      California                         359
20370301             20070401            647500                 3372.4                      647500                      New York                           359
20370201             20070301            55000                  365.92                      54910                       Maryland                           358
20370301             20070401            136500                 853.13                      136500                      Kansas                             359
20210701             20060801            520000                4529.76                      504244                      Texas                              171
20370301             20070401            202000                1412.41                      201850                      Florida                            359
20370401             20070501            283500                1742.34                      283500                      New Jersey                         360
20370301             20070401            224000                1547.11                      223830                      Illinois                           359
20370201             20070301            166180                   1004                      166180                      Texas                              358
20370301             20070401            184800                1323.93                      184670                      Florida                            359
20370301             20070401            163200                1127.19                      163076                      Missouri                           359
20370401             20070501            230400                   1296                      230400                      Florida                            360
20360701             20060801            293800                 2029.2                      291738                      Utah                               171
20370101             20070201            111200                 590.75                      111200                      Ohio                               357
20370101             20070201            182400                   1007                      182400                      Washington                         357
20370101             20070201            209600                1200.83                      209600                      Maryland                           357
20370101             20070201            168000                 944.31                      167878                      Virginia                           357
20370101             20070201            95000                  664.25                      94787                       Maine                              357
20210701             20060801            600000                5604.78                      583170                      New Jersey                         171
20370101             20070201            204000                1060.65                      203645                      Maryland                           357
20370101             20070201            320000                1866.67                      320000                      Florida                            357
20370301             20070401            550000                3476.37                      549503                      California                         359
20370201             20070301            300000                 1687.5                      300000                      New Jersey                         358
20360401             20060501            166000                 995.26                      163213                      Nevada                             348
20370301             20070401            295000                1628.65                      295000                      Oregon                             359
20370201             20070301            112000                 698.74                      111792                      Mississippi                        358
20470401             20070401            143000                  862.8                      142942                      California                         359
20211101             20061201            50050                  422.35                      32571                       California                         175
20370101             20070201            175920                 989.55                      175920                      Florida                            357
20370101             20070201            217600                1375.39                      217007                      Oregon                             357
20370101             20070201            240000                1536.75                      239361                      Texas                              357
20370101             20070201            193000                1166.04                      193000                      Connecticut                        357
20370101             20070201            230400                   1176                      230400                      Massachusetts                      357
20370201             20070301            96000                     590                      96000                       Illinois                           358
20470201             20070301            340000                2020.91                      339712                      Maryland                           358
20370101             20070201            92800                   601.9                      92558                       Ohio                               357
20351001             20060701            128000                 905.98                      126230                      Nebraska                           170
20370301             20070401            436905                3167.86                      436604                      Maryland                           359
20370101             20070201            438000                2732.55                      436777                      California                         357
20370301             20070401            199920                1228.68                      199920                      New Hampshire                      359
20370301             20070401            513000                2832.19                      513000                      California                         359
20370401             20070501            435000                 3116.4                      435000                      Colorado                           360
20370201             20070301            575000                3825.49                      574055                      Massachusetts                      358
20370201             20070301            810000                4556.25                      810000                      Massachusetts                      358
20370101             20070201            454400                   2272                      454400                      California                         357
20370201             20070301            778500                4460.16                      778500                      California                         358
20370301             20070401            648000                 3712.5                      648000                      California                         359
20370201             20070301            650000                3994.79                      650000                      New York                           358
20361201             20070101            178200                1292.07                      177658                      Illinois                           176
20361101             20070101            156800                1043.19                      156083                      Illinois                           176
20370301             20070401            261900                1527.75                      261900                      Florida                            359
20360501             20060701            280000                2030.19                      277809                      Illinois                           170
20360601             20060701            42250                  291.81                      41914                       Indiana                            170
20370301             20070401            331200                 1966.5                      331200                      Colorado                           359
20370301             20070401            560000                4011.91                      559605                      California                         359
20360701             20060801            664000                4642.78                      659452                      New York                           171
20370201             20070301            572000                3753.75                      572000                      Virginia                           358
20370301             20070401            790000                5189.74                      789336                      Hawaii                             359
20370201             20070301            428000                2811.66                      427279                      New York                           358
20370301             20070401            650000                3656.25                      650000                      Utah                               359
20370301             20070401            456000                3188.42                      455662                      New York                           359
20370201             20070301            500000                3625.35                      499310                      New York                           358
20370301             20070401            470000                2643.75                      470000                      Florida                            359
20370301             20070401            474000                 2962.5                      474000                      New Jersey                         359
20370201             20070301            500000                3582.06                      499292                      Michigan                           358
20370301             20070401            793543                5213.02                      792876                      Nevada                             359
20370301             20070401            548000                3596.25                      548000                      California                         359
20211201             20070101            288000                2568.54                      284294                      Washington                         176
20370201             20070301           1250000                7031.25                     1250000                      New Jersey                         358
20370101             20070101            137000                 911.46                      136547                      Illinois                           176
20360601             20060701            108000                 783.07                      107234                      Illinois                           170
20370301             20070401            190000                1248.16                      189840                      California                         359
20370201             20070301            512800                3897.65                      512160                      Georgia                            358
20370201             20070301            672000                   4970                      672000                      California                         358
20370301             20070401            750000                4617.88                      749193                      South Carolina                     359
20370301             20070401            555300                3464.35                      554786                      Michigan                           359
20220201             20070301            205000                1900.38                      203758                      Georgia                            178
20370301             20070401            900000                 5062.5                      900000                      Illinois                           359
20370301             20070401            692901                4436.72                      692290                      New Jersey                         359
20370301             20070401            647500                4694.82                      647054                      New Jersey                         359
20370301             20070401           1200000                   6875                     1200000                      Delaware                           359
20370101             20070201            468000                3071.25                      468000                      California                         357
20370301             20070401            175000                1166.67                      175000                      Maine                              359
20370301             20070401            240000                   1400                      240000                      Virginia                           359
20370101             20070201            197050                1395.77                      197050                      Texas                              357
20370101             20070201            567000                4460.59                      566014                      Nevada                             357
20370101             20070201            72000                  665.35                      71916                       Missouri                           357
20370101             20070201            175000                1149.63                      174556                      Maryland                           357
20370101             20070201            261650                1635.29                      261647                      Arizona                            357
20370101             20070201            115000                 766.67                      115000                      Florida                            357
20370101             20070201            309600                2225.25                      309600                      Florida                            357
20370101             20070201            436500                3052.07                      435522                      California                         357
20370101             20070201            156000                1144.67                      155684                      Arkansas                           357
20370201             20070301            84000                  516.25                      84000                       Texas                              358
20370301             20070401            150000                1010.58                      149880                      New Jersey                         359
20370401             20070501           1299500                8257.24                     1299500                      Virginia                           360
20370401             20070501            184000                1073.33                      184000                      Colorado                           360
20370401             20070501            252000                1783.65                      252000                      Minnesota                          360
20370301             20070401            605000                3592.19                      605000                      California                         359
20370401             20070501            476000                3206.91                      476000                      Florida                            360
20370401             20070501            649000                3583.02                      649000                      California                         360
20211001             20061101            858750                4651.56                      858750                      California                         174
20211001             20061101            440800                2341.75                      440800                      Nevada                             174
20370301             20070401            434000                2851.08                      433635                      Maryland                           359
20470301             20070401            395000                2820.85                      394895                      Massachusetts                      359
20370301             20070401            582250                3821.02                      582250                      Arizona                            359
20370301             20070401            424650                2388.66                      424650                      Oklahoma                           359
20210401             20060501            87000                  837.71                      83870                       Georgia                            168
20361201             20070101            328000                1810.51                      327942                      California                         356
20370201             20070301            336000                   1820                      336000                      California                         358
20360901             20061001            110000                 695.27                      109264                      California                         353
20361001             20061101            384300                2321.81                      384300                      California                         354
20361001             20061101            105600                 774.86                      105001                      Ohio                               354
20361001             20061101            231650                1327.16                      231650                      Florida                            354
20361101             20061201            436750                2411.22                      436750                      California                         355
20361101             20061201            211200                   1276                      211200                      Florida                            355
20361201             20070101            246000                1358.13                      246000                      Nevada                             356
20361201             20070101            311850                1721.67                      311850                      California                         356
20361201             20070101            316000                1909.17                      316000                      California                         356
20361201             20070101            509850                2921.02                      509850                      California                         356
20361201             20070101            284650                1630.81                      284650                      Florida                            356
20361201             20070101            211150                1387.11                      210434                      Florida                            356
20361201             20070101            160000                  998.2                      159402                      California                         356
20361201             20070101            299550                1716.17                      299550                      Florida                            356
20361201             20070101            287300                1616.06                      287300                      Florida                            356
20361201             20070101            312600                1790.94                      312600                      California                         356
20361201             20070101            288100                 1740.6                      288100                      Florida                            356
20361201             20070101            474400                2717.92                      474400                      California                         356
20361201             20070101            301650                1665.36                      301650                      California                         356
20361201             20070101            257550                1475.55                      257550                      Florida                            356
20370101             20070201            189600                   1027                      189600                      Colorado                           357
20370101             20070201            222700                 1159.9                      222700                      California                         357
20361201             20070101            304500                1903.13                      304500                      Florida                            356
20361201             20070101            263950                1566.61                      263850                      Florida                            356
20361201             20070101            124822                 728.12                      124820                      California                         356
20370101             20070201            465900                2572.16                      465900                      California                         357
20361201             20070101            272550                1561.48                      272550                      Florida                            356
20370101             20070201            226300                1411.82                      225668                      California                         357
20370101             20070201            264100                 1595.6                      264100                      Colorado                           357
20361201             20070101            265550                1355.41                      265550                      Florida                            356
20361201             20070101            249050                1556.56                      249050                      Florida                            356
20370101             20070201            216850                1355.25                      216839                      California                         357
20361201             20070101            527750                2913.62                      527750                      California                         356
20370101             20070201            289450                1628.15                      289449                      California                         357
20370101             20070201            298000                1706.82                      297917                      California                         357
20370101             20070201            304000                1741.67                      304000                      California                         357
20370101             20070201            356250                1855.47                      356250                      Michigan                           357
20370301             20070401            330132                1753.83                      330132                      California                         359
20370101             20070201            137200                  994.8                      136915                      Massachusetts                      357
20370101             20070201            181600                1078.18                      181588                      Pennsylvania                       357
20370301             20070401            487200                2689.75                      487200                      California                         359
20370301             20070401            197000                1251.77                      197000                      Georgia                            359
20370301             20070401            214900                1477.44                      214900                      Florida                            359
20370301             20070401            137500                 949.68                      137395                      Missouri                           359
20370301             20070401            73000                   504.2                      72944                       Illinois                           359
20370301             20070401            310000                2220.88                      309781                      California                         359
20370201             20070301            113600                 662.67                      113600                      Florida                            358
20370201             20070301            351000                 1863.6                      350796                      Florida                            358
20370201             20070301            119700                 723.18                      119698                      Georgia                            358
20370201             20070301            137600                    774                      137600                      Florida                            358
20370201             20070301            416000                2296.67                      416000                      California                         358
20370201             20070301            123400                 694.13                      123400                      Indiana                            358
20370201             20070301            341000                2166.77                      341000                      Missouri                           358
20370101             20070201            339920                1770.11                      339861                      California                         357
20370101             20070201            323000                2094.98                      322161                      Michigan                           357
20361201             20070101            270000                1631.25                      270000                      Arizona                            356
20361201             20070101            94500                  660.76                      94167                       Ohio                               356
20370101             20070201            369000                2424.07                      368062                      New Jersey                         357
20370101             20070201            272000                1388.33                      272000                      Washington                         357
20370201             20070301            160000                 985.15                      159696                      Texas                              358
20370301             20070401            398842                2687.08                      398523                      Arizona                            359
20370201             20070301            192000                   1220                      192000                      South Carolina                     358
20370201             20070301            310500                1937.12                      309923                      California                         358
20370301             20070401            467300                3066.66                      467300                      North Carolina                     359
20370201             20070301            112000                 745.14                      111816                      North Carolina                     358
20370201             20070301            324000                2047.91                      323413                      Virginia                           358
20370201             20070301            83200                  532.74                      83053                       Wisconsin                          358
20370201             20070301            63900                  414.46                      63790                       Texas                              358
20370201             20070301            265600                1549.33                      265600                      New Mexico                         358
20370301             20070401            160000                1037.76                      159862                      New York                           359
20370301             20070401            276000                 1552.5                      276000                      Georgia                            359
20370101             20070201            48000                  343.88                      47898                       Ohio                               357
20361201             20070101            89000                  599.61                      88713                       New Mexico                         356
20370101             20070201            288000                1796.75                      287195                      Massachusetts                      357
20370101             20070201            129600                 873.14                      129287                      Massachusetts                      357
20370101             20070201            77600                  562.66                      77439                       Idaho                              357
20370101             20070201            148000                 935.47                      147596                      Colorado                           357
20370101             20070201            172000                1202.65                      171615                      Illinois                           357
20370101             20070201            85600                  548.11                      85372                       Texas                              357
20370201             20070301            211200                1369.84                      210835                      Montana                            358
20370201             20070301            172000                1039.17                      172000                      Washington                         358
20370201             20070301            169200                 1041.8                      168726                      Texas                              358
20370201             20070301            227440                1231.97                      227440                      West Virginia                      358
20370201             20070301            103500                 750.45                      103357                      Maryland                           358
20370201             20070301            440000                2602.77                      439101                      Massachusetts                      358
20370201             20070301            296430                1898.08                      295905                      Texas                              358
20220101             20070201            164000                1428.62                      162370                      District of Columbia               177
20370101             20070201            322500                1814.06                      322500                      California                         357
20370301             20070401            142500                 831.25                      142500                      Florida                            359
20220201             20070301            115000                 970.44                      114206                      Virginia                           178
20361001             20061101            89195                  600.93                      88761                       Iowa                               354
20361201             20070101            105200                  799.6                      104936                      Wisconsin                          356
20370101             20070201            220000                1168.75                      220000                      California                         357
20250101             20070101            570000                3936.85                      466153                      California                         176
20370201             20070301            211487                1389.32                      211131                      Texas                              358
20370201             20070301            265500                1493.29                      265475                      Michigan                           358
20370201             20070301            100000                 682.18                      99844                       Washington                         358
20361201             20070101            395000                2529.23                      393594                      California                         356
20370201             20070301            175750                1082.13                      175215                      Ohio                               358
20360901             20061001            209000                1533.57                      207999                      Michigan                           173
20220101             20070201            256000                1813.33                      256000                      Arizona                            177
20361201             20070101            359950                2212.17                      359946                      Arizona                            356
20370101             20070201            384000                   2160                      384000                      California                         357
20370301             20070401            286517                2003.37                      286304                      Florida                            359
20361201             20070101            264000                1937.14                      262800                      Florida                            356
20370101             20070201            230637                1345.38                      230637                      Nevada                             357
20361201             20070101            150000                 997.96                      149504                      California                         356
20370201             20070301            270000                1490.63                      270000                      California                         358
20370401             20070501            64400                  455.82                      64400                       Iowa                               360
20370201             20070301            192861                1266.96                      192536                      Illinois                           358
20370201             20070301            220000                1260.42                      220000                      Hawaii                             358
20370201             20070301            152000                 839.17                      152000                      Minnesota                          358
20370201             20070301            188000                1188.29                      187659                      Florida                            358
20370201             20070301            100800                 653.79                      100626                      Ohio                               358
20370101             20070201            125000                 821.17                      124683                      New Jersey                         357
20370201             20070301            326000                2033.82                      325395                      Massachusetts                      358
20370201             20070301            247500                1417.97                      247500                      District of Columbia               358
20470201             20070301            99200                  625.49                      99127                       Tennessee                          358
20370201             20070301            115920                 742.25                      115715                      Washington                         358
20370201             20070301            100000                 541.67                      100000                      Maryland                           358
20351201             20061001            56000                  410.91                      55333                       Michigan                           173
20370301             20070401           1000000                6403.11                      999118                      Virginia                           359
20370201             20070301            244000                1502.36                      243536                      Massachusetts                      358
20470201             20070301            196000                1218.01                      195850                      Florida                            358
20370101             20070201            96800                  635.91                      96555                       Washington                         357
20361201             20070101            260800                1493.36                      260659                      Washington                         356
20361201             20070101            231300                1577.88                      230572                      California                         356
20370101             20070201            259478                1405.51                      259478                      Nevada                             357
20361201             20070101            256000                1703.18                      255140                      Massachusetts                      356
20370101             20070201            240000                1637.23                      239396                      New Jersey                         357
20361201             20070101            109901                 759.06                      109563                      Oregon                             356
20370101             20070201            289412                1829.29                      288590                      Virginia                           357
20370101             20070201            228000                1471.52                      227848                      Rhode Island                       357
20370101             20070201            186000                1253.12                      185551                      Massachusetts                      357
20370101             20070201            120000                  687.5                      120000                      Ohio                               357
20361201             20070101            232000                1524.08                      231102                      Illinois                           356
20370301             20070401            211250                1317.93                      211054                      California                         359
20370301             20070401            242000                1610.04                      241802                      Florida                            359
20370201             20070301            139000                1068.79                      137535                      Virginia                           358
20361001             20061101            98400                  739.25                      98017                       Wisconsin                          174
20370301             20070401            180000                    900                      180000                      California                         359
20370101             20070201            215920                1057.11                      215920                      Virginia                           357
20370201             20070301            375000                2109.38                      375000                      Illinois                           358
20370101             20070201            153138                1006.01                      152750                      Kentucky                           357
20370101             20070201            172792                1223.02                      172304                      Virginia                           357
20361101             20061201            106320                  663.3                      105581                      North Carolina                     355
20370101             20070201            324000                1721.25                      324000                      Maryland                           357
20370101             20070201            150000                1036.02                      149655                      New York                           357
20370101             20070201            144000                 910.18                      143607                      Alaska                             357
20370101             20070201            248300                1293.23                      248300                      California                         357
20370101             20070201            340000                2018.75                      340000                      California                         357
20370101             20070201            155550                 891.17                      155550                      New Mexico                         357
20370301             20070401            536000                3343.94                      535504                      California                         359
20370101             20070201            200000                1247.74                      199441                      Indiana                            357
20370301             20070401            592000                3576.67                      592000                      California                         359
20370201             20070301            161500                1007.55                      161200                      Pennsylvania                       358
20370301             20070401            504500                2677.55                      504009                      California                         359
20370201             20070301            146400                  762.5                      146400                      Missouri                           358
20370301             20070401            850000                4781.25                      850000                      California                         359
20370201             20070301            146400                  762.5                      146400                      Missouri                           358
20370301             20070401            476000                2727.08                      476000                      Florida                            359
20370301             20070401            879500                4947.19                      879500                      California                         359
20370201             20070301            146400                  762.5                      146400                      Missouri                           358
20370301             20070401            552500                3050.26                      552500                      Utah                               359
20370201             20070301            146400                  762.5                      146400                      Missouri                           358
20370301             20070401            445000                2776.22                      444588                      New Jersey                         359
20370101             20070201            299150                1558.07                      299150                      Nevada                             357
20370201             20070301            146400                  762.5                      146400                      Missouri                           358
20370201             20070301            165300                1044.81                      165000                      Ohio                               358
20370301             20070401            650000                4162.02                      649427                      California                         359
20361201             20070101            190400                1234.94                      189739                      Texas                              356
20370301             20070401            865000                5325.95                      864179                      New Jersey                         359
20270201             20070301            327000                2462.15                      325653                      District of Columbia               238
20370301             20070401            472000                2605.56                      471950                      California                         359
20370101             20070201            222400                 1204.4                      222350                      Colorado                           357
20361201             20070101            744000                4825.57                      741416                      California                         356
20360901             20061001            300300                2177.38                      298825                      Illinois                           173
20370201             20070301            240350                1326.93                      240350                      Arizona                            358
20370101             20070201            251400                1518.88                      251400                      Nevada                             357
20370101             20070201            72000                     405                      72000                       Illinois                           357
20370101             20070201            222912                1251.45                      222480                      Nevada                             357
20361201             20070101            214000                1459.86                      213243                      Arizona                            356
20370301             20070401            409788                2795.48                      409468                      Pennsylvania                       359
20370101             20070201            57950                  400.25                      57817                       Ohio                               357
20370301             20070401            548000                4409.33                      547701                      Wisconsin                          359
20370401             20070501            223000                 1277.6                      223000                      Maine                              360
20370301             20070401            487200                2999.77                      486738                      Washington                         359
20370201             20070301            168800                1039.33                      168479                      Georgia                            358
20370301             20070401            480000                2799.95                      479991                      Virginia                           359
20370301             20070401            480000                3315.24                      479635                      Wisconsin                          359
20370201             20070301            120000                    725                      120000                      Ohio                               358
20370301             20070401            446000                2415.56                      445950                      Nevada                             359
20370301             20070401            584715                3228.11                      584715                      North Carolina                     359
20370301             20070401            395000                2304.17                      395000                      Minnesota                          359
20370301             20070401           1500000                9728.97                     1498709                      North Carolina                     359
20370201             20070301            152910                1069.17                      152682                      Florida                            358
20370301             20070401            940000                5941.44                      939150                      California                         359
20361201             20070101            223550                1327.33                      223550                      California                         356
20370201             20070301            232000                1184.17                      232000                      Minnesota                          358
20370201             20070301            216000                   1215                      216000                      California                         358
20370201             20070301            125100                 770.27                      124862                      Missouri                           358
20370201             20070301            225000                1406.25                      225000                      Florida                            358
20211101             20061201            100000                 891.85                      97840                       Michigan                           175
20370101             20070201            208000                   1170                      208000                      Utah                               357
20370101             20070201            243000                1719.94                      242469                      Illinois                           357
20370101             20070201            208000                1349.09                      207392                      Utah                               357
20370101             20070201            280000                   1575                      280000                      New York                           357
20370101             20070201            129200                 795.51                      128830                      Missouri                           357
20370101             20070201            93600                  614.89                      93361                       Missouri                           357
20370201             20070301            205600                1316.48                      205236                      Illinois                           358
20370201             20070301            355500                1962.66                      355500                      Maryland                           358
20370201             20070301            168000                    980                      168000                      Colorado                           358
20370201             20070301            176250                 917.96                      176248                      Washington                         358
20370301             20070401            404000                2824.83                      403700                      Maine                              359
20370201             20070301            188000                1203.79                      187667                      Delaware                           358
20370201             20070301            276800                1726.88                      276286                      Rhode Island                       358
20370201             20070301            368000                2338.33                      368000                      California                         358
20370201             20070301            174400                 1144.5                      174400                      Minnesota                          358
20370201             20070301            243650                1319.77                      243650                      Arizona                            358
20370301             20070401           1300000                6906.25                     1300000                      New York                           359
20370101             20070201            120000                  612.5                      120000                      Idaho                              357
20470401             20070401            158000                 925.02                      157931                      California                         359
20370201             20070301            308000                1572.08                      308000                      Florida                            358
20370201             20070301            180000                1197.55                      179704                      New Mexico                         358
20370301             20070401            143826                 883.93                      143826                      Florida                            359
20370101             20070201            212000                1258.16                      211900                      Michigan                           357
20370201             20070301            232500                1605.82                      232145                      Florida                            358
20370301             20070401            130400                 855.75                      130400                      Arizona                            359
20370101             20070201            249000                1400.63                      249000                      Ohio                               357
20370201             20070301            186096                   1161                      185750                      South Carolina                     358
20370201             20070301            138000                 976.76                      137800                      Alaska                             358
20370301             20070401            52500                  349.28                      52457                       Georgia                            359
20370101             20070201            440000                   2475                      440000                      Georgia                            357
20370301             20070401            467000                2529.58                      467000                      New York                           359
20370101             20070201            198400                 1205.5                      197637                      Kentucky                           357
20370101             20070201            129600                    729                      129600                      Oregon                             357
20370101             20070201            64000                   447.5                      63857                       Texas                              357
20370201             20070301            157600                 853.56                      157581                      Florida                            358
20370101             20070201            204750                1414.16                      204280                      Florida                            357
20370401             20070501            341960                2172.87                      341960                      New York                           360
20370201             20070301            297500                1580.47                      297500                      Ohio                               358
20370301             20070401            78000                  493.01                      77929                       Texas                              359
20370301             20070401            276000                   1495                      276000                      Utah                               359
20370301             20070401            293600                   1835                      293600                      California                         359
20370201             20070301            358400                   2128                      358400                      Maryland                           358
20370201             20070301            204000                 1232.5                      203999                      Florida                            358
20370201             20070301            104800                 662.41                      104610                      Maryland                           358
20370201             20070301            295200                1629.75                      295200                      New York                           358
20370301             20070401            166600                 1295.8                      166502                      Texas                              359
20220101             20070201            130400                1162.98                      129004                      Pennsylvania                       177
20370101             20070201            375200                2149.58                      375200                      District of Columbia               357
20220101             20070201            17600                  161.91                      17438                       Illinois                           177
20370101             20070201            74400                  507.54                      74225                       Michigan                           357
20370101             20070201            103092                 668.66                      102808                      Kentucky                           357
20370301             20070401            358440                2128.24                      358440                      Florida                            359
20370201             20070301            85000                  531.25                      85000                       New Mexico                         358
20370301             20070401            116000                 781.51                      115907                      Arizona                            359
20370101             20070201            108900                 589.88                      108900                      Georgia                            357
20370201             20070301            95920                  614.19                      95699                       Indiana                            358
20370201             20070301            312000                2075.75                      311487                      Illinois                           358
20360801             20060901            104400                 766.05                      103788                      Illinois                           172
20370101             20070201            342000                 2246.7                      341133                      Illinois                           357
20370301             20070401            183520                1251.93                      183377                      Arizona                            359
20211001             20061101            580000                 5294.6                      569094                      Ohio                               174
20370301             20070401            68000                   481.3                      67451                       Pennsylvania                       359
20360901             20061001            389200                2351.42                      389200                      North Carolina                     353
20370201             20070301            160000                 883.33                      160000                      Florida                            358
20361001             20061001            62400                  468.79                      62116                       Indiana                            173
20370301             20070401            158392                1053.68                      158262                      Arizona                            359
20370201             20070301            176250                1070.92                      175806                      Connecticut                        358
20370301             20070401            290400                1724.25                      290400                      Nevada                             359
20361001             20061101            130000                 758.33                      130000                      Virginia                           354
20370301             20070401            129384                 904.68                      129288                      Missouri                           359
20370101             20070201            276000                1906.27                      275366                      Washington                         357
20370401             20070501            584000                3589.17                      584000                      New York                           360
20370101             20070201            281250                1494.14                      281250                      California                         357
20370301             20070401            185250                1177.11                      185250                      Georgia                            359
20370301             20070401            206400                1425.56                      206243                      Nevada                             359
20370101             20070201            204400                1359.88                      203894                      Utah                               357
20370301             20070401            880000                5408.33                      880000                      Pennsylvania                       359
20370101             20070201            155650                 958.37                      155176                      Massachusetts                      357
20370301             20070401            559200                3669.75                      559200                      California                         359
20370301             20070401            649999                4055.15                      649397                      Florida                            359
20370301             20070401           1000000                5416.67                     1000000                      Arizona                            359
20370201             20070301            105200                 682.33                      104959                      Ohio                               358
20370301             20070401            751000                4685.26                      750304                      Texas                              359
20370301             20070401           1250000                7161.46                     1250000                      California                         359
20370301             20070401            470000                3048.41                      469595                      New York                           359
20370301             20070401            630000                3982.03                      629430                      California                         359
20370201             20070301            160000                   1000                      160000                      Maryland                           358
20370201             20070301            270800                1551.46                      270800                      Michigan                           358
20370301             20070401            600000                   4000                      600000                      California                         359
20370301             20070401            875000                5458.86                      874190                      Florida                            359
20370301             20070401            180000                1197.55                      179852                      Arizona                            359
20370301             20070401            95600                  668.45                      95529                       Georgia                            359
20370201             20070301            151920                 870.38                      151920                      Utah                               358
20370101             20070201            57500                  392.26                      57365                       South Carolina                     357
20370201             20070301            192000                1293.54                      191672                      New Jersey                         358
20361001             20061001            67200                  504.85                      66894                       Indiana                            173
20360901             20061001            160000                1216.12                      159289                      Missouri                           173
20370101             20070201            50800                  350.87                      50683                       Ohio                               357
20370101             20070201            145600                 944.36                      145222                      Texas                              357
20370101             20070201            178000                1244.61                      177601                      Illinois                           357
20370101             20070201            156750                1056.06                      156372                      New Mexico                         357
20370101             20070201            310500                2039.77                      309713                      Pennsylvania                       357
20370101             20070201            175600                 914.07                      175502                      North Carolina                     357
20370301             20070401            591960                3329.78                      591960                      Arizona                            359
20370301             20070401            800000                5083.33                      800000                      New York                           359
20370101             20070201            91600                  594.12                      91362                       Ohio                               357
20370101             20070201            156544                1094.58                      156193                      Texas                              357
20370301             20070401            487960                3084.24                      487519                      California                         359
20370301             20070401            475200                   2574                      475200                      California                         359
20370401             20070501            103192                 730.39                      103192                      Texas                              360
20370301             20070401            492000                3023.75                      492000                      California                         359
20361101             20061201            64800                  442.05                      64544                       Georgia                            355
20370201             20070301            220800                1377.51                      220390                      Massachusetts                      358
20370301             20070401            475000                3080.84                      474591                      Florida                            359
20370301             20070401            615000                4091.61                      614496                      California                         359
20370301             20070401            460000                 2587.5                      460000                      Florida                            359
20370201             20070301            228800                1167.83                      228800                      Colorado                           358
20370201             20070301            284000                1508.75                      284000                      Washington                         358
20370301             20070401            432000                2695.12                      431465                      Connecticut                        359
20370201             20070301            67200                  435.86                      67084                       North Carolina                     358
20360901             20061001            72000                   534.6                      71664                       Indiana                            173
20360901             20061001            69600                  516.78                      69275                       Indiana                            173
20370201             20070301            108000                 773.73                      107847                      New Mexico                         358
20370101             20070201            280000                 1769.8                      279236                      Nevada                             357
20370101             20070201            329000                1816.35                      329000                      New York                           357
20470301             20070401            284300                1740.98                      284188                      Arizona                            359
20370101             20070201            97500                  616.27                      97234                       Missouri                           357
20370301             20070401            480000                   2600                      480000                      California                         359
20370101             20070201            223250                1392.88                      222861                      Colorado                           357
20370101             20070201            114400                 799.91                      114144                      Texas                              357
20370301             20070401            479120                3147.48                      478717                      New York                           359
20370301             20070401            813750                5210.53                      813032                      California                         359
20370301             20070401            700000                 3937.5                      700000                      California                         359
20370301             20070401           1050000                6810.28                     1049096                      California                         359
20370401             20070501            350000                1932.29                      350000                      California                         360
20370301             20070401            674670                3584.18                      674670                      California                         359
20370101             20070201            259000                1637.06                      258294                      North Carolina                     357
20370201             20070301            108800                 634.67                      108800                      North Carolina                     358
20370201             20070301            70400                  444.98                      70272                       Texas                              358
20370301             20070401            476025                3087.49                      475615                      California                         359
20370301             20070401            720000                   4875                      720000                      New York                           359
20361201             20070101            593750                3339.84                      593750                      Nevada                             356
20370201             20070301            188800                1042.33                      188800                      Oregon                             358
20370301             20070401            450000                2770.73                      449573                      California                         359
20370201             20070301            52699                  368.48                      52615                       North Carolina                     358
20361201             20070101            387360                2380.65                      387360                      Virginia                           356
20370301             20070401            523000                2832.92                      523000                      California                         359
20370301             20070401            101850                 668.17                      101817                      Florida                            359
20370201             20070301            50050                   362.9                      49981                       New York                           358
20370201             20070301            186400                1208.99                      186078                      Utah                               358
20370301             20070401            520000                3680.53                      519624                      California                         359
20370201             20070301            106400                 620.67                      106400                      Texas                              358
20361201             20070101            368700                1997.13                      368700                      Nevada                             356
20370101             20070201            520000                3791.67                      520000                      New Jersey                         357
20361201             20070101            99000                  692.22                      98703                       Tennessee                          356
20370101             20070201            80000                  545.75                      79812                       Florida                            357
20361201             20070101            76500                  574.72                      76303                       Maryland                           356
20370101             20070201            452000                2821.08                      451373                      New Mexico                         357
20370101             20070201            51300                   363.1                      51154                       Texas                              357
20470301             20070401            540000                3065.79                      539747                      Maryland                           359
20361201             20070101            110000                 713.46                      109618                      Ohio                               356
20370201             20070301            277200                1559.25                      277200                      Tennessee                          358
20370101             20070201            148000                 1022.2                      147660                      Texas                              357
20370201             20070301            128000                 851.59                      127790                      Texas                              358
20370201             20070301            391600                2539.92                      390924                      Maryland                           358
20370401             20070501            200000                1573.41                      200000                      Missouri                           360
20361101             20061201            135000                 886.85                      134426                      New Mexico                         175
20370301             20070401            124000                 744.64                      123251                      Florida                            359
20360901             20061001            295000                1987.47                      293319                      Massachusetts                      353
20370301             20070401            227920                1440.61                      227714                      South Carolina                     359
20361201             20070101            184000                1193.43                      183361                      Ohio                               356
20370301             20070401            210000                 1137.5                      210000                      Maryland                           359
20370301             20070401            152400                1013.92                      152275                      Texas                              359
20370101             20070201            480000                2994.58                      478659                      Hawaii                             357
20370301             20070401            127720                 839.03                      127613                      Texas                              359
20370201             20070301            340000                2233.56                      339427                      Maryland                           358
20370301             20070401            118400                 787.72                      118303                      Florida                            359
20370201             20070301            270000                1715.63                      270000                      Florida                            358
20211101             20061201            488000                   4251                      479874                      Virginia                           175
20370401             20070501            460000                   2875                      460000                      Colorado                           360
20370301             20070401            384000                   2240                      384000                      Massachusetts                      359
20370101             20070201            78400                  548.19                      78224                       Michigan                           357
20370301             20070401            245700                1407.66                      245700                      Virginia                           359
20370201             20070301            500000                3496.07                      499256                      California                         358
20370201             20070301            524000                3002.08                      524000                      California                         358
20370301             20070401            156000                   1051                      155875                      Georgia                            359
20370301             20070401            398200                2516.89                      397840                      Florida                            359
20370301             20070401            680000                4298.06                      679385                      California                         359
20361201             20070101            110700                 890.72                      110455                      Tennessee                          356
20370301             20070401            201219                1338.58                      201054                      Arizona                            359
20370101             20070201            57000                  423.22                      56887                       Tennessee                          357
20211201             20070101            616000                5115.33                      607283                      California                         176
20361201             20070101            90000                  680.89                      89772                       Texas                              356
20361201             20070101            402300                2430.56                      402300                      New Jersey                         356
20470201             20070301            244000                1494.19                      243807                      Massachusetts                      358
20361201             20070101            412000                2360.42                      412000                      California                         356
20361201             20070101            269000                1625.21                      269000                      Georgia                            356
20361201             20070101            192000                   1100                      192000                      Minnesota                          356
20370101             20070201            372000                   2170                      372000                      Hawaii                             357
20370201             20070301            180400                1089.92                      180400                      Idaho                              358
20370201             20070301            55000                  297.92                      55000                       Missouri                           358
20361001             20061101            224000                1493.33                      224000                      Illinois                           354
20360901             20061001            315000                1935.94                      315000                      Idaho                              353
20361001             20061101            87500                  546.88                      87500                       Iowa                               354
20361001             20061101            259000                1564.79                      259000                      Florida                            354
20361001             20061101            138850                 838.89                      138850                      Illinois                           354
20361001             20061101            425800                2255.86                      424632                      Florida                            354
20361101             20061201            230128                1294.47                      230128                      California                         355
20361101             20061201            100000                  648.6                      99309                       Florida                            355
20361101             20061201            205550                1156.22                      205550                      Florida                            355
20361101             20061201            207950                1124.23                      207550                      Florida                            355
20361101             20061201            258350                 1399.4                      258350                      Florida                            355
20361201             20070101            516800                   2584                      516800                      California                         356
20361201             20070101            220000                1168.75                      220000                      Florida                            356
20361201             20070101            195950                1122.63                      195950                      Florida                            356
20361201             20070101            196700                1085.95                      196700                      Florida                            356
20361201             20070101            231950                1428.16                      231063                      Florida                            356
20370101             20070201            171950                 967.22                      171950                      Florida                            357
20361201             20070101            187550                1054.95                      187547                      Florida                            356
20361201             20070101            184450                1035.34                      184061                      Florida                            356
20361201             20070101            176700                 988.95                      175813                      Florida                            356
20361201             20070101            250300                1381.38                      250212                      Florida                            356
20361201             20070101            189550                1184.69                      189550                      Florida                            356
20370101             20070201            248500                1682.55                      248500                      Arizona                            357
20370101             20070201            236700                1306.72                      236689                      Arizona                            357
20361201             20070101            245000                1327.08                      245000                      Florida                            356
20361201             20070101            163950                 853.91                      163950                      Florida                            356
20361201             20070101            143950                 749.74                      143950                      Arizona                            356
20370201             20070301            227350                 1468.3                      227350                      Florida                            358
20361201             20070101            220500                1240.31                      220500                      California                         356
20361201             20070101            217550                1321.86                      216698                      Florida                            356
20361201             20070101            142350                 800.72                      142350                      Florida                            356
20361201             20070101            387950                 2101.4                      387950                      Maryland                           356
20361201             20070101            167950                 944.72                      167950                      Arizona                            356
20361201             20070101            163950                 922.22                      163950                      Florida                            356
20361201             20070101            266400                1526.25                      266400                      Florida                            356
20361201             20070101            243950                1245.16                      243950                      Arizona                            356
20361201             20070101            163950                 922.22                      163950                      Florida                            356
20361201             20070101            236000                1352.08                      236000                      Florida                            356
20370101             20070201            318800                1760.04                      318800                      California                         357
20370101             20070201            140000                 831.25                      140000                      Florida                            357
20361201             20070101            203950                1147.22                      203950                      Florida                            356
20361201             20070101            314350                2062.92                      314350                      Florida                            356
20361201             20070101            111550                 685.57                      111550                      Florida                            356
20361201             20070101            125900                 695.07                      125900                      Florida                            356
20361201             20070101            164000                1050.11                      163416                      Florida                            356
20361201             20070101            256000                1386.67                      256000                      Florida                            356
20361201             20070101            225850                 1432.9                      225506                      New Jersey                         356
20361201             20070101            280750                1813.18                      280750                      Florida                            356
20361201             20070101            200000                1083.33                      200000                      California                         356
20370101             20070201            346300                2132.23                      345309                      Arizona                            357
20361201             20070101            164700                 1054.6                      164114                      Florida                            356
20370101             20070201            271950                1416.41                      271950                      Arizona                            357
20370101             20070201            266350                1525.96                      266350                      California                         357
20361201             20070101            155100                 954.98                      154507                      Florida                            356
20361201             20070101            450700                2910.77                      450700                      Florida                            356
20370101             20070201            244800                   1377                      244800                      California                         357
20370101             20070201            172750                 899.74                      172750                      Arizona                            357
20370101             20070201            168000                    910                      168000                      Florida                            357
20370101             20070201            160000                    900                      160000                      Florida                            357
20370101             20070201            219150                1415.34                      219150                      California                         357
20370101             20070201            276000                1523.75                      276000                      California                         357
20370101             20070201            198350                1115.72                      198350                      Arizona                            357
20370101             20070201            180750                 922.58                      180750                      Arizona                            357
20370101             20070201            216000                 1372.5                      216000                      Florida                            357
20370101             20070201            181550                  983.4                      181550                      Florida                            357
20370101             20070201            161100                 965.88                      160616                      Arizona                            357
20370101             20070201            220000                1190.34                      219755                      Florida                            357
20370101             20070201            359200                1983.08                      359200                      California                         357
20370101             20070201            109944                 652.79                      109944                      Indiana                            357
20370201             20070301            665696                4826.76                      664777                      Arizona                            358
20211101             20061201            228000                1496.25                      228000                      California                         175
20470101             20070201            312000                1854.48                      311602                      New York                           357
20361201             20070101            220000                1463.67                      219272                      Rhode Island                       356
20461201             20070101            135200                 791.54                      134961                      South Carolina                     356
20360901             20061001            247000                1492.29                      247000                      Florida                            353
20220201             20070301            895000                7492.21                      888764                      California                         178
20370301             20070401            167000                1026.35                      167000                      Delaware                           359
20370201             20070301            560000                 3915.6                      559166                      Indiana                            358
20370301             20070401            218400                1527.08                      218238                      District of Columbia               359
20370301             20070401            90000                  644.77                      89936                       Florida                            359
20370301             20070401            127300                 804.62                      127185                      North Carolina                     359
20370301             20070401            232000                 1232.5                      232000                      Maryland                           359
20370301             20070401            75000                  537.31                      74947                       Maryland                           359
20370301             20070401            252400                1852.02                      252231                      Florida                            359
20370201             20070301           1000000                6821.77                      998435                      Tennessee                          358
20370201             20070301            999999                6041.66                      999999                      New Jersey                         358
20370301             20070401            222150                1319.02                      222150                      Nevada                             359
20370301             20070401            192000                   1240                      192000                      New Jersey                         359
20370301             20070401            120000                    725                      120000                      District of Columbia               359
20370301             20070401            150000                 997.95                      149877                      Georgia                            359
20370101             20070201            168352                1162.77                      167965                      New York                           357
20370301             20070401            418789                 2748.3                      418789                      Arizona                            359
20370301             20070401            268000                1926.25                      268000                      Oregon                             359
20370201             20070301            132792                 774.62                      132792                      Florida                            358
20370301             20070401            145000                 830.73                      145000                      Minnesota                          359
20370101             20070201            230000                1627.93                      229497                      Colorado                           357
20370301             20070401            168720                1165.31                      168592                      Indiana                            359
20370301             20070401            160000                1118.75                      159881                      Maine                              359
20370301             20070401            428000                2992.64                      427682                      Arizona                            359
20370401             20070501            460000                2731.25                      460000                      California                         360
20370401             20070501            592000                3790.65                      592000                      California                         360
20370301             20070401            417000                2345.63                      417000                      California                         359
20361201             20070101            131634                 897.98                      131220                      Texas                              356
20370301             20070401            292800                   1769                      292800                      Virginia                           359
20370301             20070401            430000                 2824.8                      429639                      California                         359
20370301             20070401            464000                2608.52                      463736                      California                         359
20370101             20070201            320000                2264.94                      319268                      Georgia                            357
20370201             20070301            80000                  525.54                      79865                       Georgia                            358
20370201             20070301            125192                  886.1                      125010                      Texas                              358
20370201             20070301            148000                 972.25                      147751                      Washington                         358
20370301             20070401            114750                  782.8                      114660                      Texas                              359
20370201             20070301            115028                 804.29                      114857                      Texas                              358
20370301             20070401            264000                   1705                      264000                      Nevada                             359
20370301             20070401            344000                1970.83                      344000                      Washington                         359
20370301             20070401            344000                1970.83                      344000                      Washington                         359
20370301             20070401            630000                3982.03                      629430                      California                         359
20370301             20070401            139920                 889.08                      139920                      Georgia                            359
20370301             20070401            299960                1687.28                      299960                      Washington                         359
20361001             20061101            167250                1183.79                      166386                      Oregon                             354
20370301             20070401            416000                2698.17                      415642                      Illinois                           359
20370301             20070401            450000                2844.31                      449593                      New Jersey                         359
20370301             20070401            543200                3168.67                      543200                      Utah                               359
20370201             20070301            235711                1473.19                      235711                      Tennessee                          358
20370201             20070301            220580                1580.26                      220268                      Georgia                            358
20370201             20070301            373978                2142.58                      373978                      Illinois                           358
20370201             20070301            102450                 716.35                      102297                      Georgia                            358
20370301             20070401            323000                1876.12                      321620                      California                         359
20370301             20070401            216000                   1260                      216000                      Arizona                            359
20370301             20070401            135200                 859.08                      135200                      Utah                               359
20370201             20070301            522500                 3211.2                      522500                      Maryland                           358
20370301             20070401            552000                   3105                      552000                      New York                           359
20370301             20070401            160940                1139.12                      160824                      South Carolina                     359
20370201             20070301            288000                   1830                      288000                      Maryland                           358
20370301             20070401            208100                 1192.2                      208092                      Nevada                             359
20370301             20070401            314400                2091.71                      314142                      Nevada                             359
20370201             20070301            154000                1011.67                      153741                      Georgia                            358
20370301             20070401            605000                 3340.1                      605000                      California                         359
20370301             20070401            281450                1710.12                      281176                      Maryland                           359
20370301             20070401            616000                4254.56                      615531                      California                         359
20370301             20070401           1000000                6320.68                      999096                      Virginia                           359
20370301             20070401            455992                2327.46                      455992                      California                         359
20370301             20070401            349757                2326.71                      349470                      Minnesota                          359
20370301             20070401            221320                1380.75                      221115                      Arizona                            359
20370201             20070301            104250                 810.85                      104126                      Maryland                           358
20370201             20070301            975000                7496.91                      973815                      Texas                              358
20370201             20070301            183750                 995.31                      183750                      Texas                              358
20370301             20070401            227040                1435.05                      226834                      Arizona                            359
20370101             20070201            156750                1122.98                      156416                      Kentucky                           357
20370301             20070401            87750                  554.64                      87671                       Arizona                            359
20370201             20070301            169824                1114.47                      169824                      Georgia                            358
20370101             20070201            255000                 1871.1                      254483                      Michigan                           357
20370101             20070201            48453                  443.22                      48395                       Michigan                           357
20370301             20070401            94000                  577.71                      94000                       Arizona                            359
20370301             20070401            75000                   492.7                      74937                       California                         359
20370101             20070201            119920                 807.92                      119631                      Georgia                            357
20370301             20070401            750000                4989.77                      749385                      California                         359
20370201             20070301            548000                3367.92                      548000                      Florida                            358
20370301             20070401            176800                1068.17                      176800                      Arizona                            359
20370301             20070401            48512                  368.73                      48482                       Texas                              359
20360701             20060801            224800                1475.25                      224800                      Alabama                            171
20370301             20070401            240720                1479.43                      240720                      Florida                            359
20370301             20070401            544000                3483.29                      543520                      Arizona                            359
20370301             20070401            481200                2656.63                      481200                      Georgia                            359
20370101             20070201            229715                1827.72                      229301                      Ohio                               357
20361101             20061201            327000                2514.35                      325995                      Tennessee                          355
20370101             20070201            164000                1118.77                      163614                      North Carolina                     357
20370101             20070201            365000                 2646.5                      364241                      Virginia                           357
20370301             20070401            217750                1134.11                      217750                      Florida                            359
20370201             20070301            116537                 785.13                      116350                      Texas                              358
20370101             20070201            304300                2060.35                      304298                      Georgia                            357
20370101             20070201            233500                1605.31                      233500                      Virginia                           357
20370101             20070201            355000                2604.86                      354277                      Arizona                            357
20370101             20070201            340000                2231.21                      339993                      Maryland                           357
20370101             20070201            352000                2163.33                      352000                      Arizona                            357
20370101             20070201            50400                  423.79                      49804                       Tennessee                          357
20370101             20070201            330000                2401.88                      329400                      New Jersey                         357
20370101             20070201            200000                1104.17                      200000                      Maryland                           357
20370301             20070401            114400                 829.48                      114321                      Arkansas                           359
20211001             20061101           1040000                 8917.2                     1018721                      California                         174
20370301             20070401            63000                  490.01                      62963                       Indiana                            359
20370301             20070401            163000                1111.95                      162873                      South Carolina                     359
20370301             20070401            261000                1495.31                      261000                      District of Columbia               359
20370301             20070401            417000                2601.54                      416614                      California                         359
20370301             20070401            244000                   1525                      244000                      Pennsylvania                       359
20470101             20070101            417000                2478.58                      416289                      California                         356
20370301             20070401            352000                2126.67                      352000                      New Jersey                         359
20370301             20070401            227232                1473.83                      227036                      Florida                            359
20370301             20070401            200000                   1250                      200000                      California                         359
20210901             20061001            50300                  473.47                      49239                       Tennessee                          173
20211101             20061201            175200                1112.83                      175134                      Hawaii                             175
20211001             20061101            692000                3748.33                      692000                      California                         174
20370301             20070401            124000                 856.44                      123906                      Texas                              359
20470301             20070401            392800                2440.99                      392650                      Florida                            359
20370301             20070401            269850                1461.69                      269850                      Nevada                             359
20370301             20070401            550000                3151.04                      550000                      California                         359
20370301             20070401            136400                 907.48                      136288                      Florida                            359
20370401             20070501            178800                 1117.5                      178800                      New York                           360
20370201             20070301            156800                   1017                      156529                      Colorado                           358
20370301             20070401            211580                1146.06                      211580                      Arizona                            359
20370301             20070401            484000                2470.42                      484000                      California                         359
20211101             20061201            83250                  789.58                      82018                       Texas                              175
20211101             20061201            101500                  740.1                      101500                      South Carolina                     175
20361201             20070101            168700                  948.9                      168694                      Florida                            356
20361201             20070101            199000                1305.65                      198956                      Texas                              356
20370101             20070201            257000                1390.59                      256724                      Nevada                             357
20370101             20070201            219900                1351.44                      219895                      Florida                            357
20370101             20070201            228000                1305.57                      227881                      Florida                            357
20361201             20070101            185150                1176.47                      185150                      Arizona                            356
20361201             20070101            190350                 991.41                      190350                      Arizona                            356
20361201             20070101            155950                 877.22                      155950                      Florida                            356
20361201             20070101            374800                1834.86                      374779                      California                         356
20361201             20070101            353200                1839.58                      353200                      California                         356
20361201             20070101            418350                2222.48                      418350                      California                         356
20361201             20070101            315950                1777.22                      315950                      Florida                            356
20361201             20070101            252000                 1417.1                      251929                      Florida                            356
20361201             20070101            117650                 686.29                      117650                      Texas                              356
20361201             20070101            227950                1282.22                      227950                      Florida                            356
20370301             20070401            96000                  654.89                      95850                       Illinois                           359
20361201             20070101            455000                2511.92                      454990                      Oregon                             356
20370301             20070401            605000                3207.58                      603779                      California                         359
20370101             20070201            133350                 978.48                      132736                      Texas                              357
20370201             20070301            52630                  428.22                      52574                       Indiana                            358
20370301             20070401            184000                1054.17                      184000                      Colorado                           359
20370101             20070201            138600                 1029.1                      138326                      Minnesota                          357
20370301             20070401            72000                  547.25                      71955                       Iowa                               359
20370201             20070301            89300                  670.88                      89186                       Illinois                           358
20370201             20070301            190000                1108.25                      189986                      Florida                            358
20370301             20070401            234400                1269.67                      234400                      Arizona                            359
20370301             20070401            136396                 809.85                      136396                      South Carolina                     359
20361201             20070101            121500                 828.84                      120421                      Tennessee                          356
20370201             20070301            252000                1783.64                      251634                      Florida                            358
20370201             20070301            278730                1925.12                      278305                      Florida                            358
20370301             20070401            820000                5874.59                      819421                      Alabama                            359
20370301             20070401            628000                3597.92                      628000                      California                         359
20370201             20070301            214600                1688.26                      214352                      Florida                            358
20361001             20061101            65000                  488.32                      64747                       Maryland                           354
20370301             20070401            555750                3647.11                      555750                      Virginia                           359
20370301             20070401            375000                2148.44                      375000                      California                         359
20370201             20070301            264000                 1756.4                      263566                      Illinois                           358
20370201             20070301            219000                1475.44                      218649                      Idaho                              358
20370201             20070301            95940                  638.29                      95782                       Texas                              358
20370301             20070401            229500                1267.03                      229500                      Virginia                           359
20370301             20070401            253650                1603.25                      253421                      Florida                            359
20370301             20070401            253800                   2065                      253665                      Florida                            359
20370301             20070401            120000                 788.31                      119899                      Pennsylvania                       359
20370101             20070201            75200                  438.56                      75181                       North Carolina                     357
20370301             20070401            240000                1576.63                      239775                      California                         359
20370201             20070301            288000                   1650                      288000                      Virginia                           358
20370301             20070401            440000                2429.17                      440000                      California                         359

MATURITY_DATE   SERV_FEE    TRUSTEE FEE              LPMI     ZIP_CODE       STATED_ORIGINAL_TERM     PROPTYPE                               LIEN          CURRENT_GROSS_COUPON
-------------   --------    -----------              ----     --------       --------------------     --------                               ----          --------------------
20211201          0.25          0.014                 0          91423                   180        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          80020                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          93630                   360        Single Family                         First Lien                                                            5.875
20370101          0.25          0.014                 0          32966                   360        PUD                                   First Lien                                                            7.125
20211001          0.25          0.014                 0          93725                   180        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          70810                   360        Condominium                           First Lien                                                             7.25
20370101          0.25          0.014                 0          20121                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          20708                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          89423                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          24018                   360        Condominium                           First Lien                                                            6.625
20370301           0.2          0.014                 0          33647                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          49653                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          49676                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          95926                   360        Single Family                         First Lien                                                            6.375
20370301           0.2          0.014                 0          20814                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          99517                   360        Condominium                           First Lien                                                            7.375
20370301           0.2          0.014                 0           2539                   360        Single Family                         First Lien                                                             6.75
20370101         0.625          0.014                 0          33904                   360        Single Family                         First Lien                                                                8
20370301           0.2          0.014                 0          33908                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          99501                   360        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          49008                   360        2-4 Family                            First Lien                                                            6.625
20370301           0.2          0.014                 0          90250                   360        Condominium                           First Lien                                                                6
20370301           0.2          0.014                 0          92024                   360        2-4 Family                            First Lien                                                            6.625
20370301          0.25          0.014                 0          94534                   360        Single Family                         First Lien                                                            8.625
20370201          0.25          0.014                 0          89084                   360        PUD                                   First Lien                                                              6.5
20370201          0.25          0.014                 0          33703                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          18702                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          21703                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          98338                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014              0.68          37172                   360        Single Family                         First Lien                                                            8.125
20370101          0.25          0.014              1.05          17403                   360        Single Family                         First Lien                                                             8.75
20370301          0.25          0.014                 0          75134                   360        Single Family                         First Lien                                                            8.375
20370101          0.25          0.014              0.66           8758                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014              0.43          30115                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          85305                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          21634                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          28262                   360        Condominium                           First Lien                                                                8
20370101          0.25          0.014              0.93          48021                   360        Single Family                         First Lien                                                           10.875
20370301          0.25          0.014                 0          34219                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          85035                   360        Single Family                         First Lien                                                              8.5
20370201          0.25          0.014                 0          21207                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          30331                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          85212                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014              0.51          30008                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          32561                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          37407                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          30126                   360        Single Family                         First Lien                                                              8.5
20370301          0.25          0.014                 0          36521                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          76273                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          85207                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          85379                   360        PUD                                   First Lien                                                            7.125
20370301          0.25          0.014                 0          19801                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          85249                   360        PUD                                   First Lien                                                              7.5
20370201          0.25          0.014                 0          20012                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          98102                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          23225                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          75006                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          23060                   360        PUD                                   First Lien                                                            7.375
20370301          0.25          0.014                 0          89117                   360        PUD                                   First Lien                                                             7.25
20370101          0.25          0.014              0.68          46534                   360        Single Family                         First Lien                                                               10
20370101          0.25          0.014                 0          22202                   360        Hi-Rise Condo                         First Lien                                                             6.75
20361101          0.25          0.014              0.85          43522                   360        Single Family                         First Lien                                                             8.85
20370301          0.25          0.014                 0          75034                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          89135                   360        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0          30075                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          30281                   360        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0          89005                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          30312                   360        Single Family                         First Lien                                                            7.125
20361101          0.25          0.014                 0          45240                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          34219                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          33810                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          30126                   360        Single Family                         First Lien                                                              8.5
20370301          0.25          0.014                 0          78251                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          74105                   180        Single Family                         First Lien                                                            8.625
20370201          0.25          0.014                 0          78640                   360        Single Family                         First Lien                                                              8.5
20370301          0.25          0.014                 0          75205                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          34758                   360        PUD                                   First Lien                                                            7.875
20370201          0.25          0.014                 0           4917                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          46075                   360        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0          20007                   360        Townhouse                             First Lien                                                             6.25
20370301          0.25          0.014                 0          77040                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          30044                   360        Single Family                         First Lien                                                            7.125
20370201          0.25          0.014                 0          37205                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          77373                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          20794                   360        PUD                                   First Lien                                                            6.625
20370201          0.25          0.014                 0          77568                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          85021                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          98926                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          21220                   360        Townhouse                             First Lien                                                            7.625
20370301          0.25          0.014                 0          10472                   360        2-4 Family                            First Lien                                                            6.125
20370301          0.25          0.014                 0          33183                   360        Condominium                           First Lien                                                             8.25
20370101          0.25          0.014                 0          75035                   360        PUD                                   First Lien                                                                7
20470301          0.25          0.014                 0           2576                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          23149                   360        Single Family                         First Lien                                                            7.875
20370201          0.25          0.014                 0          22959                   360        Single Family                         First Lien                                                            7.875
20370201          0.25          0.014                 0          60618                   360        Condominium                           First Lien                                                             6.75
20210701          0.25          0.014                 0          23901                   180        Single Family                         First Lien                                                            7.125
20360701          0.25          0.014                 0          49684                   180        Single Family                         First Lien                                                            7.875
20360601          0.25          0.014                 0          32127                   180        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          85209                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0           2188                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0           7108                   360        2-4 Family                            First Lien                                                            6.875
20211101          0.25          0.014                 0          11434                   180        2-4 Family                            First Lien                                                             6.75
20370301          0.25          0.014                 0           7424                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          94566                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          30996                   360        Single Family                         First Lien                                                            7.125
20470301          0.25          0.014                 0          20003                   360        Townhouse                             First Lien                                                            7.625
20370101          0.25          0.014                 0          89460                   180        Single Family                         First Lien                                                            6.125
20361201          0.25          0.014                 0          89031                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          33142                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          91307                   360        Single Family                         First Lien                                                             7.75
20360701          0.25          0.014                 0          48066                   180        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          91706                   360        Single Family                         First Lien                                                                7
20370401          0.25          0.014                 0          85226                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          46077                   360        PUD                                   First Lien                                                            6.375
20360501          0.25          0.014                 0          22554                   360        PUD                                   First Lien                                                            6.125
20360601          0.25          0.014                 0          28115                   180        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                            6.875
20360701          0.25          0.014                 0          21230                   180        Single Family                         First Lien                                                              7.5
20470301          0.25          0.014                 0          27553                   360        Single Family                         First Lien                                                                8
20360701          0.25          0.014                 0          48085                   180        Single Family                         First Lien                                                             7.75
20360701          0.25          0.014                 0          46408                   180        Single Family                         First Lien                                                            7.875
20210501          0.25          0.014                 0          10016                   180        Condominium                           First Lien                                                              7.5
20210901          0.25          0.014                 0          91355                   180        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          44140                   360        Single Family                         First Lien                                                            7.125
20210901          0.25          0.014                 0          85730                   180        PUD                                   First Lien                                                              7.5
20370101          0.25          0.014                 0          91766                   360        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          87121                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          32034                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          48173                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          45040                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          79932                   360        Single Family                         First Lien                                                             5.98
20370201          0.25          0.014                 0          20659                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          75124                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          75124                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          22191                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          75124                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          75124                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          79936                   360        2-4 Family                            First Lien                                                            6.375
20370401          0.25          0.014                 0          90242                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          60089                   360        Condominium                           First Lien                                                             7.25
20370101          0.25          0.014                 0          34748                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          20874                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          60440                   360        Condominium                           First Lien                                                            6.875
20370101          0.25          0.014                 0           2909                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014             0.519          75211                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          75167                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          77386                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0           8059                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          76180                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          96793                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          95207                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          33311                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0           6106                   360        Condominium                           First Lien                                                             7.25
20370201          0.25          0.014                 0          89403                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0           6106                   360        Condominium                           First Lien                                                             7.25
20211201         0.625          0.014                 0          43023                   180        Single Family                         First Lien                                                            8.125
20361201          0.25          0.014                 0          43017                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0           6106                   360        Condominium                           First Lien                                                             7.25
20470301          0.25          0.014                 0           7040                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          85297                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          76116                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0          78757                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          52806                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          95212                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          21532                   360        2-4 Family                            First Lien                                                            7.375
20370101          0.25          0.014                 0          21117                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          33477                   360        Condominium                           First Lien                                                            7.375
20370101          0.25          0.014                 0          44032                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          31406                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          80910                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014                 0          43078                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          77382                   360        PUD                                   First Lien                                                                7
20370101          0.25          0.014                 0          84095                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          20747                   360        PUD                                   First Lien                                                              7.5
20370101          0.25          0.014                 0          77027                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0           6614                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014             0.688          28314                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          60554                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          63367                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          33777                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          19809                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          23836                   360        PUD                                   First Lien                                                            7.125
20370301          0.25          0.014                 0          80640                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          76266                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          95991                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014              0.96          77396                   360        PUD                                   First Lien                                                                8
20370301          0.25          0.014                 0          93908                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0           8107                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          33023                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          30683                   360        Single Family                         First Lien                                                                8
20370301          0.25          0.014                 0          36695                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          78223                   360        PUD                                   First Lien                                                            7.125
20370101          0.25          0.014              1.55          39218                   360        Single Family                         First Lien                                                            8.625
20361201          0.25          0.014              1.55          76063                   360        Single Family                         First Lien                                                            8.625
20361001          0.25          0.014              0.43          27597                   360        Single Family                         First Lien                                                              7.5
20361101          0.25          0.014              1.26          35758                   360        PUD                                   First Lien                                                                8
20370301          0.25          0.014                 0          34474                   360        Condominium                           First Lien                                                             6.25
20370201          0.25          0.014                 0          85629                   360        PUD                                   First Lien                                                            6.375
20370201          0.25          0.014                 0          29715                   360        PUD                                   First Lien                                                            6.999
20370301          0.25          0.014                 0          33029                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          27513                   360        PUD                                   First Lien                                                            7.125
20361201           0.2          0.014                 0          46143                   360        PUD                                   First Lien                                                             6.75
20361201           0.2          0.014                 0          92804                   360        Single Family                         First Lien                                                            6.625
20361201           0.2          0.014                 0          32908                   360        Single Family                         First Lien                                                                7
20370201           0.2          0.014                 0           6902                   360        2-4 Family                            First Lien                                                            6.875
20370101          0.25          0.014              0.43           6851                   360        Single Family                         First Lien                                                                8
20370201          0.25          0.014                 0          85085                   360        PUD                                   First Lien                                                                7
20370301          0.25          0.014                 0          85043                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0           8873                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          34420                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014              1.39          48127                   360        Single Family                         First Lien                                                             8.75
20370301          0.25          0.014                 0          34987                   360        PUD                                   First Lien                                                            6.375
20370101          0.25          0.014              1.16          33176                   360        Single Family                         First Lien                                                             12.5
20370301          0.25          0.014                 0          84065                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014               0.7          30540                   360        PUD                                   First Lien                                                             8.25
20370101          0.25          0.014              0.43          85283                   360        PUD                                   First Lien                                                            6.875
20220201          0.25          0.014              0.77          31324                   180        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          84124                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014              0.85          65323                   360        Single Family                         First Lien                                                            9.625
20370101          0.25          0.014              1.02          91773                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014              0.59          97222                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          23451                   360        Condominium                           First Lien                                                              7.5
20370101          0.25          0.014                 0          78723                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          87121                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          94561                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          95212                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0          23060                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          33016                   360        Condominium                           First Lien                                                            7.125
20370201          0.25          0.014                 0          44314                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          95833                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          95252                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          77515                   360        Single Family                         First Lien                                                                7
20211001          0.25          0.014                 0          94107                   180        Hi-Rise Condo                         First Lien                                                            7.125
20220101         0.625          0.014                 0          44123                   180        2-4 Family                            First Lien                                                            6.375
20370101          0.25          0.014                 0          72756                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          44512                   360        2-4 Family                            First Lien                                                            7.375
20361201          0.25          0.014                 0          95454                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          94560                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          30220                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          16407                   360        2-4 Family                            First Lien                                                            7.875
20370301          0.25          0.014                 0          38017                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          23606                   360        Single Family                         First Lien                                                             6.25
20361201          0.25          0.014             0.471          60446                   360        Single Family                         First Lien                                                             7.75
20361201          0.25          0.014                 0          85032                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          60478                   360        PUD                                   First Lien                                                                7
20370101          0.25          0.014                 0          60636                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          76248                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          75496                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          60156                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          32801                   360        Condominium                           First Lien                                                             7.75
20370201          0.25          0.014                 0          32908                   360        Single Family                         First Lien                                                             7.25
20211001          0.25          0.014                 0          22406                   180        Single Family                         First Lien                                                                7
20220101         0.625          0.014                 0          40222                   180        Single Family                         First Lien                                                             7.75
20470301          0.25          0.014                 0          92126                   360        Single Family                         First Lien                                                             6.25
20370301          0.25          0.014                 0          32082                   360        PUD                                   First Lien                                                                7
20370101          0.25          0.014                 0          76087                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          15650                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0           7753                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          48150                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          77088                   360        PUD                                   First Lien                                                            7.875
20370101          0.25          0.014                 0          19044                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          98284                   360        Single Family                         First Lien                                                              6.5
20200501          0.25          0.014                 0          78745                   180        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          30344                   360        Single Family                         First Lien                                                            7.125
20361201          0.25          0.014                 0          60118                   180        PUD                                   First Lien                                                             7.75
20370101          0.25          0.014                 0          28104                   360        PUD                                   First Lien                                                             7.25
20370101          0.25          0.014                 0          89149                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          95207                   360        Single Family                         First Lien                                                              7.5
20361201          0.25          0.014                 0          89131                   360        PUD                                   First Lien                                                            6.375
20370101          0.25          0.014                 0          98388                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          63010                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          92557                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          84020                   360        PUD                                   First Lien                                                                7
20370301           0.2          0.014                 0          98264                   360        Single Family                         First Lien                                                            7.125
20370301           0.2          0.014                 0          34787                   360        PUD                                   First Lien                                                             7.75
20370101          0.25          0.014                 0           8204                   360        Single Family                         First Lien                                                             7.25
20361101           0.2          0.014                 0          34120                   360        PUD                                   First Lien                                                                7
20361101           0.2          0.014                 0          33169                   360        PUD                                   First Lien                                                             6.75
20370401          0.25          0.014                 0          94303                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014                 0          60477                   180        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          34758                   360        PUD                                   First Lien                                                                8
20370301          0.25          0.014                 0           4658                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          93257                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          21216                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          98029                   360        Condominium                           First Lien                                                             6.25
20370401          0.25          0.014                 0          33193                   360        Single Family                         First Lien                                                              7.5
20370101           0.2          0.014                 0          93033                   360        Single Family                         First Lien                                                            6.125
20370201           0.2          0.014                 0          11530                   360        Condominium                           First Lien                                                            6.375
20370101          0.25          0.014                 0           2865                   360        Single Family                         First Lien                                                              6.5
20370201           0.2          0.014                 0          92270                   360        PUD                                   First Lien                                                              6.5
20370201           0.2          0.014                 0          27972                   360        Single Family                         First Lien                                                             6.25
20361201           0.2          0.014                 0          32541                   360        PUD                                   First Lien                                                             6.75
20370301           0.2          0.014                 0          22003                   360        Single Family                         First Lien                                                                6
20370101           0.2          0.014                 0          92009                   360        PUD                                   First Lien                                                              6.5
20370201           0.2          0.014                 0           8234                   360        Single Family                         First Lien                                                                7
20470301          0.25          0.014                 0          80016                   360        PUD                                   First Lien                                                            6.625
20370101           0.2          0.014                 0          11963                   360        Single Family                         First Lien                                                             6.25
20370301           0.2          0.014                 0          48170                   360        Single Family                         First Lien                                                             6.75
20470101          0.25          0.014                 0          21108                   360        Condominium                           First Lien                                                            6.625
20370101          0.25          0.014                 0          76140                   360        PUD                                   First Lien                                                            7.875
20370401          0.25          0.014                 0          60046                   360        Single Family                         First Lien                                                            6.125
20370201           0.2          0.014                 0          36561                   360        PUD                                   First Lien                                                              6.5
20370201           0.2          0.014                 0          98065                   360        PUD                                   First Lien                                                            6.875
20370301           0.2          0.014                 0          95030                   360        Single Family                         First Lien                                                              6.5
20370201           0.2          0.014                 0          19106                   360        2-4 Family                            First Lien                                                             6.25
20370301           0.2          0.014                 0          55439                   360        Single Family                         First Lien                                                                7
20370201           0.2          0.014                 0          27948                   360        Single Family                         First Lien                                                              7.5
20370301           0.2          0.014                 0          83001                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          93711                   360        Single Family                         First Lien                                                            7.125
20370301           0.2          0.014                 0           2129                   360        Single Family                         First Lien                                                              6.5
20360101          0.25          0.014                 0          60016                   180        Condominium                           First Lien                                                                8
20370201          0.25          0.014                 0          32084                   360        Single Family                         First Lien                                                             8.25
20360601          0.25          0.014                 0          84403                   180        Single Family                         First Lien                                                             7.75
20370301           0.2          0.014                 0          53051                   360        Single Family                         First Lien                                                            6.625
20470301          0.25          0.014                 0          95301                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          98273                   360        PUD                                   First Lien                                                            6.875
20360701          0.25          0.014                 0          48091                   180        Single Family                         First Lien                                                                8
20370101           0.2          0.014                 0          96789                   360        PUD                                   First Lien                                                            6.875
20370301           0.2          0.014                 0          20619                   360        PUD                                   First Lien                                                             6.75
20370301           0.2          0.014                 0          23451                   360        Single Family                         First Lien                                                              6.5
20370201           0.2          0.014                 0          84032                   360        Single Family                         First Lien                                                             7.25
20370201           0.2          0.014                 0          98004                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          28411                   360        PUD                                   First Lien                                                            7.125
20370301          0.25          0.014                 0          98229                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          92311                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014              0.31          85359                   360        Single Family                         First Lien                                                            7.125
20360601          0.25          0.014                 0          28269                   180        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0          21029                   360        PUD                                   First Lien                                                            6.625
20360601          0.25          0.014                 0          46312                   180        2-4 Family                            First Lien                                                                7
20370301          0.25          0.014                 0          23310                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          85207                   360        PUD                                   First Lien                                                                7
20370201           0.2          0.014                 0          95148                   360        Single Family                         First Lien                                                             6.25
20370301          0.25          0.014                 0          33467                   360        Single Family                         First Lien                                                              7.5
20370301           0.2          0.014                 0          11209                   360        2-4 Family                            First Lien                                                            6.625
20370201           0.2          0.014                 0          37075                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          33135                   360        Condominium                           First Lien                                                            7.875
20361101           0.2          0.014                 0          92114                   360        Single Family                         First Lien                                                            7.375
20370301           0.2          0.014                 0          93436                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0           8873                   360        Single Family                         First Lien                                                            7.625
20370301           0.2          0.014                 0          92106                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          33913                   360        Hi-Rise Condo                         First Lien                                                            6.125
20370401          0.25          0.014                 0          30039                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          48009                   360        Condominium                           First Lien                                                             6.75
20370301          0.25          0.014                 0          30066                   360        Single Family                         First Lien                                                            7.375
20470201          0.25          0.014                 0          85296                   360        Single Family                         First Lien                                                                6
20370101          0.25          0.014                 0          55352                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014             0.467          33021                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          86314                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          53216                   360        2-4 Family                            First Lien                                                             6.75
20370201          0.25          0.014                 0          60411                   360        2-4 Family                            First Lien                                                            7.375
20370201          0.25          0.014                 0          60531                   360        2-4 Family                            First Lien                                                            7.125
20370201          0.25          0.014                 0          22655                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0           6420                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          28173                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          34759                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          92673                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          20871                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          40229                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          21223                   360        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          20774                   360        PUD                                   First Lien                                                            6.125
20361201          0.25          0.014             0.386          21216                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0           3867                   360        Condominium                           First Lien                                                              7.5
20370201          0.25          0.014                 0          47920                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014             0.898          85297                   360        PUD                                   First Lien                                                            7.375
20370401          0.25          0.014                 0          78504                   360        Single Family                         First Lien                                                            8.125
20370201          0.25          0.014                 0          60649                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          55363                   360        Single Family                         First Lien                                                            7.375
20370401          0.25          0.014                 0          55073                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0          78669                   360        PUD                                   First Lien                                                            6.375
20370201          0.25          0.014                 0          76014                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          77611                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          96822                   360        Condominium                           First Lien                                                            7.125
20370201          0.25          0.014                 0          44212                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          45373                   360        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          45373                   360        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          84115                   360        2-4 Family                            First Lien                                                            6.875
20370201          0.25          0.014                 0          21144                   360        Condominium                           First Lien                                                             6.75
20211201          0.25          0.014              0.82          22602                   180        Single Family                         First Lien                                                              8.5
20370301          0.25          0.014                 0          75601                   360        2-4 Family                            First Lien                                                            8.625
20370101          0.25          0.014                 0          75150                   360        Single Family                         First Lien                                                            6.125
20370101          0.25          0.014                 0          20110                   360        PUD                                   First Lien                                                             5.98
20370101          0.25          0.014                 0          45207                   360        2-4 Family                            First Lien                                                             7.75
20370401          0.25          0.014                 0           8723                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          26003                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          59801                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          95661                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          77571                   360        Single Family                         First Lien                                                              6.5
20220201          0.25          0.014                 0          45069                   180        Single Family                         First Lien                                                            6.125
20370301          0.25          0.014                 0          30135                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          75040                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          56073                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          75068                   360        PUD                                   First Lien                                                            6.375
20470301          0.25          0.014                 0          90706                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          45324                   360        2-4 Family                            First Lien                                                            7.375
20370201          0.25          0.014                 0          87401                   360        Single Family                         First Lien                                                              7.5
20211001          0.25          0.014                 0          91108                   180        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          21060                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          80542                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          23418                   360        Single Family                         First Lien                                                             7.75
20270101          0.25          0.014                 0          44706                   240        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          60073                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0           8096                   360        2-4 Family                            First Lien                                                              7.5
20370301          0.25          0.014                 0          92154                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          20191                   360        Condominium                           First Lien                                                            6.875
20370301          0.25          0.014                 0          32309                   360        Single Family                         First Lien                                                            7.375
20370401          0.25          0.014                 0          92544                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          24019                   360        Single Family                         First Lien                                                            6.125
20370301          0.25          0.014                 0          75706                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0          46064                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          60176                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          92557                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          75686                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          90755                   360        Condominium                           First Lien                                                             6.25
20370101          0.25          0.014                 0          55311                   360        Condominium                           First Lien                                                             6.25
20361201          0.25          0.014                 0          55012                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          95307                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          32224                   360        Condominium                           First Lien                                                            7.125
20370101          0.25          0.014                 0          23434                   360        Condominium                           First Lien                                                            7.125
20370301          0.25          0.014                 0          32901                   360        Condominium                           First Lien                                                            7.875
20361201          0.25          0.014             0.519          61550                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          28465                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          97702                   360        Single Family                         First Lien                                                            6.875
20220101         0.625          0.014                 0          47240                   180        2-4 Family                            First Lien                                                            6.875
20370301          0.25          0.014                 0          91011                   360        Single Family                         First Lien                                                            6.875
20211001          0.25          0.014                 0          11364                   180        CO-OP                                 First Lien                                                              6.5
20370201          0.25          0.014                 0          32216                   360        PUD                                   First Lien                                                            6.875
20211201          0.25          0.014                 0          11357                   180        CO-OP                                 First Lien                                                            6.625
20370301          0.25          0.014                 0          95320                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          17372                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          49417                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          60031                   360        Condominium                           First Lien                                                             6.25
20211201          0.25          0.014                 0          22656                   180        PUD                                   First Lien                                                                6
20370101          0.25          0.014                 0          98375                   360        PUD                                   First Lien                                                            6.125
20370201          0.25          0.014                 0          21037                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          70115                   360        2-4 Family                            First Lien                                                              7.5
20461101          0.25          0.014                 0          11751                   360        Single Family                         First Lien                                                            6.875
20211201          0.25          0.014                 0          10801                   180        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          21234                   360        2-4 Family                            First Lien                                                             7.25
20211201          0.25          0.014                 0          94536                   180        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          76240                   360        Single Family                         First Lien                                                            8.625
20361201          0.25          0.014             1.452          89521                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          49057                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          48044                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          33167                   360        Single Family                         First Lien                                                              7.5
20470101          0.25          0.014                 0          93705                   360        Condominium                           First Lien                                                            6.625
20370201          0.25          0.014                 0          87114                   360        PUD                                   First Lien                                                              7.5
20370201          0.25          0.014                 0          63026                   360        PUD                                   First Lien                                                                8
20461201          0.25          0.014                 0          10927                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          77433                   360        PUD                                   First Lien                                                            7.625
20361201          0.25          0.014                 0          20748                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          21218                   360        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          98221                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          33611                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0           7030                   360        2-4 Family                            First Lien                                                            6.875
20361201          0.25          0.014                 0          60619                   180        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          48207                   360        Condominium                           First Lien                                                            6.875
20370201          0.25          0.014                 0          33179                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          32309                   360        Single Family                         First Lien                                                            6.375
20361201          0.25          0.014                 0          93312                   360        Single Family                         First Lien                                                            6.875
20220101          0.25          0.014                 0          91402                   180        Single Family                         First Lien                                                             8.25
20370101          0.25          0.014                 0          45342                   360        Single Family                         First Lien                                                                7
20361201          0.25          0.014                 0          63125                   360        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          93960                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          91367                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0           2124                   360        Condominium                           First Lien                                                            6.875
20370101          0.25          0.014                 0          30281                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014             0.468          23464                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          84601                   360        Single Family                         First Lien                                                            7.375
20470101          0.25          0.014                 0           7302                   360        2-4 Family                            First Lien                                                             7.25
20361201          0.25          0.014                 0          89521                   360        PUD                                   First Lien                                                             6.25
20361201          0.25          0.014                 0          93550                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          98033                   360        Single Family                         First Lien                                                            7.125
20170301          0.25          0.014                 0          22079                   120        PUD                                   First Lien                                                              7.5
20361201          0.25          0.014                 0          89027                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          83301                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          98023                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          20136                   360        Single Family                         First Lien                                                            6.125
20370101          0.25          0.014                 0          85301                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          54130                   360        Condominium                           First Lien                                                            6.625
20370101          0.25          0.014             0.635          95948                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          44001                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          89113                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          89436                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          32909                   360        PUD                                   First Lien                                                            7.375
20361201          0.25          0.014                 0          89166                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          89031                   360        PUD                                   First Lien                                                            7.625
20370101          0.25          0.014             0.429          95901                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          29588                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          87505                   360        Single Family                         First Lien                                                            6.875
20470301          0.25          0.014                 0          64128                   360        Single Family                         First Lien                                                            8.375
20361201          0.25          0.014                 0          74105                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          98374                   360        PUD                                   First Lien                                                            7.125
20370101          0.25          0.014             0.383          75089                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          60614                   360        Condominium                           First Lien                                                            7.375
20370401          0.25          0.014                 0           7307                   360        2-4 Family                            First Lien                                                             7.25
20370301          0.25          0.014                 0          31406                   360        Single Family                         First Lien                                                            6.625
20361201          0.25          0.014                 0          89131                   360        PUD                                   First Lien                                                            8.125
20361201          0.25          0.014                 0          85239                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014                 0          37407                   360        Single Family                         First Lien                                                              6.5
20361201          0.25          0.014                 0          77388                   360        PUD                                   First Lien                                                            7.375
20361201          0.25          0.014                 0          89011                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          92110                   360        Condominium                           First Lien                                                            6.875
20370301          0.25          0.014                 0          98030                   360        Single Family                         First Lien                                                                7
20370401          0.25          0.014                 0           7060                   360        2-4 Family                            First Lien                                                                8
20370101          0.25          0.014                 0          60656                   360        Condominium                           First Lien                                                            7.375
20370101          0.25          0.014                 0          15217                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          89129                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          92840                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          60089                   180        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          23231                   360        Single Family                         First Lien                                                              7.5
20461201          0.25          0.014                 0          20783                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          93312                   360        Single Family                         First Lien                                                            6.125
20370101          0.25          0.014                 0          48307                   360        Single Family                         First Lien                                                              6.5
20470301          0.25          0.014                 0          34746                   360        PUD                                   First Lien                                                                7
20370101          0.25          0.014                 0          43074                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          78756                   360        Single Family                         First Lien                                                            7.125
20370401          0.25          0.014                 0          65738                   360        Single Family                         First Lien                                                             8.75
20370101          0.25          0.014                 0          83544                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          22192                   360        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          94555                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          46845                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          55042                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          31419                   360        PUD                                   First Lien                                                             7.75
20361201          0.25          0.014                 0          29621                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          29493                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          79932                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          48127                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          85255                   360        Single Family                         First Lien                                                             7.25
20461201          0.25          0.014                 0          91342                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          85335                   360        PUD                                   First Lien                                                            6.875
20360601          0.25          0.014                 0          60649                   180        2-4 Family                            First Lien                                                            7.625
20361201          0.25          0.014                 0          33033                   360        Condominium                           First Lien                                                             7.25
20370301          0.25          0.014                 0          90250                   360        2-4 Family                            First Lien                                                            7.375
20370101          0.25          0.014                 0          46122                   180        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          89129                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          85239                   360        PUD                                   First Lien                                                            7.875
20370201          0.25          0.014                 0           1085                   360        Single Family                         First Lien                                                              6.5
20220201          0.25          0.014                 0          43701                   180        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          89149                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          91350                   360        Condominium                           First Lien                                                            6.375
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370401          0.25          0.014                 0          78045                   360        Condominium                           First Lien                                                            7.125
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20220201         0.625          0.014                 0          45238                   180        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370201          0.25          0.014                 0           8048                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370201          0.25          0.014                 0          22314                   360        Single Family                         First Lien                                                                6
20350201          0.25          0.014                 0          51503                   180        Single Family                         First Lien                                                            7.875
20370201          0.25          0.014                 0          93065                   360        PUD                                   First Lien                                                            5.875
20370101          0.25          0.014             0.535          38122                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          23452                   360        Condominium                           First Lien                                                             6.75
20370301          0.25          0.014                 0          46260                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014              0.67          77433                   360        PUD                                   First Lien                                                            7.375
20370101          0.25          0.014                 0          17331                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          95492                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014             0.915          75044                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          63005                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          80226                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          48442                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          90501                   360        Condominium                           First Lien                                                             6.25
20370301          0.25          0.014                 0          55106                   360        Single Family                         First Lien                                                            7.125
20211201         0.625          0.014                 0          46241                   180        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          97526                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          85297                   360        PUD                                   First Lien                                                            7.375
20220101         0.625          0.014                 0          34240                   180        Single Family                         First Lien                                                                6
20370201          0.25          0.014                 0          28021                   360        2-4 Family                            First Lien                                                             7.75
20370101          0.25          0.014                 0          78733                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          96706                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          33068                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014             0.632          75069                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          94585                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014             0.487          27406                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          95993                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          95209                   360        Single Family                         First Lien                                                            6.625
20370401          0.25          0.014                 0          20853                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          28086                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          20770                   360        CO-OP                                 First Lien                                                            6.625
20370101          0.25          0.014                 0          30253                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          85719                   360        Condominium                           First Lien                                                            7.875
20370101          0.25          0.014                 0           4002                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          44108                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0          85042                   360        Single Family                         First Lien                                                                7
20370401          0.25          0.014                 0          95451                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          83709                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          85003                   360        Condominium                           First Lien                                                                8
20370301          0.25          0.014                 0          92881                   360        Condominium                           First Lien                                                              6.5
20470301          0.25          0.014                 0          92392                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          29678                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          43011                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          10543                   360        2-4 Family                            First Lien                                                            7.625
20370201          0.25          0.014                 0           2050                   360        Single Family                         First Lien                                                              6.5
20361001          0.25          0.014                 0          33971                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          74017                   360        Single Family                         First Lien                                                              7.5
20360701          0.25          0.014                 0          46613                   180        Single Family                         First Lien                                                                8
20370201          0.25          0.014                 0           8902                   360        Condominium                           First Lien                                                              7.5
20361201          0.25          0.014                 0          75006                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          75181                   360        PUD                                   First Lien                                                                7
20361201          0.25          0.014                 0           8094                   360        Single Family                         First Lien                                                            7.625
20370401          0.25          0.014                 0          78046                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014             0.561          75035                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          78260                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          96080                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          64056                   360        2-4 Family                            First Lien                                                                7
20370101          0.25          0.014                 0          96021                   360        Single Family                         First Lien                                                            5.875
20370101          0.25          0.014                 0          20685                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          61761                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          23666                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          20020                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0          60610                   360        Condominium                           First Lien                                                                7
20370201          0.25          0.014                 0          33025                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0           7405                   360        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0           8701                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          34986                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0           2130                   360        Condominium                           First Lien                                                              6.5
20370201          0.25          0.014                 0          60803                   360        Condominium                           First Lien                                                            7.125
20370201          0.25          0.014                 0           4538                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0          19943                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          48912                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          64034                   360        PUD                                   First Lien                                                            7.375
20370301          0.25          0.014                 0          33141                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          60707                   360        Single Family                         First Lien                                                                7
20360801          0.25          0.014                 0          21215                   180        Single Family                         First Lien                                                              8.5
20370201          0.25          0.014                 0          23518                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          98335                   360        Single Family                         First Lien                                                                6
20370201          0.25          0.014                 0           7305                   360        2-4 Family                            First Lien                                                                7
20370201          0.25          0.014                 0           7302                   360        Hi-Rise Condo                         First Lien                                                             6.25
20370101          0.25          0.014                 0          38107                   360        2-4 Family                            First Lien                                                            6.875
20370301          0.25          0.014                 0           8057                   360        Single Family                         First Lien                                                                8
20370301          0.25          0.014                 0          80634                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          20774                   360        Single Family                         First Lien                                                            7.125
20211101          0.25          0.014              0.59          49056                   180        Single Family                         First Lien                                                                7
20470401          0.25          0.014                 0          63052                   360        PUD                                   First Lien                                                             7.25
20370101          0.25          0.014                 0           8210                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          30072                   360        Single Family                         First Lien                                                             6.25
20220101          0.25          0.014                 0          18901                   180        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          20640                   360        CO-OP                                 First Lien                                                            7.375
20370101          0.25          0.014                 0          75119                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          98273                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          77389                   360        PUD                                   First Lien                                                            6.125
20370201          0.25          0.014                 0          23832                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          76209                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          60195                   360        Condominium                           First Lien                                                            6.875
20370201          0.25          0.014                 0          23233                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0           2171                   360        Single Family                         First Lien                                                             7.25
20360801          0.25          0.014                 0          46619                   180        Single Family                         First Lien                                                            8.375
20370101          0.25          0.014             0.308          21207                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0          27965                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014             0.463          21727                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          75211                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0          44287                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          33024                   360        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          45015                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          23238                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          90803                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          76522                   360        2-4 Family                            First Lien                                                            6.875
20370201          0.25          0.014                 0          23832                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          21206                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          33305                   360        Hi-Rise Condo                         First Lien                                                              7.5
20370201           0.2          0.014                 0          33160                   360        Hi-Rise Condo                         First Lien                                                            6.875
20370301           0.2          0.014                 0          89120                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          92646                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          91006                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0           2184                   360        Single Family                         First Lien                                                            6.375
20370301           0.2          0.014                 0          90680                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          49684                   360        Single Family                         First Lien                                                                7
20370301           0.2          0.014                 0          98040                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          91505                   360        Single Family                         First Lien                                                             7.25
20370301           0.2          0.014                 0          11210                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          21215                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          66012                   360        Single Family                         First Lien                                                              7.5
20210701          0.25          0.014                 0          77426                   180        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          33711                   360        Single Family                         First Lien                                                              7.5
20370401          0.25          0.014                 0           7305                   360        2-4 Family                            First Lien                                                            7.375
20370301          0.25          0.014                 0          60428                   360        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0          75087                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          32750                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          64083                   360        Single Family                         First Lien                                                            7.375
20370401          0.25          0.014                 0          32738                   360        Single Family                         First Lien                                                             6.75
20360701          0.25          0.014                 0          84062                   180        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          45150                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          98597                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          20712                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          23325                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014              0.53           4210                   360        Single Family                         First Lien                                                              7.5
20210701          0.25          0.014                 0           7747                   180        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          20906                   360        Condominium                           First Lien                                                             6.25
20370101          0.25          0.014                 0          33127                   360        2-4 Family                            First Lien                                                                7
20370301          0.25          0.014                 0          92663                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0           7307                   360        2-4 Family                            First Lien                                                             6.75
20360401          0.25          0.014                 0          89029                   360        PUD                                   First Lien                                                                6
20370301          0.25          0.014                 0          97759                   360        PUD                                   First Lien                                                            6.625
20370201          0.25          0.014                 0          39402                   360        Single Family                         First Lien                                                            6.375
20470401          0.25          0.014                 0          93726                   360        Single Family                         First Lien                                                             6.75
20211101          0.25          0.014                 0          90037                   180        2-4 Family                            First Lien                                                                6
20370101          0.25          0.014                 0          33068                   360        Condominium                           First Lien                                                             6.75
20370101          0.25          0.014                 0          97060                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          75093                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0           6280                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0           2721                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          60073                   360        Single Family                         First Lien                                                            7.375
20470201          0.25          0.014                 0          20706                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          43015                   360        Single Family                         First Lien                                                             6.75
20351001          0.25          0.014                 0          68122                   180        Single Family                         First Lien                                                            7.625
20370301           0.2          0.014                 0          21401                   360        Single Family                         First Lien                                                            7.875
20370101           0.2          0.014                 0          94561                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0           3062                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          94702                   360        Single Family                         First Lien                                                            6.625
20370401          0.25          0.014                 0          80206                   360        2-4 Family                            First Lien                                                             7.75
20370201           0.2          0.014                 0           2052                   360        Single Family                         First Lien                                                                7
20370201           0.2          0.014                 0           1944                   360        Single Family                         First Lien                                                             6.75
20370101           0.2          0.014                 0          92346                   360        PUD                                   First Lien                                                                6
20370201           0.2          0.014                 0          94503                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          92708                   360        Single Family                         First Lien                                                            6.875
20370201           0.2          0.014                 0          11370                   360        2-4 Family                            First Lien                                                            7.375
20361201          0.25          0.014                 0          60016                   180        PUD                                   First Lien                                                            7.875
20361101          0.25          0.014                 0          60025                   180        Condominium                           First Lien                                                                7
20370301          0.25          0.014                 0          32258                   360        PUD                                   First Lien                                                                7
20360501          0.25          0.014                 0          60613                   180        Condominium                           First Lien                                                            7.875
20360601          0.25          0.014                 0          46407                   180        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          80138                   360        PUD                                   First Lien                                                            7.125
20370301           0.2          0.014                 0          93101                   360        Single Family                         First Lien                                                             7.75
20360701          0.25          0.014                 0          11106                   180        2-4 Family                            First Lien                                                              7.5
20370201           0.2          0.014                 0          20169                   360        Single Family                         First Lien                                                            7.875
20370301           0.2          0.014                 0          96816                   360        Single Family                         First Lien                                                            6.875
20370201           0.2          0.014                 0          10309                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          84109                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          11004                   360        Single Family                         First Lien                                                              7.5
20370201           0.2          0.014                 0          11772                   360        Single Family                         First Lien                                                            7.875
20370301           0.2          0.014                 0          33467                   360        PUD                                   First Lien                                                             6.75
20370301           0.2          0.014                 0           7828                   360        Single Family                         First Lien                                                              7.5
20370201           0.2          0.014                 0          48322                   360        Single Family                         First Lien                                                             7.75
20370301           0.2          0.014                 0          89044                   360        PUD                                   First Lien                                                            6.875
20370301           0.2          0.014                 0          92532                   360        Single Family                         First Lien                                                            7.875
20211201          0.25          0.014                 0          98002                   180        Single Family                         First Lien                                                            6.875
20370201           0.2          0.014                 0           8202                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          60164                   180        Condominium                           First Lien                                                                7
20360601          0.25          0.014                 0          60827                   180        Single Family                         First Lien                                                            7.875
20370301          0.25          0.014                 0          93306                   360        Single Family                         First Lien                                                            6.875
20370201           0.2          0.014                 0          30342                   360        Single Family                         First Lien                                                            8.375
20370201           0.2          0.014                 0          90265                   360        Condominium                           First Lien                                                            8.875
20370301           0.2          0.014                 0          29582                   360        Single Family                         First Lien                                                             6.25
20370301           0.2          0.014                 0          49617                   360        Single Family                         First Lien                                                            6.375
20220201          0.25          0.014              0.51          30265                   180        PUD                                   First Lien                                                              7.5
20370301           0.2          0.014                 0          60464                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0           7960                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0           7727                   360        Single Family                         First Lien                                                            7.875
20370301           0.2          0.014                 0          19930                   360        PUD                                   First Lien                                                            6.875
20370101           0.2          0.014                 0          92683                   360        Single Family                         First Lien                                                            7.875
20370301          0.25          0.014              1.01           4210                   360        Single Family                         First Lien                                                                8
20370301          0.25          0.014                 0          20111                   360        Townhouse                             First Lien                                                                7
20370101          0.25          0.014              0.65          75068                   360        PUD                                   First Lien                                                              8.5
20370101          0.25          0.014              0.84          89015                   360        Single Family                         First Lien                                                             8.75
20370101          0.25          0.014                 0          63136                   360        Single Family                         First Lien                                                           10.625
20370101          0.25          0.014                 0          20676                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014              0.58          85041                   360        PUD                                   First Lien                                                              7.5
20370101          0.25          0.014              0.96          33181                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0          33908                   360        Condominium                           First Lien                                                            8.625
20370101          0.25          0.014              0.45          92882                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014              0.96          71655                   360        Single Family                         First Lien                                                                8
20370201          0.25          0.014                 0          76131                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0           8401                   360        Townhouse                             First Lien                                                            7.125
20370401          0.25          0.014                 0          22066                   360        PUD                                   First Lien                                                            7.625
20370401          0.25          0.014                 0          80501                   360        2-4 Family                            First Lien                                                                7
20370401          0.25          0.014                 0          55422                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          91739                   360        Single Family                         First Lien                                                            7.125
20370401          0.25          0.014                 0          33437                   360        PUD                                   First Lien                                                            7.125
20370401          0.25          0.014                 0          95946                   360        Single Family                         First Lien                                                            6.625
20211001          0.25          0.014                 0          94123                   180        Condominium                           First Lien                                                              6.5
20211001          0.25          0.014                 0          89117                   180        PUD                                   First Lien                                                            6.375
20370301          0.25          0.014                 0          20735                   360        Single Family                         First Lien                                                            6.875
20470301          0.25          0.014              0.92           2066                   360        Single Family                         First Lien                                                             8.25
20370301          0.25          0.014              0.46          85086                   360        PUD                                   First Lien                                                            7.875
20370301          0.25          0.014                 0          74429                   360        Single Family                         First Lien                                                             6.75
20210401          0.25          0.014                 0          30032                   180        Single Family                         First Lien                                                            8.125
20361201          0.25          0.014                 0          92553                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          93551                   360        Single Family                         First Lien                                                              6.5
20360901          0.25          0.014                 0          94621                   360        2-4 Family                            First Lien                                                              6.5
20361001          0.25          0.014                 0          94403                   360        Condominium                           First Lien                                                             7.25
20361001          0.25          0.014                 0          44811                   360        Single Family                         First Lien                                                                8
20361001          0.25          0.014                 0          33032                   360        PUD                                   First Lien                                                            6.875
20361101          0.25          0.014                 0          91752                   360        PUD                                   First Lien                                                            6.625
20361101          0.25          0.014                 0          33032                   360        PUD                                   First Lien                                                             7.25
20361201          0.25          0.014                 0          89436                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          92585                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          95206                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014                 0          92591                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          92543                   360        Single Family                         First Lien                                                            6.375
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          92585                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                             7.25
20361201          0.25          0.014                 0          94515                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          92585                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          80018                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                             6.25
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                              7.5
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            7.125
20361201          0.25          0.014                 0          93615                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          92027                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          93312                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          80601                   360        PUD                                   First Lien                                                             7.25
20361201          0.25          0.014                 0          34609                   360        PUD                                   First Lien                                                            6.125
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                              7.5
20370101          0.25          0.014                 0          93312                   360        Single Family                         First Lien                                                              7.5
20361201          0.25          0.014                 0          92336                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          95648                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          95648                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          92335                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          48114                   360        Single Family                         First Lien                                                             6.25
20370301          0.25          0.014                 0          92128                   360        Condominium                           First Lien                                                            6.375
20370101          0.25          0.014                 0           1105                   360        2-4 Family                            First Lien                                                            7.875
20370101          0.25          0.014                 0          19006                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          92354                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014              1.04          30058                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014              0.69          32164                   360        Single Family                         First Lien                                                             8.25
20370301          0.25          0.014              0.71          65109                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014              0.58          61364                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014              0.92          95993                   360        Single Family                         First Lien                                                             7.75
20370201          0.25          0.014                 0          32579                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          34957                   360        PUD                                   First Lien                                                            6.375
20370201          0.25          0.014                 0          30248                   360        PUD                                   First Lien                                                             7.25
20370201          0.25          0.014                 0          32818                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          95833                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          46280                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          63119                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          95340                   360        PUD                                   First Lien                                                             6.25
20370101          0.25          0.014                 0          49601                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014             0.456          85023                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014             1.013          44408                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0           8817                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          98368                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          77304                   360        PUD                                   First Lien                                                             6.25
20370301          0.25          0.014                 0          85085                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          29483                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          95210                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          27954                   360        PUD                                   First Lien                                                            7.875
20370201          0.25          0.014                 0          28173                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          23502                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          53209                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          77063                   360        Condominium                           First Lien                                                             6.75
20370201          0.25          0.014                 0          87106                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          11575                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          30066                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          44105                   360        2-4 Family                            First Lien                                                             7.75
20361201          0.25          0.014                 0          87558                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0           1453                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0           1201                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          83661                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014                 0          80537                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          60656                   360        Condominium                           First Lien                                                              7.5
20370101          0.25          0.014                 0          77482                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          59105                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          99202                   360        2-4 Family                            First Lien                                                             7.25
20370201          0.25          0.014                 0          76035                   360        PUD                                   First Lien                                                             6.25
20370201          0.25          0.014                 0          25401                   360        PUD                                   First Lien                                                              6.5
20370201          0.25          0.014                 0          21040                   360        Condominium                           First Lien                                                            7.875
20370201          0.25          0.014                 0           2119                   360        2-4 Family                            First Lien                                                            5.875
20370201          0.25          0.014                 0          78613                   360        PUD                                   First Lien                                                            6.625
20220101          0.25          0.014                 0          20024                   180        CO-OP                                 First Lien                                                              6.5
20370101          0.25          0.014                 0          94928                   360        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          33068                   360        Hi-Rise Condo                         First Lien                                                                7
20220201          0.25          0.014                 0          22435                   180        Single Family                         First Lien                                                                6
20361001          0.25          0.014                 0          50327                   360        PUD                                   First Lien                                                            7.125
20361201          0.25          0.014                 0          54935                   360        Single Family                         First Lien                                                            8.375
20370101          0.25          0.014                 0          96001                   360        Single Family                         First Lien                                                            6.375
20250101          0.25          0.014                 0          94568                   180        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0          78154                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          48188                   360        Condominium                           First Lien                                                             6.75
20370201          0.25          0.014                 0          99350                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014                 0          92879                   360        PUD                                   First Lien                                                            6.625
20370201          0.25          0.014                 0          45106                   360        Single Family                         First Lien                                                             6.25
20360901          0.25          0.014                 0          48103                   180        Condominium                           First Lien                                                                8
20220101          0.25          0.014                 0          85353                   180        PUD                                   First Lien                                                              8.5
20361201          0.25          0.014             1.073          85379                   360        PUD                                   First Lien                                                            7.375
20370101          0.25          0.014                 0          92078                   360        Condominium                           First Lien                                                             6.75
20370301          0.25          0.014                 0          32092                   360        PUD                                   First Lien                                                              7.5
20361201          0.25          0.014                 0          32164                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0          89103                   360        Condominium                           First Lien                                                                7
20361201          0.25          0.014                 0          92637                   360        CO-OP                                 First Lien                                                                7
20370201          0.25          0.014                 0          93905                   360        Single Family                         First Lien                                                            6.625
20370401          0.25          0.014                 0          51555                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          61115                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          96706                   360        Condominium                           First Lien                                                            6.875
20370201          0.25          0.014                 0          55927                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          33177                   360        PUD                                   First Lien                                                              6.5
20370201          0.25          0.014                 0          43204                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0           7093                   360        Hi-Rise Condo                         First Lien                                                            6.875
20370201          0.25          0.014                 0           1913                   360        2-4 Family                            First Lien                                                            6.375
20370201          0.25          0.014                 0          20019                   360        Single Family                         First Lien                                                            6.875
20470201          0.25          0.014                 0          37013                   360        Single Family                         First Lien                                                            7.125
20370201          0.25          0.014                 0          99205                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          21213                   360        Single Family                         First Lien                                                              6.5
20351201          0.25          0.014                 0          49509                   180        Single Family                         First Lien                                                                8
20370301          0.25          0.014                 0          22101                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0           2050                   360        Single Family                         First Lien                                                             6.25
20470201          0.25          0.014                 0          33162                   360        2-4 Family                            First Lien                                                                7
20370101          0.25          0.014                 0          99205                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          98311                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014             0.898          96021                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014                 0          89103                   360        Condominium                           First Lien                                                              6.5
20361201          0.25          0.014                 0           1473                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0           8328                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014             0.661          97383                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          23434                   360        Condominium                           First Lien                                                              6.5
20370101          0.25          0.014                 0           2895                   360        2-4 Family                            First Lien                                                             7.75
20370101          0.25          0.014                 0           1844                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          43031                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014             0.374          61010                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          91786                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          33015                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014               0.6          23875                   360        Single Family                         First Lien                                                              8.5
20361001          0.25          0.014                 0          53204                   180        Single Family                         First Lien                                                             8.25
20370301          0.25          0.014                 0          92337                   360        Single Family                         First Lien                                                                6
20370101          0.25          0.014                 0          22534                   360        Single Family                         First Lien                                                            5.875
20370201          0.25          0.014                 0          60186                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          40291                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          23314                   360        Condominium                           First Lien                                                            7.625
20361101          0.25          0.014                 0          28314                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          20853                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          11021                   360        CO-OP                                 First Lien                                                            7.375
20370101          0.25          0.014                 0          99507                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          92395                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0          91901                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014                 0          87109                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          91042                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          46062                   360        PUD                                   First Lien                                                            6.375
20370301           0.2          0.014                 0          93420                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0          19026                   360        Single Family                         First Lien                                                            6.375
20370301           0.2          0.014                 0          91303                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370301           0.2          0.014                 0          94506                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370301           0.2          0.014                 0          34208                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          91326                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370301           0.2          0.014                 0          84010                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370301           0.2          0.014                 0           7041                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          89436                   360        PUD                                   First Lien                                                             6.25
20370201          0.25          0.014                 0          65201                   360        2-4 Family                            First Lien                                                             6.25
20370201          0.25          0.014                 0          44903                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          93551                   360        Single Family                         First Lien                                                            6.625
20361201          0.25          0.014                 0          77365                   360        PUD                                   First Lien                                                             6.75
20370301           0.2          0.014                 0           7976                   360        Single Family                         First Lien                                                             6.25
20270201          0.25          0.014                 0          20011                   240        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          95757                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          81122                   360        Single Family                         First Lien                                                              6.5
20361201          0.25          0.014                 0          92782                   360        PUD                                   First Lien                                                             6.75
20360901          0.25          0.014                 0          60632                   180        2-4 Family                            First Lien                                                            7.875
20370201          0.25          0.014                 0          85297                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          89521                   360        PUD                                   First Lien                                                             7.25
20370101          0.25          0.014                 0          60411                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          89434                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          85382                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          18923                   360        PUD                                   First Lien                                                             7.25
20370101          0.25          0.014                 0          43140                   360        Single Family                         First Lien                                                            7.375
20370301           0.2          0.014                 0          54557                   360        Single Family                         First Lien                                                                9
20370401          0.25          0.014                 0           4537                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          98045                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          30189                   360        PUD                                   First Lien                                                             6.25
20370301           0.2          0.014                 0          22180                   360        Single Family                         First Lien                                                                7
20370301           0.2          0.014                 0          54016                   360        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0          45213                   360        Single Family                         First Lien                                                             7.25
20370301           0.2          0.014                 0          89052                   360        PUD                                   First Lien                                                              6.5
20370301           0.2          0.014                 0          27539                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          55384                   360        Single Family                         First Lien                                                                7
20370301           0.2          0.014                 0          27612                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          33162                   360        Condominium                           First Lien                                                              7.5
20370301          0.25          0.014                 0          90066                   360        Single Family                         First Lien                                                              6.5
20361201          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                            7.125
20370201          0.25          0.014                 0          55011                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          95204                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          63010                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          33126                   360        Condominium                           First Lien                                                              7.5
20211101         0.625          0.014                 0          48091                   180        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          84095                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          60619                   360        2-4 Family                            First Lien                                                            7.625
20370101          0.25          0.014                 0          84103                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          11772                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          65708                   360        Single Family                         First Lien                                                             6.25
20370101          0.25          0.014                 0          64119                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          60647                   360        Condominium                           First Lien                                                            6.625
20370201          0.25          0.014                 0          21043                   360        PUD                                   First Lien                                                            6.625
20370201          0.25          0.014                 0          80504                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          98513                   360        Single Family                         First Lien                                                             6.25
20370301          0.25          0.014                 0           4103                   360        2-4 Family                            First Lien                                                              7.5
20370201          0.25          0.014                 0          19702                   360        PUD                                   First Lien                                                            6.625
20370201          0.25          0.014                 0           2904                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          95376                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          55432                   360        PUD                                   First Lien                                                            7.875
20370201          0.25          0.014                 0          85297                   360        PUD                                   First Lien                                                              6.5
20370301           0.2          0.014                 0          10964                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          83869                   360        Single Family                         First Lien                                                            6.125
20470401          0.25          0.014                 0          90650                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          33196                   360        Single Family                         First Lien                                                            6.125
20370201          0.25          0.014                 0          87110                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          32224                   360        Condominium                           First Lien                                                            7.375
20370101          0.25          0.014                 0          48382                   360        Condominium                           First Lien                                                            7.125
20370201          0.25          0.014                 0          32413                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          85009                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014                 0          44122                   360        2-4 Family                            First Lien                                                             6.75
20370201          0.25          0.014                 0          29072                   360        PUD                                   First Lien                                                            6.375
20370201          0.25          0.014                 0          99611                   360        2-4 Family                            First Lien                                                            7.625
20370301          0.25          0.014                 0          31201                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          30345                   360        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          11213                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          40514                   360        Single Family                         First Lien                                                            6.125
20370101          0.25          0.014                 0          97603                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          75119                   360        2-4 Family                            First Lien                                                              7.5
20370201          0.25          0.014                 0          33710                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          33023                   360        Single Family                         First Lien                                                            7.375
20370401          0.25          0.014                 0          11412                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          44011                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          75069                   360        2-4 Family                            First Lien                                                              6.5
20370301          0.25          0.014                 0          84098                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          92308                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          21212                   360        Single Family                         First Lien                                                            7.125
20370201          0.25          0.014                 0          33428                   360        PUD                                   First Lien                                                             7.25
20370201          0.25          0.014                 0          21213                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          10310                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          75601                   360        2-4 Family                            First Lien                                                            8.625
20220101          0.25          0.014                 0          17601                   180        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          20016                   360        Single Family                         First Lien                                                            6.875
20220101          0.25          0.014                 0          62702                   180        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          49424                   360        Condominium                           First Lien                                                             7.25
20370101          0.25          0.014                 0          40390                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          33467                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          87121                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          85033                   360        Condominium                           First Lien                                                            7.125
20370101          0.25          0.014                 0          30179                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          46561                   360        Single Family                         First Lien                                                            6.625
20370201          0.25          0.014                 0          60202                   360        Single Family                         First Lien                                                                7
20360801          0.25          0.014                 0          60429                   180        Single Family                         First Lien                                                                8
20370101          0.25          0.014                 0          60053                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          85355                   360        PUD                                   First Lien                                                             7.25
20211001         0.625          0.014                 0          45202                   180        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          19140                   360        2-4 Family                            First Lien                                                            7.625
20360901          0.25          0.014                 0          28104                   360        PUD                                   First Lien                                                             7.25
20370201          0.25          0.014                 0          33018                   360        Condominium                           First Lien                                                            6.625
20361001          0.25          0.014                 0          46350                   180        2-4 Family                            First Lien                                                             8.25
20370301          0.25          0.014                 0          85037                   360        Condominium                           First Lien                                                            6.999
20370201          0.25          0.014                 0           6371                   360        Single Family                         First Lien                                                            6.125
20370301          0.25          0.014                 0          89015                   360        PUD                                   First Lien                                                            7.125
20361001          0.25          0.014                 0          23229                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          65608                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          98226                   360        Single Family                         First Lien                                                            7.375
20370401          0.25          0.014                 0          11758                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0          95842                   360        2-4 Family                            First Lien                                                            6.375
20370301          0.25          0.014                 0          30168                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          89131                   360        Condominium                           First Lien                                                            7.375
20370101          0.25          0.014                 0          84084                   360        Single Family                         First Lien                                                                7
20370301           0.2          0.014                 0          19046                   360        Single Family                         First Lien                                                            7.375
20370101          0.25          0.014                 0           1020                   360        Single Family                         First Lien                                                             6.25
20370301           0.2          0.014                 0          91745                   360        Single Family                         First Lien                                                            7.875
20370301           0.2          0.014                 0          34242                   360        Single Family                         First Lien                                                            6.375
20370301           0.2          0.014                 0          85258                   360        PUD                                   First Lien                                                              6.5
20370201          0.25          0.014                 0          45245                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          77024                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          94028                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          11753                   360        Condominium                           First Lien                                                             6.75
20370301           0.2          0.014                 0          92646                   360        PUD                                   First Lien                                                              6.5
20370201          0.25          0.014                 0          21804                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          48221                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          91710                   360        Single Family                         First Lien                                                                8
20370301           0.2          0.014                 0          33301                   360        2-4 Family                            First Lien                                                            6.375
20370301          0.25          0.014                 0          85019                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          30094                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          84790                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          29697                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0           8005                   360        Single Family                         First Lien                                                            7.125
20361001          0.25          0.014                 0          46350                   180        2-4 Family                            First Lien                                                             8.25
20360901          0.25          0.014                 0          63110                   180        2-4 Family                            First Lien                                                            8.375
20370101          0.25          0.014                 0          45324                   360        2-4 Family                            First Lien                                                            7.375
20370101          0.25          0.014                 0          77503                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014             0.836          60446                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014             0.498          87120                   360        Single Family                         First Lien                                                            7.125
20370101          0.25          0.014             0.607          19038                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          28479                   360        PUD                                   First Lien                                                             6.25
20370301           0.2          0.014                 0          86305                   360        PUD                                   First Lien                                                             6.75
20370301           0.2          0.014                 0          11230                   360        Single Family                         First Lien                                                            7.625
20370101          0.25          0.014                 0          45505                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          78717                   360        PUD                                   First Lien                                                              7.5
20370301           0.2          0.014                 0          91763                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          91331                   360        Single Family                         First Lien                                                              6.5
20370401          0.25          0.014                 0          78046                   360        Single Family                         First Lien                                                            7.625
20370301           0.2          0.014                 0          91343                   360        Single Family                         First Lien                                                            7.375
20361101          0.25          0.014                 0          30273                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0           2740                   360        2-4 Family                            First Lien                                                            6.375
20370301           0.2          0.014                 0          33567                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          90241                   360        Single Family                         First Lien                                                                7
20370301           0.2          0.014                 0          33327                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          80524                   360        2-4 Family                            First Lien                                                            6.125
20370201          0.25          0.014                 0          98391                   360        PUD                                   First Lien                                                            6.375
20370301           0.2          0.014                 0           6484                   360        Single Family                         First Lien                                                            6.375
20370201          0.25          0.014                 0          27107                   360        Single Family                         First Lien                                                             6.75
20360901          0.25          0.014                 0          46350                   180        2-4 Family                            First Lien                                                            8.125
20360901          0.25          0.014                 0          46350                   180        2-4 Family                            First Lien                                                            8.125
20370201          0.25          0.014                 0          87108                   360        2-4 Family                            First Lien                                                             7.75
20370101          0.25          0.014                 0          89403                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          11412                   360        Single Family                         First Lien                                                            6.625
20470301          0.25          0.014                 0          85086                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          65714                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          94551                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          81321                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          77904                   360        PUD                                   First Lien                                                              7.5
20370301           0.2          0.014                 0          11378                   360        Single Family                         First Lien                                                            6.875
20370301           0.2          0.014                 0          95762                   360        PUD                                   First Lien                                                            6.625
20370301           0.2          0.014                 0          91390                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          91206                   360        Single Family                         First Lien                                                             6.75
20370401          0.25          0.014                 0          95829                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          96155                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014                 0          27604                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          27534                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          76133                   360        Single Family                         First Lien                                                              6.5
20370301           0.2          0.014                 0          93312                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          12496                   360        Single Family                         First Lien                                                            8.125
20361201          0.25          0.014                 0          89131                   360        PUD                                   First Lien                                                             6.75
20370201          0.25          0.014                 0          97103                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          90019                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          28217                   360        Single Family                         First Lien                                                              7.5
20361201          0.25          0.014                 0          22611                   360        Single Family                         First Lien                                                            7.375
20370301           0.2          0.014                 0          93060                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          32940                   360        Condominium                           First Lien                                                            7.875
20370201          0.25          0.014                 0          14620                   360        Single Family                         First Lien                                                            7.875
20370201          0.25          0.014                 0          84044                   360        Single Family                         First Lien                                                             6.75
20370301           0.2          0.014                 0          91977                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          77479                   360        PUD                                   First Lien                                                                7
20361201          0.25          0.014                 0          89523                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0           8850                   360        Single Family                         First Lien                                                             8.75
20361201          0.25          0.014              0.44          37076                   360        Single Family                         First Lien                                                              7.5
20370101          0.25          0.014                 0          34736                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014             0.443          21229                   360        Single Family                         First Lien                                                             8.25
20370101          0.25          0.014                 0          87505                   360        2-4 Family                            First Lien                                                              7.5
20370101          0.25          0.014             0.804          75241                   360        Single Family                         First Lien                                                            7.625
20470301          0.25          0.014                 0          21075                   360        PUD                                   First Lien                                                             6.25
20361201          0.25          0.014                 0          45322                   360        Single Family                         First Lien                                                             6.75
20370201          0.25          0.014                 0          37067                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          75238                   360        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0          75459                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          20901                   360        PUD                                   First Lien                                                             6.75
20370401          0.25          0.014                 0          65802                   360        Single Family                         First Lien                                                             8.75
20361101          0.25          0.014                 0          87107                   180        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          33136                   360        PUD                                   First Lien                                                             7.25
20360901          0.25          0.014                 0           1843                   360        2-4 Family                            First Lien                                                            7.125
20370301          0.25          0.014                 0          29205                   360        Single Family                         First Lien                                                              6.5
20361201          0.25          0.014                 0          45005                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          20779                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          76039                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          96817                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          76123                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          20902                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          32114                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          33321                   360        PUD                                   First Lien                                                            7.625
20211101          0.25          0.014                 0          20169                   180        Single Family                         First Lien                                                              6.5
20370401          0.25          0.014                 0          80126                   360        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0           1890                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          48855                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          22033                   360        Condominium                           First Lien                                                            6.875
20370201          0.25          0.014                 0          95076                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          92683                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          30277                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          34120                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          91914                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014              1.23          37208                   360        Single Family                         First Lien                                                                9
20370301          0.25          0.014                 0          85355                   360        PUD                                   First Lien                                                            6.999
20370101          0.25          0.014               0.5          38118                   360        Single Family                         First Lien                                                            8.125
20211201          0.25          0.014                 0          91765                   180        Single Family                         First Lien                                                             5.75
20361201          0.25          0.014              0.92          78526                   360        Single Family                         First Lien                                                            8.325
20361201          0.25          0.014                 0           8401                   360        2-4 Family                            First Lien                                                             7.25
20470201          0.25          0.014                 0           1453                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          90047                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          30317                   360        Single Family                         First Lien                                                             7.25
20361201          0.25          0.014                 0          55052                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          96706                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          83669                   360        PUD                                   First Lien                                                             7.25
20370201          0.25          0.014                 0          65233                   360        Single Family                         First Lien                                                              6.5
20361001          0.25          0.014                 0          60651                   360        Single Family                         First Lien                                                                8
20360901          0.25          0.014                 0          83669                   360        PUD                                   First Lien                                                            7.375
20361001          0.25          0.014                 0          50112                   360        2-4 Family                            First Lien                                                              7.5
20361001          0.25          0.014                 0          34109                   360        Condominium                           First Lien                                                             7.25
20361001          0.25          0.014                 0          60050                   360        Condominium                           First Lien                                                             7.25
20361001          0.25          0.014                 0          33913                   360        PUD                                   First Lien                                                            6.375
20361101          0.25          0.014                 0          93314                   360        Single Family                         First Lien                                                             6.75
20361101          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                             6.75
20361101          0.25          0.014                 0          34669                   360        PUD                                   First Lien                                                             6.75
20361101          0.25          0.014                 0          34997                   360        PUD                                   First Lien                                                              6.5
20361101          0.25          0.014                 0          34997                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014                 0          92253                   360        PUD                                   First Lien                                                                6
20361201          0.25          0.014                 0          34997                   360        PUD                                   First Lien                                                            6.375
20361201          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          32092                   360        Single Family                         First Lien                                                            6.625
20361201          0.25          0.014                 0          33569                   360        PUD                                   First Lien                                                             6.25
20370101          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          33411                   360        Condominium                           First Lien                                                             6.75
20361201          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          32084                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          33569                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          34638                   360        PUD                                   First Lien                                                              7.5
20370101          0.25          0.014                 0          85239                   360        PUD                                   First Lien                                                            8.125
20370101          0.25          0.014                 0          85339                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          32095                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                             6.25
20361201          0.25          0.014                 0          85243                   360        PUD                                   First Lien                                                             6.25
20370201          0.25          0.014                 0          32246                   360        PUD                                   First Lien                                                             7.75
20361201          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          33569                   360        PUD                                   First Lien                                                            6.125
20361201          0.25          0.014                 0          33033                   360        Condominium                           First Lien                                                             6.75
20361201          0.25          0.014                 0          20602                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014                 0          85222                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          34947                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          33033                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          85310                   360        PUD                                   First Lien                                                            6.125
20361201          0.25          0.014                 0          34669                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          33032                   360        PUD                                   First Lien                                                            6.875
20370101          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          34212                   360        Condominium                           First Lien                                                            7.125
20361201          0.25          0.014                 0          33411                   360        Condominium                           First Lien                                                             6.75
20361201          0.25          0.014                 0          32824                   360        PUD                                   First Lien                                                            7.875
20361201          0.25          0.014                 0          33576                   360        PUD                                   First Lien                                                            7.375
20361201          0.25          0.014                 0          33033                   360        Condominium                           First Lien                                                            6.625
20361201          0.25          0.014                 0          33810                   360        PUD                                   First Lien                                                            6.625
20361201          0.25          0.014                 0          32757                   360        PUD                                   First Lien                                                              6.5
20361201          0.25          0.014                 0           8332                   360        PUD                                   First Lien                                                            7.625
20361201          0.25          0.014                 0          34711                   360        PUD                                   First Lien                                                             7.75
20361201          0.25          0.014                 0          95822                   360        Single Family                         First Lien                                                              6.5
20370101          0.25          0.014                 0          85085                   360        PUD                                   First Lien                                                             6.25
20361201          0.25          0.014                 0          33810                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014                 0          85379                   360        PUD                                   First Lien                                                             6.25
20370101          0.25          0.014                 0          93313                   360        Single Family                         First Lien                                                            6.875
20361201          0.25          0.014                 0          33903                   360        Condominium                           First Lien                                                             6.25
20361201          0.25          0.014                 0          34241                   360        PUD                                   First Lien                                                             7.75
20370101          0.25          0.014                 0          92544                   360        Single Family                         First Lien                                                             6.75
20370101          0.25          0.014                 0          85222                   360        PUD                                   First Lien                                                             6.25
20370101          0.25          0.014                 0          32218                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          32712                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          93314                   360        Single Family                         First Lien                                                             7.75
20370101          0.25          0.014                 0          93311                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          85222                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014                 0          85353                   360        PUD                                   First Lien                                                            6.125
20370101          0.25          0.014                 0          34787                   360        PUD                                   First Lien                                                            7.625
20370101          0.25          0.014                 0          33618                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          85239                   360        PUD                                   First Lien                                                                6
20370101          0.25          0.014                 0          32246                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          90220                   360        Single Family                         First Lien                                                            6.625
20370101          0.25          0.014                 0          46239                   360        PUD                                   First Lien                                                            7.125
20370201          0.25          0.014                 0          85086                   360        PUD                                   First Lien                                                            7.875
20211101          0.25          0.014                 0          93535                   180        Single Family                         First Lien                                                            7.875
20470101          0.25          0.014                 0          11727                   360        Single Family                         First Lien                                                            6.625
20361201          0.25          0.014                 0           2908                   360        2-4 Family                            First Lien                                                                7
20461201          0.25          0.014                 0          29412                   360        Single Family                         First Lien                                                              6.5
20360901          0.25          0.014                 0          32211                   360        Single Family                         First Lien                                                             7.25
20220201          0.25          0.014                 0          92591                   180        Single Family                         First Lien                                                            5.875
20370301          0.25          0.014                 0          19958                   360        Single Family                         First Lien                                                            7.375
20370201          0.25          0.014                 0          46236                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          20002                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          32968                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          27713                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          20782                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          21215                   360        2-4 Family                            First Lien                                                             7.75
20370301          0.25          0.014                 0          32218                   360        PUD                                   First Lien                                                                8
20370201          0.25          0.014                 0          38326                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014                 0           7755                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          89113                   360        PUD                                   First Lien                                                            7.125
20370301          0.25          0.014                 0           8753                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          20011                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          30101                   360        Single Family                         First Lien                                                                7
20370101          0.25          0.014                 0          10701                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          85212                   360        PUD                                   First Lien                                                            7.875
20370301          0.25          0.014                 0          97702                   360        Single Family                         First Lien                                                            8.625
20370201          0.25          0.014                 0          33015                   360        Condominium                           First Lien                                                                7
20370301          0.25          0.014                 0          55056                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014              0.96          80920                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          46307                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0           4092                   360        2-4 Family                            First Lien                                                              7.5
20370301          0.25          0.014                 0          85361                   360        Single Family                         First Lien                                                              7.5
20370401          0.25          0.014                 0          90003                   360        2-4 Family                            First Lien                                                            7.125
20370401          0.25          0.014                 0          91342                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          95624                   360        Single Family                         First Lien                                                             6.75
20361201          0.25          0.014                 0          77433                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          20152                   360        PUD                                   First Lien                                                             7.25
20370301          0.25          0.014                 0          92672                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          91915                   360        PUD                                   First Lien                                                             6.75
20370101          0.25          0.014              0.97          31709                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          30344                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          77511                   360        PUD                                   First Lien                                                            7.625
20370201          0.25          0.014                 0          99301                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          75409                   360        PUD                                   First Lien                                                             7.25
20370201          0.25          0.014                 0          76123                   360        Single Family                         First Lien                                                              7.5
20370301          0.25          0.014                 0          89032                   360        PUD                                   First Lien                                                             7.75
20370301          0.25          0.014                 0          98387                   360        2-4 Family                            First Lien                                                            6.875
20370301          0.25          0.014                 0          98387                   360        2-4 Family                            First Lien                                                            6.875
20370301          0.25          0.014                 0          90027                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          30045                   360        2-4 Family                            First Lien                                                            7.625
20370301          0.25          0.014                 0          98374                   360        PUD                                   First Lien                                                             6.75
20361001          0.25          0.014                 0          97344                   360        2-4 Family                            First Lien                                                            7.625
20370301          0.25          0.014                 0          60565                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0           7481                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          84065                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          37013                   360        PUD                                   First Lien                                                              7.5
20370201          0.25          0.014                 0          30349                   360        PUD                                   First Lien                                                             7.75
20370201          0.25          0.014                 0          60136                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          31407                   360        PUD                                   First Lien                                                              7.5
20370301          0.25          0.014                 0          92307                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          85023                   360        PUD                                   First Lien                                                                7
20370301          0.25          0.014                 0          84074                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          21617                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          10314                   360        2-4 Family                            First Lien                                                             6.75
20370301          0.25          0.014                 0          29588                   360        PUD                                   First Lien                                                            7.625
20370201          0.25          0.014                 0          20748                   360        Single Family                         First Lien                                                            7.625
20370301          0.25          0.014                 0          89141                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          89113                   360        PUD                                   First Lien                                                                7
20370201          0.25          0.014                 0          30269                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          94506                   360        PUD                                   First Lien                                                            6.625
20370301          0.25          0.014                 0          20640                   360        Condominium                           First Lien                                                            6.125
20370301          0.25          0.014                 0          94131                   360        Single Family                         First Lien                                                            7.375
20370301          0.25          0.014                 0          23005                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          92407                   360        Single Family                         First Lien                                                            6.125
20370301          0.25          0.014                 0          55434                   360        PUD                                   First Lien                                                            6.999
20370301          0.25          0.014                 0          85212                   360        PUD                                   First Lien                                                            6.375
20370201          0.25          0.014                 0          21213                   360        Townhouse                             First Lien                                                            8.625
20370201          0.25          0.014                 0          75229                   360        Single Family                         First Lien                                                              8.5
20370201          0.25          0.014                 0          76040                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          85086                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014              0.89          42167                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          85035                   360        Single Family                         First Lien                                                              6.5
20370201          0.25          0.014                 0          30228                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014              0.68          49423                   360        Single Family                         First Lien                                                                8
20370101          0.25          0.014              0.93          48035                   360        Single Family                         First Lien                                                             10.5
20370301          0.25          0.014                 0          85202                   360        Condominium                           First Lien                                                            7.375
20370301          0.25          0.014                 0          90293                   360        Condominium                           First Lien                                                            6.875
20370101          0.25          0.014                 0          30087                   360        Single Family                         First Lien                                                            7.125
20370301          0.25          0.014                 0          91601                   360        Single Family                         First Lien                                                                7
20370201          0.25          0.014                 0          33076                   360        PUD                                   First Lien                                                            7.375
20370301          0.25          0.014                 0          85020                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          75766                   360        Single Family                         First Lien                                                            8.375
20360701          0.25          0.014                 0          36874                   180        Single Family                         First Lien                                                            7.875
20370301          0.25          0.014                 0          32821                   360        Condominium                           First Lien                                                            7.375
20370301          0.25          0.014                 0          85339                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          30101                   360        PUD                                   First Lien                                                            6.625
20370101          0.25          0.014              1.39          44039                   360        PUD                                   First Lien                                                            8.875
20361101          0.25          0.014              1.46          37064                   360        PUD                                   First Lien                                                              8.5
20370101          0.25          0.014              0.68          28120                   360        Single Family                         First Lien                                                             7.25
20370101          0.25          0.014              0.81          23464                   360        Single Family                         First Lien                                                            7.875
20370301          0.25          0.014                 0          33018                   360        Single Family                         First Lien                                                             6.25
20370201          0.25          0.014                 0          76131                   360        PUD                                   First Lien                                                            7.125
20370101          0.25          0.014              1.05          30265                   360        PUD                                   First Lien                                                            8.125
20370101          0.25          0.014              1.05          23832                   360        PUD                                   First Lien                                                             8.25
20370101          0.25          0.014               0.6          85206                   360        PUD                                   First Lien                                                                8
20370101          0.25          0.014              0.68          20772                   360        Single Family                         First Lien                                                            7.875
20370101          0.25          0.014               0.6          85239                   360        PUD                                   First Lien                                                            7.375
20370101          0.25          0.014              0.54          38106                   360        Single Family                         First Lien                                                              9.5
20370101          0.25          0.014              1.05           7740                   360        Single Family                         First Lien                                                             8.75
20370101          0.25          0.014                 0          21227                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          72837                   360        Single Family                         First Lien                                                            7.875
20211001          0.25          0.014                 0          90211                   180        Single Family                         First Lien                                                             6.25
20370301          0.25          0.014                 0          46619                   360        Single Family                         First Lien                                                            8.625
20370301          0.25          0.014                 0          29501                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          20019                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          95062                   360        Single Family                         First Lien                                                            6.375
20370301          0.25          0.014                 0          18058                   360        Single Family                         First Lien                                                              7.5
20470101          0.25          0.014                 0          94558                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0           8619                   360        Single Family                         First Lien                                                             7.25
20370301          0.25          0.014                 0          34474                   360        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          94904                   360        2-4 Family                            First Lien                                                              7.5
20210901          0.25          0.014                 0          38116                   180        Single Family                         First Lien                                                             7.75
20211101          0.25          0.014                 0          96701                   180        Condominium                           First Lien                                                            7.625
20211001          0.25          0.014                 0          95032                   180        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          77386                   360        PUD                                   First Lien                                                            7.375
20470301          0.25          0.014                 0          33331                   360        PUD                                   First Lien                                                                7
20370301          0.25          0.014                 0          89178                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          91915                   360        PUD                                   First Lien                                                            6.875
20370301          0.25          0.014                 0          33461                   360        PUD                                   First Lien                                                                7
20370401          0.25          0.014                 0          12189                   360        Single Family                         First Lien                                                              7.5
20370201          0.25          0.014                 0          80904                   360        Single Family                         First Lien                                                             6.75
20370301          0.25          0.014                 0          85353                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          92371                   360        Single Family                         First Lien                                                            6.125
20211101          0.25          0.014                 0          76449                   180        Single Family                         First Lien                                                            7.875
20211101          0.25          0.014                 0          29662                   180        PUD                                   First Lien                                                             8.75
20361201          0.25          0.014                 0          32218                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          76248                   360        PUD                                   First Lien                                                            7.875
20370101          0.25          0.014                 0          89031                   360        PUD                                   First Lien                                                              6.5
20370101          0.25          0.014                 0          34212                   360        PUD                                   First Lien                                                            7.375
20370101          0.25          0.014                 0          32246                   360        PUD                                   First Lien                                                            6.875
20361201          0.25          0.014                 0          85323                   360        PUD                                   First Lien                                                            7.625
20361201          0.25          0.014                 0          85353                   360        PUD                                   First Lien                                                             6.25
20361201          0.25          0.014                 0          34953                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          91752                   360        PUD                                   First Lien                                                            5.875
20361201          0.25          0.014                 0          93311                   360        Single Family                         First Lien                                                             6.25
20361201          0.25          0.014                 0          91752                   360        PUD                                   First Lien                                                            6.375
20361201          0.25          0.014                 0          33418                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          34212                   360        PUD                                   First Lien                                                             6.75
20361201          0.25          0.014                 0          77573                   360        PUD                                   First Lien                                                                7
20361201          0.25          0.014                 0          34997                   360        PUD                                   First Lien                                                             6.75
20370301          0.25          0.014                 0          60178                   360        Single Family                         First Lien                                                             7.25
20361201           0.2          0.014                 0          97219                   360        Single Family                         First Lien                                                            6.625
20370301           0.2          0.014                 0          94403                   360        Single Family                         First Lien                                                            6.375
20370101          0.25          0.014              0.47          78109                   360        PUD                                   First Lien                                                                8
20370201          0.25          0.014              0.57          46970                   360        PUD                                   First Lien                                                            9.125
20370301          0.25          0.014                 0          80233                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014              1.31          55106                   360        Single Family                         First Lien                                                            8.125
20370301          0.25          0.014              0.86          50310                   360        Single Family                         First Lien                                                            8.375
20370201          0.25          0.014              0.62          60164                   360        Condominium                           First Lien                                                             8.25
20370201          0.25          0.014                 0          32207                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          85383                   360        Single Family                         First Lien                                                              6.5
20370301          0.25          0.014                 0          29485                   360        PUD                                   First Lien                                                            7.125
20361201          0.25          0.014              0.44          37013                   360        Single Family                         First Lien                                                             7.25
20370201          0.25          0.014              0.44          34283                   360        Single Family                         First Lien                                                            7.625
20370201          0.25          0.014                 0          32827                   360        PUD                                   First Lien                                                            7.375
20370301          0.25          0.014                 0          36608                   360        Single Family                         First Lien                                                             7.75
20370301          0.25          0.014                 0          91913                   360        PUD                                   First Lien                                                            6.875
20370201          0.25          0.014                 0          33569                   360        PUD                                   First Lien                                                             8.75
20361001          0.25          0.014                 0          21215                   360        Single Family                         First Lien                                                             8.25
20370301          0.25          0.014              0.37          23322                   360        Single Family                         First Lien                                                            7.875
20370301          0.25          0.014                 0          92130                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          60629                   360        2-4 Family                            First Lien                                                                7
20370201          0.25          0.014                 0          83338                   360        Single Family                         First Lien                                                            7.125
20370201          0.25          0.014                 0          76108                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          22553                   360        Single Family                         First Lien                                                            6.625
20370301          0.25          0.014                 0          34293                   360        PUD                                   First Lien                                                              6.5
20370301          0.25          0.014                 0          33069                   360        Condominium                           First Lien                                                            9.125
20370301          0.25          0.014                 0          16686                   360        Single Family                         First Lien                                                            6.875
20370101          0.25          0.014                 0          28205                   360        Single Family                         First Lien                                                                7
20370301          0.25          0.014                 0          95501                   360        Single Family                         First Lien                                                            6.875
20370201          0.25          0.014                 0          22191                   360        Single Family                         First Lien                                                            6.875
20370301          0.25          0.014                 0          92648                   360        Single Family                         First Lien                                                            6.625

MATURITY_DATE       CURRENT_NET_COUPON      MI                         SOURCE                 BALLOON        AMORT_TERM1     PP_DESC      IO_PERIOD             O_LTV
-------------       ------------------      --                         ------                 -------        -----------     -------      ---------             -----
20211201                     6.236        No MI                        EMC                       No               180        1Y PP               0              72.22
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361201                     5.611        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20211001                     6.361        No MI                        MASTER FUNDING            No               180        NO PP               0                 65
20370101                     6.986        Mortgage Guaranty In         EMC                       No               360        NO PP               0                 95
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0              53.91
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0              99.95
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0              64.86
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0              99.52
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0              59.66
20370201                     7.111        Radian Guaranty              MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370101                     7.361        No MI                        EMC                       No               360        NO PP               0                 80
20370301                     6.286        No MI                        EMC                       No               360        NO PP               0              66.67
20370201                     7.611        Republic MIC                 MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0              94.98
20370301                     5.786        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370301                     8.361        No MI                        EMC                       No               360        3Y PP               0                 90
20370201                     6.236        No MI                        EMC                       No               360        NO PP               0                 95
20370201                     7.486        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.611        PMI                          EMC                       No               360        NO PP               0              94.99
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0                100
20370101                     7.181        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370101                     7.436        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     8.111        No MI                        EMC                       No               360        1Y PP               0              94.97
20370101                     6.701        Triad Guaranty               EMC                       No               360        NO PP             120                 95
20370101                     6.181        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        6M PP               0                100
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0                 80
20370301                     7.736        No MI                        EMC                       No               360        NO PP               0                 95
20370101                     9.681        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     7.236        GE Capital MI                EMC                       No               360        NO PP               0              85.19
20370301                     8.236        No MI                        EMC                       No               360        6M PP               0                 75
20370201                     7.361        No MI                        EMC                       No               360        NO PP             120                100
20370201                     7.486        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.861        No MI                        EMC                       No               360        NO PP             120                100
20370101                     5.976        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120                 80
20370201                     7.236        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     8.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.736        No MI                        EMC                       No               360        NO PP               0                100
20370301                     7.361        No MI                        EMC                       No               360        3Y PP               0                 65
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     6.861        No MI                        EMC                       No               360        6M PP             120                100
20370301                     7.486        No MI                        EMC                       No               360        3Y PP             120              99.96
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                 95
20370201                     6.236        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              62.54
20370301                     7.486        No MI                        EMC                       No               360        3Y PP               0                 75
20370201                     6.236        No MI                        EMC                       No               360        NO PP               0                 80
20370301                     7.111        Republic MIC                 EMC                       No               360        NO PP             120                 95
20370301                     6.986        No MI                        EMC                       No               360        3Y PP             120                100
20370101                     9.056        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370101                     6.486        No MI                        EMC                       No               360        3Y PP             120              70.74
20361101                     7.736        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20370201                     7.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120               49.2
20370301                     6.861        United Guaranty              EMC                       No               360        NO PP             120                 95
20361101                     7.486        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.361        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.986        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     8.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.986        GE Capital MI                EMC                       No               360        NO PP               0              92.23
20370101                     8.361        No MI                        EMC                       Yes              360        NO PP               0                100
20370201                     8.236        PMI                          EMC                       No               360        NO PP               0                 95
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120                 85
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.736        No MI                        EMC                       No               360        NO PP               0                 80
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     5.986        No MI                        EMC                       No               360        NO PP             120              76.92
20370301                     6.611        Republic MIC                 EMC                       No               360        6M PP               0                 95
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0               94.7
20370201                     6.611        No MI                        EMC                       No               360        NO PP               0              99.97
20370201                     6.611        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.361        No MI                        EMC                       No               360        NO PP             120                 90
20370201                     6.986        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     6.361        No MI                        EMC                       No               360        6M PP             120                100
20370301                     6.486        United Guaranty              EMC                       No               360        NO PP               0              94.99
20370101                     7.361        No MI                        EMC                       No               360        NO PP               0                100
20370301                     5.861        No MI                        EMC                       No               360        NO PP             120              58.15
20370301                     7.986        No MI                        EMC                       No               360        3Y PP               0                100
20370101                     6.736        No MI                        EMC                       No               360        NO PP               0              99.98
20470301                     6.361        No MI                        EMC                       Yes              480        NO PP               0              69.74
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              93.15
20210701                     6.861        No MI                        EMC                       No               180        NO PP               0                 75
20360701                     7.611        No MI                        EMC                       Yes              360        1Y PP               0              85.11
20360601                     7.361        No MI                        EMC                       Yes              360        1Y PP               0                 90
20370301                     6.986        No MI                        EMC                       No               360        NO PP             120              92.15
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0              51.23
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                 80
20211101                     6.486        No MI                        EMC                       No               180        NO PP              60              42.64
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              89.23
20361201                     6.861        United Guaranty              EMC                       No               360        NO PP               0              87.22
20470301                     7.361        No MI                        EMC                       Yes              480        NO PP               0                 80
20370101                     5.861        No MI                        EMC                       Yes              360        NO PP               0              74.36
20361201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                 75
20370101                     7.486        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20360701                     7.236        No MI                        EMC                       Yes              360        3Y PP               0                 80
20370101                     6.736        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370401                     6.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20360501                     5.861        No MI                        EMC                       No               360        NO PP               0              68.67
20360601                     7.486        No MI                        EMC                       Yes              360        NO PP               0              94.82
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20360701                     7.236        No MI                        EMC                       Yes              360        NO PP               0                 60
20470301                     7.736        No MI                        EMC                       Yes              480        NO PP               0                 80
20360701                     7.486        No MI                        EMC                       Yes              360        3Y PP               0              87.26
20360701                     7.611        No MI                        EMC                       Yes              360        2Y PP               0                 80
20210501                     7.236        No MI                        EMC                       No               180        NO PP               0                100
20210901                     7.361        No MI                        EMC                       No               180        1Y PP              60                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              89.51
20210901                     7.236        No MI                        EMC                       No               180        NO PP              60              98.18
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120              43.89
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120              95.03
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              94.98
20361201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              95.02
20370201                     5.716        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              87.59
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370401                     6.611        No MI                        EMC                       No               360        1Y PP               0                 90
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0              96.58
20370101                     6.361        GE Capital MI                MASTER FUNDING            No               360        NO PP             120              84.83
20370101                     6.611        United Guaranty              MASTER FUNDING            No               360        NO PP             120                 95
20361201                     6.611        No MI                        EMC                       No               360        NO PP               0              99.73
20370101                     6.361        Republic MIC                 EMC                       No               360        NO PP               0                 90
20370101                     6.592        PMI                          MASTER FUNDING            No               360        NO PP               0                 85
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              99.98
20370101                     6.236        United Guaranty              MASTER FUNDING            No               360        NO PP               0              94.98
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0              95.03
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.986        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370201                     6.236        Republic MIC                 MASTER FUNDING            No               360        NO PP             120              82.13
20370201                     6.986        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20211201                     7.486        No MI                        EMC                       No               180        NO PP               0              94.98
20361201                     6.236        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.986        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20470301                     6.611        No MI                        EMC                       Yes              480        NO PP               0                 75
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.97
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.236        No MI                        EMC                       No               360        NO PP               0                100
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                 80
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              98.15
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0              90.04
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     7.111        No MI                        EMC                       No               360        3Y PP             120                100
20370101                     6.486        Republic MIC                 EMC                       No               360        NO PP               0              91.06
20370101                     6.611        PMI                          EMC                       No               360        NO PP               0              94.91
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.361        No MI                        EMC                       No               360        NO PP               0                 90
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        GE Capital MI                EMC                       No               360        NO PP               0              84.98
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120              95.02
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20361201                     6.611        PMI                          EMC                       No               360        NO PP             120                 90
20361201                     6.048        PMI                          EMC                       No               360        NO PP               0                 97
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              99.12
20370101                     6.736        PMI                          MASTER FUNDING            No               360        NO PP             120                 85
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120               99.8
20370101                     7.111        No MI                        EMC                       No               360        3Y PP               0                 95
20370101                     6.861        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0              92.59
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 80
20370301                     6.486        Radian Guaranty              EMC                       No               360        6M PP               0               86.5
20370101                     6.776        Triad Guaranty               EMC                       No               360        NO PP             120                 95
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                 75
20370301                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20370301                     7.361        No MI                        EMC                       No               360        3Y PP             120                 90
20370301                     7.736        United Guaranty              EMC                       No               360        NO PP               0               89.9
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0                 95
20370101                     6.811        Triad Guaranty               EMC                       No               360        NO PP               0                100
20361201                     6.811        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20361001                     6.806        Triad Guaranty               EMC                       No               360        NO PP             120                100
20361101                     6.476        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370301                     5.986        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.735        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120                 70
20370201                     6.861        GE Capital MI                EMC                       No               360        NO PP               0              88.74
20361201                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.411        No MI                        EMC                       No               360        3Y PP               0                 75
20361201                     6.786        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.661        GE Capital MI                MASTER FUNDING            No               360        5Y PP               0                 90
20370101                     7.306        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370201                     6.736        No MI                        EMC                       No               360        NO PP               0              99.99
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0              89.99
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                100
20370301                     7.111        No MI                        EMC                       No               360        3Y PP               0                100
20370101                     7.096        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20370101                    11.076        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              79.99
20370101                     7.286        Triad Guaranty               EMC                       No               360        3Y PP               0                 90
20370101                     6.181        PMI                          EMC                       No               360        6M PP             120                 95
20220201                     6.341        PMI                          EMC                       No               180        NO PP               0                100
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0              99.81
20370201                     8.511        PMI                          EMC                       No               360        3Y PP               0                 95
20370101                     6.591        PMI                          EMC                       No               360        NO PP             120                 95
20370101                     6.521        PMI                          EMC                       No               360        NO PP               0                 95
20370101                     7.236        PMI                          EMC                       No               360        NO PP               0                 90
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0              95.01
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              89.55
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20211001                     6.861        No MI                        MASTER FUNDING            No               180        NO PP              60                100
20220101                     5.736        No MI                        MASTER FUNDING            No               180        NO PP               0              83.26
20370101                     6.486        United Guaranty              EMC                       No               360        NO PP               0                 85
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20361201                     6.361        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.361        No MI                        EMC                       No               360        NO PP             120              94.58
20370301                     7.361        No MI                        EMC                       No               360        NO PP               0                 75
20370101                     7.611        PMI                          EMC                       No               360        NO PP               0                 95
20370301                     6.486        Republic MIC                 EMC                       No               360        NO PP               0              84.35
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     7.015        PMI                          EMC                       No               360        NO PP               0                 85
20361201                     6.986        No MI                        EMC                       No               360        NO PP             120              79.39
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0              93.18
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.486        Republic MIC                 MASTER FUNDING            No               360        NO PP             120                 94
20370201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20211001                     6.736        No MI                        MASTER FUNDING            No               180        NO PP              60                100
20220101                     7.111        No MI                        EMC                       No               180        NO PP               0              95.14
20470301                     5.986        No MI                        EMC                       Yes              480        1Y PP               0                 52
20370301                     6.736        No MI                        EMC                       No               360        3Y PP               0                 90
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.361        United Guaranty              MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              79.67
20370101                     6.486        No MI                        EMC                       No               360        NO PP               0              95.02
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0              99.97
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.236        Radian Guaranty              EMC                       No               360        NO PP             120                 90
20200501                     6.111        No MI                        EMC                       No               180        5Y PP               0              75.08
20370301                     6.861        No MI                        EMC                       No               360        NO PP             120                100
20361201                     7.486        PMI                          EMC                       Yes              360        NO PP               0              99.88
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.236        No MI                        EMC                       No               360        NO PP             120              99.96
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                 95
20361201                     6.111        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              89.97
20370101                     6.986        No MI                        EMC                       No               360        NO PP               0              94.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              98.58
20370301                     6.911        No MI                        EMC                       No               360        NO PP             120              79.66
20370301                     7.536        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.986        Republic MIC                 MASTER FUNDING            No               360        NO PP               0                 90
20361101                     6.786        No MI                        EMC                       No               360        NO PP               0                 80
20361101                     6.536        Triad Guaranty               EMC                       No               360        NO PP               0                 90
20370401                     6.986        No MI                        EMC                       No               360        NO PP               0                 80
20361201                     6.861        No MI                        EMC                       Yes              360        NO PP               0              98.84
20370301                     7.736        No MI                        EMC                       No               360        3Y PP             120                 90
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120               51.7
20370301                     7.236        No MI                        EMC                       No               360        3Y PP             120                100
20370101                     7.361        PMI                          EMC                       No               360        NO PP               0               93.6
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              69.33
20370401                     7.236        No MI                        EMC                       No               360        2Y PP               0                 95
20370101                     5.911        No MI                        MASTER FUNDING            No               360        NO PP               0              89.01
20370201                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120              79.21
20370201                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0              61.05
20361201                     6.536        No MI                        EMC                       No               360        NO PP               0              67.79
20370301                     5.786        No MI                        MASTER FUNDING            No               360        NO PP               0              79.99
20370101                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.786        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP             120              89.93
20470301                     6.361        No MI                        EMC                       Yes              480        NO PP               0                 95
20370101                     6.036        No MI                        MASTER FUNDING            No               360        NO PP             120               62.5
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0              51.92
20470101                     6.361        No MI                        MASTER FUNDING            Yes              480        NO PP               0              98.33
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0              99.97
20370401                     5.861        No MI                        EMC                       No               360        NO PP             120                 95
20370201                     6.286        No MI                        EMC                       No               360        NO PP               0              43.81
20370201                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120              93.08
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0              57.69
20370201                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370301                     6.786        No MI                        EMC                       No               360        NO PP               0                 80
20370201                     7.286        No MI                        MASTER FUNDING            No               360        NO PP             120                 50
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120              56.69
20370301                     6.911        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0               42.5
20360101                     7.736        PMI                          EMC                       Yes              360        NO PP               0                100
20370201                     7.986        No MI                        EMC                       No               360        3Y PP               0                100
20360601                     7.486        No MI                        EMC                       Yes              360        1Y PP               0                 80
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0              67.41
20470301                     6.486        No MI                        EMC                       Yes              480        NO PP               0              69.23
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120                100
20360701                     7.736        No MI                        EMC                       Yes              360        3Y PP               0                 85
20370101                     6.661        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              97.72
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     7.036        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.411        No MI                        MASTER FUNDING            No               360        NO PP             120              89.99
20370301                     6.911        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120                100
20370201                     6.551        Triad Guaranty               EMC                       No               360        3Y PP               0              83.78
20360601                     7.236        No MI                        EMC                       Yes              360        3Y PP               0              89.99
20370301                     6.361        No MI                        EMC                       No               360        NO PP               0              74.84
20360601                     6.736        No MI                        EMC                       Yes              360        NO PP               0                 80
20370301                     6.236        No MI                        EMC                       No               360        3Y PP             120              92.96
20370301                     6.786        No MI                        MASTER FUNDING            No               360        NO PP               0              99.36
20370201                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0              57.38
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120              79.51
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP             120              64.29
20370201                     6.161        No MI                        MASTER FUNDING            No               360        NO PP             120                 65
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120                 80
20361101                     7.161        Radian Guaranty              EMC                       No               360        NO PP             120              86.33
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP             120              69.33
20370301                     7.411        PMI                          EMC                       No               360        NO PP               0                 90
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0              48.78
20370301                     5.911        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370401                     6.486        Republic MIC                 EMC                       No               360        3Y PP               0              94.97
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.86
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                 95
20470201                     5.736        No MI                        EMC                       Yes              480        NO PP               0              64.98
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120               93.4
20370101                     6.769        PMI                          MASTER FUNDING            No               360        NO PP             120                 90
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 85
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370201                     7.111        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0                 90
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120                100
20370101                     6.361        Republic MIC                 EMC                       No               360        NO PP             120                 95
20370301                     6.361        No MI                        EMC                       No               360        3Y PP             120              54.25
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120              79.39
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                      7.35        PMI                          EMC                       No               360        NO PP               0                 85
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120              95.04
20370101                     6.213        PMI                          EMC                       No               360        NO PP               0              89.99
20370401                     7.861        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              59.25
20370301                     7.111        No MI                        EMC                       No               360        3Y PP             120                 95
20370401                     6.986        No MI                        EMC                       No               360        2Y PP             120              85.29
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                 75
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              95.03
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0              90.03
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20211201                     7.416        PMI                          EMC                       No               180        3Y PP               0                100
20370301                     8.361        No MI                        EMC                       No               360        3Y PP               0                 80
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     5.716        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     7.486        GE Capital MI                MASTER FUNDING            No               360        NO PP               0                 90
20370401                     7.361        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.736        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0              94.97
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20220201                     5.861        No MI                        MASTER FUNDING            No               180        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                 95
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0              99.99
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20470301                     6.736        No MI                        EMC                       Yes              480        NO PP               0              68.67
20370201                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0              95.03
20370201                     7.236        Republic MIC                 MASTER FUNDING            No               360        NO PP             120                 85
20211001                     6.361        No MI                        EMC                       No               180        6M PP               0                 65
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                 95
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     7.486        United Guaranty              MASTER FUNDING            No               360        NO PP               0                100
20270101                     6.736        No MI                        MASTER FUNDING            No               240        NO PP               0              95.83
20370101                     7.236        Radian Guaranty              MASTER FUNDING            No               360        NO PP               0              99.88
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370301                     6.736        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120               98.8
20370301                     7.111        No MI                        EMC                       No               360        NO PP               0              74.55
20370401                     6.486        No MI                        EMC                       No               360        3Y PP             120                 75
20370201                     5.861        PMI                          MASTER FUNDING            No               360        NO PP             120              89.33
20370301                     6.986        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0               94.6
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.111        No MI                        EMC                       No               360        3Y PP             120               76.5
20370101                     6.611        No MI                        EMC                       No               360        NO PP               0              95.04
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              93.98
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.861        No MI                        EMC                       No               360        NO PP             120                 80
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              99.98
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120                 70
20361201                     6.967        PMI                          EMC                       No               360        NO PP               0                 90
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0               99.3
20220101                     6.236        No MI                        MASTER FUNDING            No               180        NO PP               0                 80
20370301                     6.611        No MI                        EMC                       No               360        3Y PP               0              73.78
20211001                     6.236        No MI                        EMC                       No               180        NO PP               0                 20
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              95.03
20211201                     6.361        No MI                        EMC                       No               180        NO PP               0                 20
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120              62.28
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0              99.97
20361201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              90.03
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20211201                     5.736        No MI                        EMC                       No               180        NO PP               0              73.57
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     7.236        No MI                        EMC                       No               360        NO PP               0              47.09
20461101                     6.611        No MI                        EMC                       Yes              480        NO PP               0                100
20211201                     6.611        No MI                        EMC                       No               180        NO PP               0                 90
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20211201                     6.611        No MI                        EMC                       No               180        NO PP               0              69.49
20370301                     8.361        No MI                        EMC                       No               360        NO PP               0                100
20361201                     4.784        PMI                          EMC                       No               360        NO PP             120                 95
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.236        No MI                        EMC                       No               360        NO PP               0              99.05
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                100
20470101                     6.361        No MI                        MASTER FUNDING            Yes              480        NO PP               0              99.96
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120              91.68
20370201                     7.736        No MI                        MASTER FUNDING            No               360        NO PP               0              93.86
20461201                     6.611        No MI                        EMC                       Yes              480        NO PP               0              54.92
20361201                     7.361        No MI                        EMC                       No               360        NO PP               0              99.98
20361201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     7.611        No MI                        EMC                       No               360        NO PP             120              97.72
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120              95.02
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0              56.67
20361201                     7.236        PMI                          EMC                       Yes              360        NO PP               0                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.97
20220101                     7.986        No MI                        MASTER FUNDING            No               180        3Y PP              60              95.38
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              99.96
20361201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120                 75
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              94.58
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.268        PMI                          MASTER FUNDING            No               360        NO PP               0                 95
20370201                     7.111        No MI                        EMC                       No               360        2Y PP             120                100
20470101                     6.986        No MI                        EMC                       Yes              480        NO PP               0                 80
20361201                     5.986        No MI                        EMC                       No               360        NO PP             120              99.99
20361201                     6.236        No MI                        MASTER FUNDING            No               360        3Y PP             120                 95
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0              99.98
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20170301                     7.236        No MI                        EMC                       No               120        1Y PP               0                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP               0                 90
20370301                     6.361        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              94.38
20370301                     5.861        No MI                        EMC                       No               360        NO PP             120              99.98
20370101                     6.986        No MI                        EMC                       No               360        1Y PP               0              69.08
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.726        PMI                          EMC                       No               360        NO PP               0              89.89
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0               89.9
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120              99.99
20370101                     6.361        No MI                        EMC                       No               360        NO PP             120              99.98
20370301                     7.111        GE Capital MI                EMC                       No               360        NO PP             120              89.98
20361201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     7.361        No MI                        EMC                       No               360        NO PP             120                100
20370101                     5.932        PMI                          EMC                       No               360        NO PP             120                 90
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20470301                     8.111        No MI                        EMC                       Yes              480        2Y PP               0                 95
20361201                     6.486        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120              95.01
20370101                     6.603        PMI                          MASTER FUNDING            No               360        NO PP               0                 85
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120              51.14
20370401                     6.986        No MI                        EMC                       No               360        NO PP             120                 75
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120              56.18
20361201                     7.861        No MI                        EMC                       No               360        NO PP             120               94.8
20361201                     6.236        No MI                        EMC                       No               360        NO PP             120              79.99
20361201                     6.236        No MI                        EMC                       No               360        3Y PP             120                 80
20361201                     7.111        No MI                        EMC                       No               360        NO PP               0              94.98
20361201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.736        No MI                        EMC                       No               360        NO PP             120                100
20370401                     7.736        No MI                        EMC                       No               360        NO PP               0                 70
20370101                     7.111        Republic MIC                 EMC                       No               360        NO PP               0              93.08
20370101                     6.486        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120                 65
20370301                     6.486        No MI                        EMC                       No               360        NO PP               0              93.75
20361201                     7.361        PMI                          EMC                       Yes              360        NO PP               0              93.46
20370301                     7.236        No MI                        EMC                       No               360        3Y PP             120              78.09
20461201                     6.611        No MI                        EMC                       Yes              480        NO PP               0              94.82
20361201                     5.861        No MI                        EMC                       No               360        NO PP             120              99.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              94.38
20470301                     6.736        No MI                        EMC                       Yes              480        3Y PP               0                 90
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120              90.02
20370401                     8.486        No MI                        EMC                       No               360        3Y PP               0                 90
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              95.05
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.236        No MI                        EMC                       No               360        3M PP             120                 90
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120              61.18
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120                 95
20370301                     7.486        No MI                        EMC                       No               360        3Y PP               0                100
20361201                     6.361        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.361        No MI                        EMC                       No               360        NO PP               0                 80
20370201                     6.486        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     6.986        No MI                        EMC                       No               360        3Y PP               0                 80
20461201                     6.111        No MI                        MASTER FUNDING            Yes              480        NO PP               0              53.19
20370301                     6.611        No MI                        EMC                       No               360        1Y PP             120                 65
20360601                     7.361        No MI                        EMC                       Yes              360        NO PP               0                 80
20361201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              94.97
20370301                     7.111        No MI                        EMC                       No               360        3Y PP             120              70.75
20370101                     6.486        PMI                          EMC                       Yes              360        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120                 65
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120              94.98
20370201                     6.236        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0                 95
20220201                     7.236        No MI                        MASTER FUNDING            No               180        NO PP               0                 55
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              93.86
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              79.63
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370401                     6.861        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20220201                     7.236        No MI                        MASTER FUNDING            No               180        NO PP               0                 75
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370201                     5.736        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20350201                     7.611        No MI                        EMC                       Yes              360        NO PP               0                 95
20370201                     5.611        No MI                        EMC                       No               360        NO PP               0                 80
20370101                     6.451        PMI                          MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.486        No MI                        EMC                       No               360        NO PP               0                 95
20370101                     6.441        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.23
20370101                     5.696        PMI                          EMC                       No               360        NO PP               0                 90
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              76.15
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.861        No MI                        EMC                       No               360        3Y PP             120                 80
20211201                     6.361        No MI                        EMC                       No               180        NO PP               0              75.62
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0              46.35
20370301                     7.111        No MI                        EMC                       No               360        3Y PP             120                 95
20220101                     5.361        No MI                        MASTER FUNDING            No               180        NO PP               0              61.32
20370201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120              79.07
20370101                     6.104        PMI                          MASTER FUNDING            No               360        NO PP               0              89.53
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     5.749        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370401                     6.611        No MI                        EMC                       No               360        1Y PP             120                 90
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              76.92
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0              95.03
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0              93.89
20370101                     6.611        No MI                        EMC                       No               360        NO PP             120              79.22
20370201                     7.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              47.37
20370401                     6.611        No MI                        EMC                       No               360        3Y PP             120                 65
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20370201                     7.736        No MI                        MASTER FUNDING            No               360        NO PP             120              95.01
20370301                     6.236        No MI                        EMC                       No               360        1Y PP             120                100
20470301                     6.236        No MI                        EMC                       Yes              480        NO PP               0                 80
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP               0               93.6
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP               0                 84
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              50.49
20361001                     6.986        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     7.236        Radian Guaranty              EMC                       No               360        3Y PP               0                 90
20360701                     7.736        No MI                        EMC                       Yes              360        NO PP               0                 95
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.736        Republic MIC                 MASTER FUNDING            No               360        NO PP               0                 95
20361201                     7.361        No MI                        EMC                       No               360        NO PP               0                 85
20370401                     7.111        No MI                        EMC                       No               360        3Y PP               0                 80
20370101                     5.675        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              89.02
20370101                     5.611        GE Capital MI                MASTER FUNDING            No               360        NO PP               0               86.2
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              99.84
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120               78.6
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              55.41
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                 95
20370201                     5.986        PMI                          MASTER FUNDING            No               360        NO PP               0               92.2
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.986        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0                 85
20370201                     6.611        Republic MIC                 MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              99.96
20370301                     7.111        No MI                        EMC                       No               360        4M PP               0              74.58
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120              77.21
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120              95.01
20360801                     8.236        No MI                        MASTER FUNDING            Yes              360        NO PP               0                 90
20370201                     7.236        No MI                        EMC                       No               360        3Y PP               0                100
20370101                     5.736        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              60.35
20370101                     6.611        GE Capital MI                MASTER FUNDING            No               360        NO PP               0                 90
20370301                     7.736        No MI                        EMC                       No               360        NO PP             120              78.79
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120              79.08
20211101                     6.146        PMI                          EMC                       No               180        NO PP               0              86.25
20470401                     6.986        No MI                        EMC                       Yes              480        3Y PP               0                100
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     5.986        GE Capital MI                MASTER FUNDING            No               360        NO PP             120              91.85
20220101                     6.111        No MI                        MASTER FUNDING            No               180        NO PP               0                100
20370101                     7.111        PMI                          EMC                       No               360        NO PP               0              89.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              98.02
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              94.32
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120              98.56
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 75
20370301                     7.361        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0              94.95
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.986        No MI                        EMC                       No               360        NO PP             120              56.01
20360801                     8.111        PMI                          EMC                       Yes              360        1Y PP               0               86.9
20370101                     7.428        PMI                          MASTER FUNDING            No               360        NO PP             120                 85
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.398        PMI                          MASTER FUNDING            No               360        NO PP             120                 90
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0              52.54
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              89.98
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120              94.65
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     7.236        No MI                        EMC                       No               360        2Y PP               0                 90
20370201                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120                 70
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0              59.57
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.111        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0              79.57
20370301                     6.786        GE Capital MI                MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120                 75
20370301                     7.036        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.036        No MI                        MASTER FUNDING            No               360        NO PP             120              60.63
20370201                     6.736        No MI                        EMC                       No               360        NO PP               0              53.92
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120                100
20210701                     6.236        No MI                        EMC                       No               180        NO PP               0                 80
20370301                     7.236        No MI                        EMC                       No               360        3Y PP               0                100
20370401                     7.111        No MI                        EMC                       No               360        NO PP             120                 85
20370301                     7.111        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.986        No MI                        EMC                       No               360        6M PP             120                 90
20370301                     7.486        No MI                        EMC                       No               360        NO PP               0                 70
20370301                     7.111        No MI                        EMC                       No               360        3Y PP               0                100
20370401                     6.486        No MI                        EMC                       No               360        3Y PP             120                 95
20360701                     7.111        PMI                          EMC                       Yes              360        NO PP               0              84.91
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370101                     6.706        Triad Guaranty               EMC                       No               360        NO PP               0              92.23
20210701                     7.361        No MI                        EMC                       No               180        NO PP               0                 90
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370301                     6.236        No MI                        EMC                       No               360        6M PP               0              25.58
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              72.29
20360401                     5.736        No MI                        EMC                       No               360        NO PP               0              74.94
20370301                     6.361        No MI                        EMC                       No               360        6M PP             120              87.67
20370201                     6.111        No MI                        EMC                       No               360        NO PP               0                 95
20470401                     6.486        No MI                        EMC                       Yes              480        3Y PP               0                 65
20211101                     5.736        No MI                        EMC                       No               180        NO PP               0                9.1
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.236        No MI                        EMC                       No               360        NO PP               0                 95
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              78.78
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     7.111        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20470201                     6.361        No MI                        EMC                       Yes              480        NO PP               0                100
20370101                     6.486        No MI                        EMC                       No               360        NO PP               0                 95
20351001                     7.361        No MI                        EMC                       Yes              360        1Y PP               0                 95
20370301                     7.661        PMI                          MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0              64.89
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.361        No MI                        EMC                       No               360        3Y PP             120              64.53
20370401                     7.486        No MI                        EMC                       No               360        3Y PP               0                 75
20370201                     6.786        No MI                        MASTER FUNDING            No               360        NO PP               0              68.45
20370201                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120                 60
20370101                     5.786        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.661        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370201                     7.161        No MI                        MASTER FUNDING            No               360        NO PP             120               96.1
20361201                     7.611        PMI                          EMC                       Yes              360        NO PP               0                 90
20361101                     6.736        No MI                        MASTER FUNDING            Yes              360        NO PP               0                100
20370301                     6.736        GE Capital MI                EMC                       No               360        NO PP             120                 90
20360501                     7.611        No MI                        EMC                       Yes              360        NO PP               0                100
20360601                     7.111        No MI                        EMC                       Yes              360        2Y PP               0                 95
20370301                     6.861        No MI                        EMC                       No               360        3Y PP             120                 90
20370301                     7.536        No MI                        MASTER FUNDING            No               360        NO PP               0                 56
20360701                     7.236        No MI                        EMC                       Yes              360        NO PP               0                 90
20370201                     7.661        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP               0              64.86
20370201                     6.661        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120                 65
20370301                     7.286        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     7.661        No MI                        MASTER FUNDING            No               360        NO PP               0              76.92
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              62.25
20370301                     7.286        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     7.536        No MI                        MASTER FUNDING            No               360        NO PP               0               64.1
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     7.661        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20211201                     6.611        PMI                          EMC                       No               180        NO PP               0                100
20370201                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              41.67
20370101                     6.736        PMI                          EMC                       Yes              360        NO PP               0                100
20360601                     7.611        No MI                        EMC                       Yes              360        NO PP               0              94.96
20370301                     6.611        Triad Guaranty               EMC                       No               360        NO PP               0                 95
20370201                     8.161        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     8.661        No MI                        MASTER FUNDING            No               360        6M PP             120                 90
20370301                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0              57.69
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0              66.11
20220201                     6.726        Triad Guaranty               EMC                       No               180        NO PP               0                100
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              69.23
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0              69.99
20370301                     7.661        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120              33.33
20370101                     7.661        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370301                     6.726        PMI                          EMC                       No               360        NO PP             120                100
20370301                     6.736        No MI                        EMC                       No               360        1Y PP             120                 90
20370101                     7.586        Triad Guaranty               EMC                       No               360        NO PP             120              94.99
20370101                     7.646        Triad Guaranty               EMC                       No               360        NO PP               0                 90
20370101                    10.361        Radian Guaranty              EMC                       No               360        3Y PP               0                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP               0               64.1
20370101                     6.656        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370101                     6.776        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370101                     8.361        No MI                        EMC                       No               360        NO PP             120                 80
20370101                     6.786        Triad Guaranty               EMC                       No               360        6M PP               0                 90
20370101                     6.776        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370201                     7.111        No MI                        EMC                       No               360        3Y PP             120                 95
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0               62.5
20370401                     7.361        No MI                        EMC                       No               360        NO PP             120                 95
20370401                     6.736        No MI                        EMC                       No               360        2Y PP             120                 80
20370401                     7.361        No MI                        EMC                       No               360        3Y PP               0                 90
20370301                     6.861        No MI                        EMC                       No               360        1Y PP             120              79.61
20370401                     6.861        No MI                        EMC                       No               360        3Y PP               0                 95
20370401                     6.361        No MI                        EMC                       No               360        NO PP             120              74.17
20211001                     6.236        No MI                        MASTER FUNDING            No               180        NO PP              60                 75
20211001                     6.111        No MI                        MASTER FUNDING            No               180        NO PP              60                 90
20370301                     6.611        Republic MIC                 EMC                       No               360        3Y PP               0              87.68
20470301                     7.066        PMI                          EMC                       Yes              480        NO PP               0                100
20370301                     7.151        PMI                          EMC                       No               360        3Y PP             120                 85
20370301                     6.486        Republic MIC                 EMC                       No               360        4M PP             120                 95
20210401                     7.861        No MI                        EMC                       No               180        NO PP               0                 60
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20360901                     6.236        No MI                        EMC                       No               360        5Y PP               0              21.36
20361001                     6.986        No MI                        EMC                       No               360        NO PP             120                100
20361001                     7.736        No MI                        EMC                       No               360        2Y PP               0                100
20361001                     6.611        No MI                        EMC                       No               360        NO PP             120              99.99
20361101                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361101                     6.986        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120              99.98
20361201                     6.986        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP               0              99.98
20361201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.986        No MI                        EMC                       No               360        NO PP             120              99.99
20361201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     7.236        No MI                        EMC                       No               360        NO PP             120              99.98
20361201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120              99.97
20361201                     6.736        No MI                        EMC                       No               360        3Y PP             120               65.7
20370101                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.97
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20361201                     5.861        No MI                        EMC                       No               360        NO PP             120                100
20361201                     7.236        No MI                        EMC                       No               360        NO PP             120              99.99
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120              79.98
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120              99.99
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20370101                     6.611        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              92.62
20370301                     6.111        No MI                        EMC                       No               360        2Y PP             120                100
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 70
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                 97
20370301                     6.361        No MI                        EMC                       No               360        3Y PP             120                 80
20370301                     6.321        PMI                          EMC                       No               360        3Y PP             120                100
20370301                     7.296        PMI                          EMC                       No               360        4M PP             120                100
20370301                     6.401        PMI                          EMC                       No               360        3Y PP               0              98.92
20370301                     6.531        PMI                          EMC                       No               360        NO PP               0              94.81
20370301                     6.566        PMI                          EMC                       No               360        NO PP               0                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.111        PMI                          MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.986        Republic MIC                 MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.486        Radian Guaranty              MASTER FUNDING            No               360        NO PP               0                 95
20361201                      6.53        PMI                          EMC                       No               360        NO PP             120                 90
20361201                     6.223        PMI                          EMC                       No               360        NO PP               0                 90
20370101                     6.611        PMI                          EMC                       No               360        NO PP               0                 90
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.861        No MI                        EMC                       No               360        NO PP               0                100
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.111        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370301                     7.611        No MI                        EMC                       No               360        3Y PP             120              53.41
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0              92.59
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              92.35
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.486        No MI                        EMC                       No               360        1Y PP               0              48.48
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120              96.81
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.861        PMI                          EMC                       No               360        NO PP               0               89.9
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0              99.14
20370101                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.236        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.361        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              95.02
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     7.611        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370201                     5.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20220101                     6.236        No MI                        MASTER FUNDING            No               180        NO PP               0                 80
20370101                     6.486        No MI                        EMC                       No               360        NO PP             120              92.07
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120              77.45
20220201                     5.736        No MI                        EMC                       No               180        3Y PP               0              52.51
20361001                     6.861        No MI                        EMC                       No               360        NO PP               0                100
20361201                     8.111        No MI                        EMC                       No               360        NO PP               0              99.92
20370101                     6.111        No MI                        EMC                       No               360        NO PP             120              57.14
20250101                     7.111        No MI                        MASTER FUNDING            Yes              360        NO PP               0              69.09
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.486        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                     6.361        No MI                        EMC                       No               360        NO PP               0              48.47
20370201                     5.986        Republic MIC                 MASTER FUNDING            No               360        NO PP               0                 95
20360901                     7.736        No MI                        MASTER FUNDING            Yes              360        3Y PP               0              94.99
20220101                     8.236        No MI                        MASTER FUNDING            No               180        3Y PP              60                100
20361201                     6.038        PMI                          EMC                       No               360        NO PP             120              89.99
20370101                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 85
20361201                     7.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120              94.98
20361201                     6.736        No MI                        EMC                       No               360        NO PP               0              76.92
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              51.63
20370401                     7.361        No MI                        EMC                       No               360        NO PP               0                 95
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0              99.99
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120              95.02
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP               0              21.74
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0               79.9
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20470201                     6.861        No MI                        EMC                       Yes              480        3Y PP               0                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20351201                     7.736        No MI                        MASTER FUNDING            Yes              360        3Y PP               0                 95
20370301                     6.361        No MI                        EMC                       No               360        4M PP               0                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              88.85
20470201                     6.736        No MI                        EMC                       Yes              480        3Y PP               0              63.23
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0              95.04
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.088        PMI                          EMC                       No               360        NO PP               0                 90
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              95.01
20361201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361201                      6.45        PMI                          EMC                       No               360        NO PP               0                 97
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.237        PMI                          EMC                       No               360        NO PP               0              89.23
20370301                     6.111        No MI                        EMC                       No               360        NO PP               0                 65
20370301                     6.736        No MI                        EMC                       No               360        3Y PP               0              99.67
20370201                     7.636        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20361001                     7.986        No MI                        EMC                       Yes              360        2Y PP               0                 80
20370301                     5.736        No MI                        EMC                       No               360        NO PP             120              48.13
20370101                     5.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              93.82
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361101                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.111        No MI                        EMC                       No               360        NO PP             120                100
20370101                     7.111        No MI                        EMC                       No               360        NO PP               0              65.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0              79.12
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.611        Radian Guaranty              MASTER FUNDING            No               360        NO PP             120                 85
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     7.036        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.111        Radian Guaranty              MASTER FUNDING            No               360        NO PP               0                 95
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP             120              72.59
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              72.65
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.661        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120              76.48
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP             120              70.88
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0              65.93
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.236        Republic MIC                 EMC                       No               360        NO PP               0                 95
20370301                     6.411        No MI                        EMC                       No               360        NO PP               0              72.22
20361201                     6.486        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0              21.62
20270201                     6.361        No MI                        MASTER FUNDING            No               240        NO PP               0              81.81
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP             120              69.93
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20361201                     6.486        No MI                        EMC                       No               360        6M PP               0                 95
20360901                     7.611        No MI                        MASTER FUNDING            Yes              360        NO PP               0              88.89
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.96
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              90.01
20361201                     6.986        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0                100
20370101                     7.111        United Guaranty              MASTER FUNDING            No               360        NO PP               0                 95
20370301                     8.786        No MI                        EMC                       No               360        NO PP               0                100
20370401                     6.611        No MI                        EMC                       No               360        NO PP             120              69.69
20370301                     6.036        No MI                        MASTER FUNDING            No               360        NO PP               0              64.96
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.786        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     7.161        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0              88.07
20370201                     6.986        No MI                        MASTER FUNDING            No               360        NO PP             120              84.38
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120              69.69
20370301                     6.411        United Guaranty              MASTER FUNDING            No               360        NO PP             120                 85
20370301                     6.736        No MI                        EMC                       No               360        3Y PP             120              69.91
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0              65.22
20370201                     7.236        Mortgage Guaranty In         EMC                       No               360        NO PP               0                 90
20370301                     6.236        No MI                        EMC                       No               360        3Y PP               0               74.9
20361201                     6.861        No MI                        EMC                       No               360        NO PP             120              99.98
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     5.986        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0                 90
20370201                     7.236        United Guaranty              MASTER FUNDING            No               360        NO PP             120                100
20211101                     6.236        No MI                        EMC                       No               180        NO PP               0              79.37
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     7.361        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.486        GE Capital MI                MASTER FUNDING            No               360        NO PP             120              94.92
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.361        Radian Guaranty              EMC                       No               360        NO PP             120                 90
20370201                     6.736        No MI                        EMC                       No               360        NO PP             120                100
20370201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 80
20370201                     6.361        No MI                        EMC                       No               360        NO PP               0              95.02
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120              87.16
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370201                     6.236        Radian Guaranty              MASTER FUNDING            No               360        NO PP             120              99.99
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP             120                 65
20370101                     5.861        No MI                        EMC                       No               360        NO PP             120              72.73
20470401                     6.236        No MI                        EMC                       Yes              480        NO PP               0               31.6
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 75
20370301                     7.611        No MI                        EMC                       No               360        3Y PP             120                100
20370101                     6.486        PMI                          EMC                       No               360        NO PP             120              93.96
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0              99.99
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.736        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120               57.3
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              84.46
20370101                     7.111        No MI                        EMC                       No               360        6M PP               0                 65
20370401                     7.361        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                 70
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0               61.9
20370301                     6.236        No MI                        EMC                       No               360        3Y PP             120              47.18
20370301                     7.236        No MI                        EMC                       No               360        3Y PP              60                100
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.986        PMI                          MASTER FUNDING            No               360        NO PP             120                 85
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        1Y PP             120                100
20370301                     8.361        No MI                        EMC                       No               360        3Y PP               0              79.05
20220101                     6.611        No MI                        EMC                       No               180        3Y PP               0                100
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20220101                     7.111        No MI                        MASTER FUNDING            No               180        NO PP               0               41.9
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.861        No MI                        EMC                       No               360        1Y PP             120                100
20370201                     7.236        Radian Guaranty              MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.861        No MI                        EMC                       No               360        3Y PP               0                100
20370101                     6.236        Mortgage Guaranty In         EMC                       No               360        NO PP             120              87.12
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20360801                     7.736        No MI                        MASTER FUNDING            Yes              360        NO PP               0              94.94
20370101                     6.611        United Guaranty              EMC                       No               360        NO PP               0                 90
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0                100
20211001                     6.611        No MI                        EMC                       No               180        NO PP               0                 80
20370301                     7.361        No MI                        EMC                       No               360        3Y PP               0                 80
20360901                     6.986        No MI                        EMC                       No               360        NO PP             120                100
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361001                     7.986        No MI                        MASTER FUNDING            Yes              360        1Y PP               0                 80
20370301                     6.735        No MI                        EMC                       No               360        NO PP               0                100
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.861        No MI                        EMC                       No               360        1Y PP             120              99.99
20361001                     6.736        No MI                        EMC                       No               360        5Y PP             120                100
20370301                     7.236        No MI                        EMC                       No               360        1Y PP               0                100
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370401                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              90.01
20370301                     7.361        United Guaranty              EMC                       No               360        NO PP             120                 95
20370301                     7.111        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     7.161        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              77.44
20370301                     7.661        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0               62.5
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120              66.67
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0              54.42
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120               62.5
20370301                     6.536        No MI                        EMC                       No               360        NO PP               0              65.28
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0              42.71
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     7.786        No MI                        MASTER FUNDING            No               360        NO PP             120                 95
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP               0              59.32
20370301                     6.736        No MI                        EMC                       No               360        3Y PP               0                 75
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 90
20370201                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0                 90
20370201                     6.861        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20361001                     7.986        No MI                        MASTER FUNDING            Yes              360        1Y PP               0                 80
20360901                     8.111        No MI                        MASTER FUNDING            Yes              360        NO PP               0                 95
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                       6.4        PMI                          EMC                       No               360        NO PP               0              86.83
20370101                     6.363        PMI                          EMC                       No               360        NO PP               0                 95
20370101                     6.004        PMI                          MASTER FUNDING            No               360        NO PP               0                 90
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     7.411        No MI                        MASTER FUNDING            No               360        NO PP             120              69.57
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0              99.98
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370401                     7.361        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     7.161        No MI                        MASTER FUNDING            No               360        NO PP             120                 90
20361101                     6.986        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0                 50
20370301                     6.786        No MI                        EMC                       No               360        NO PP               0              76.88
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20370301                     6.161        No MI                        EMC                       No               360        NO PP               0                 80
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20360901                     7.861        No MI                        MASTER FUNDING            Yes              360        1Y PP               0                 80
20360901                     7.861        No MI                        MASTER FUNDING            Yes              360        1Y PP               0                 80
20370201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP               0                 60
20370101                     6.236        Mortgage Guaranty In         MASTER FUNDING            No               360        NO PP               0              84.85
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120              79.28
20470301                     6.611        No MI                        EMC                       Yes              480        6M PP               0              69.68
20370101                     6.236        PMI                          EMC                       No               360        NO PP               0              82.98
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120                100
20370101                     7.236        PMI                          EMC                       No               360        NO PP             120                 95
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.661        No MI                        EMC                       No               360        NO PP               0                 90
20370301                     6.411        No MI                        MASTER FUNDING            No               360        NO PP               0                 75
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP             120              74.47
20370301                     6.536        No MI                        MASTER FUNDING            No               360        NO PP               0              65.63
20370401                     6.361        Radian Guaranty              EMC                       No               360        2Y PP             120              83.33
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP             120              71.02
20370101                     6.236        Triad Guaranty               EMC                       No               360        NO PP               0              84.92
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20370301                     6.536        No MI                        EMC                       No               360        NO PP               0              74.38
20370301                     7.911        No MI                        MASTER FUNDING            No               360        NO PP             120                 80
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.99
20370201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370301                     6.036        No MI                        MASTER FUNDING            No               360        5Y PP               0              58.06
20370201                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0              98.48
20361201                     7.111        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     6.286        No MI                        MASTER FUNDING            No               360        NO PP             120              79.85
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120                 90
20370201                     7.611        PMI                          MASTER FUNDING            No               360        NO PP               0              89.38
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0              95.02
20370301                     7.411        No MI                        EMC                       No               360        NO PP               0              88.64
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP             120              95.04
20361201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     8.486        No MI                        EMC                       No               360        NO PP             120                 95
20361201                     6.796        PMI                          EMC                       No               360        3Y PP               0                 90
20370101                     6.986        No MI                        MASTER FUNDING            No               360        NO PP               0              27.59
20361201                     7.543        PMI                          EMC                       No               360        NO PP               0              84.62
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP             120               89.9
20370101                     6.557        PMI                          EMC                       No               360        NO PP               0                 90
20470301                     5.986        No MI                        EMC                       Yes              480        NO PP               0              94.81
20361201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370201                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP               0              73.63
20370201                     6.736        No MI                        MASTER FUNDING            No               360        NO PP               0                 80
20370201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370401                     8.486        No MI                        EMC                       No               360        3Y PP               0                 90
20361101                     6.611        No MI                        EMC                       Yes              360        NO PP               0                100
20370301                     6.986        No MI                        EMC                       No               360        3Y PP             120                 80
20360901                     6.861        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0                100
20361201                     6.486        No MI                        EMC                       No               360        NO PP               0                 90
20370301                     6.236        No MI                        EMC                       No               360        NO PP             120              55.26
20370301                     6.736        No MI                        EMC                       No               360        3Y PP               0                100
20370101                     6.111        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.611        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.736        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20211101                     6.236        No MI                        EMC                       No               180        NO PP               0                 80
20370401                     7.236        No MI                        EMC                       No               360        NO PP             120                 95
20370301                     6.736        No MI                        EMC                       No               360        NO PP             120              99.38
20370101                     7.236        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              99.99
20370201                     7.236        No MI                        EMC                       No               360        6M PP               0                 80
20370201                     6.611        No MI                        EMC                       No               360        6M PP             120              94.99
20370301                     6.861        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0              99.97
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0                 80
20361201                     7.506        PMI                          EMC                       No               360        NO PP               0                 90
20370301                     6.735        No MI                        EMC                       No               360        NO PP               0                100
20370101                     7.361        Triad Guaranty               EMC                       No               360        3Y PP               0                 95
20211201                     5.486        No MI                        MASTER FUNDING            No               180        NO PP               0                 80
20361201                     7.141        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20361201                     6.986        PMI                          EMC                       No               360        NO PP             120                 90
20470201                     6.611        No MI                        MASTER FUNDING            Yes              480        NO PP               0                100
20361201                     6.611        No MI                        EMC                       No               360        3Y PP             120              85.01
20361201                     6.986        No MI                        EMC                       No               360        1Y PP             120               72.7
20361201                     6.611        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370101                     6.736        No MI                        EMC                       No               360        3Y PP             120              95.01
20370201                     6.986        PMI                          MASTER FUNDING            No               360        3Y PP             120                 95
20370201                     6.236        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20361001                     7.736        No MI                        EMC                       No               360        NO PP             120                100
20360901                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20361001                     7.236        No MI                        EMC                       No               360        NO PP             120               99.4
20361001                     6.986        No MI                        EMC                       No               360        NO PP             120                 95
20361001                     6.986        No MI                        EMC                       No               360        1Y PP             120              79.99
20361001                     6.111        No MI                        EMC                       No               360        NO PP             120                100
20361101                     6.486        No MI                        EMC                       No               360        NO PP             120              99.99
20361101                     6.486        No MI                        EMC                       No               360        NO PP               0                100
20361101                     6.486        No MI                        EMC                       No               360        NO PP             120              99.98
20361101                     6.236        No MI                        EMC                       No               360        NO PP             120              99.98
20361101                     6.236        No MI                        EMC                       No               360        NO PP             120              99.96
20361201                     5.736        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.94
20361201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     5.986        No MI                        EMC                       No               360        NO PP               0              99.95
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.81
20361201                     6.486        Radian Guaranty              EMC                       No               360        NO PP             120              89.98
20361201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361201                     7.236        No MI                        EMC                       No               360        NO PP             120              99.98
20370101                     7.861        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.236        No MI                        EMC                       No               360        NO PP             120                100
20361201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     5.986        No MI                        EMC                       No               360        NO PP             120              99.92
20370201                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120              94.98
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20361201                     5.861        No MI                        EMC                       No               360        NO PP               0              99.99
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              99.97
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              94.98
20361201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.99
20361201                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.98
20361201                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.861        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.98
20361201                     7.611        No MI                        EMC                       No               360        NO PP             120              94.98
20361201                     7.111        No MI                        EMC                       No               360        1Y PP             120              95.02
20361201                     6.361        No MI                        EMC                       No               360        NO PP             120              99.94
20361201                     6.361        No MI                        EMC                       No               360        NO PP               0              94.98
20361201                     6.236        No MI                        EMC                       No               360        NO PP             120                 95
20361201                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120              99.77
20361201                     7.486        No MI                        EMC                       No               360        NO PP             120              99.96
20361201                     6.236        No MI                        EMC                       No               360        3Y PP             120              60.61
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP               0              99.98
20361201                     6.361        No MI                        MASTER FUNDING            No               360        NO PP               0              94.95
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.611        No MI                        EMC                       No               360        NO PP             120              99.96
20361201                     5.986        No MI                        EMC                       No               360        NO PP               0              94.95
20361201                     7.486        No MI                        EMC                       No               360        NO PP             120              88.17
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     6.236        No MI                        EMC                       No               360        NO PP             120               91.9
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     7.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.99
20370101                     6.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120              99.94
20370101                     5.861        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     7.361        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20370101                     5.736        No MI                        MASTER FUNDING            No               360        NO PP               0                100
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     6.361        No MI                        MASTER FUNDING            No               360        3Y PP             120                100
20370101                     6.861        No MI                        EMC                       No               360        3Y PP             120                100
20370201                     7.611        No MI                        MASTER FUNDING            No               360        NO PP               0                 95
20211101                     7.611        No MI                        EMC                       No               180        3Y PP              60                100
20470101                     6.361        No MI                        EMC                       Yes              480        NO PP               0              87.18
20361201                     6.736        No MI                        EMC                       No               360        NO PP               0                 80
20461201                     6.236        No MI                        MASTER FUNDING            Yes              480        NO PP               0                100
20360901                     6.986        No MI                        EMC                       No               360        3Y PP             120              66.76
20220201                     5.611        No MI                        EMC                       No               180        NO PP               0                 65
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120              61.85
20370201                     7.236        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0                 70
20370301                     7.486        No MI                        EMC                       No               360        3Y PP               0              69.23
20370301                     6.236        United Guaranty              EMC                       No               360        NO PP               0              92.71
20370301                     6.111        No MI                        EMC                       No               360        NO PP             120                 58
20370301                     7.486        No MI                        EMC                       No               360        NO PP               0                 75
20370301                     7.736        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.986        No MI                        EMC                       No               360        NO PP               0              74.07
20370201                     6.986        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.861        No MI                        EMC                       No               360        NO PP             120              79.86
20370301                     7.486        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.986        No MI                        EMC                       No               360        3Y PP             120              25.53
20370301                     6.736        PMI                          EMC                       No               360        NO PP               0              93.75
20370101                     7.111        No MI                        EMC                       No               360        NO PP               0                100
20370301                     7.611        No MI                        EMC                       No               360        NO PP             120                100
20370301                     8.361        No MI                        EMC                       No               360        6M PP             120                100
20370201                     6.736        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120               39.4
20370101                     6.401        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     7.111        No MI                        EMC                       No               360        NO PP               0                100
20370301                     7.236        No MI                        EMC                       No               360        NO PP               0              56.14
20370301                     7.236        No MI                        EMC                       No               360        1Y PP               0                 80
20370401                     6.861        No MI                        EMC                       No               360        1Y PP             120                 95
20370401                     6.361        No MI                        EMC                       No               360        3Y PP               0                 74
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.986        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     6.986        No MI                        EMC                       No               360        4M PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP               0               44.1
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120                 95
20370101                     6.391        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370201                     6.611        No MI                        EMC                       No               360        NO PP               0                100
20370201                     7.361        No MI                        EMC                       No               360        3Y PP               0                100
20370201                     6.611        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0                100
20370201                     7.236        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     7.486        No MI                        EMC                       No               360        NO PP             120                 95
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              84.88
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120                 90
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0               31.5
20370301                     7.361        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20361001                     7.361        No MI                        EMC                       No               360        3Y PP               0                 75
20370301                     6.486        No MI                        EMC                       No               360        NO PP               0              91.54
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0              68.89
20370301                     6.736        No MI                        EMC                       No               360        6M PP             120                100
20370201                     7.236        No MI                        EMC                       No               360        3Y PP             120                100
20370201                     7.486        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.611        No MI                        EMC                       No               360        NO PP             120              99.98
20370201                     7.236        No MI                        EMC                       No               360        NO PP               0              94.98
20370301                     6.736        Mortgage Guaranty In         EMC                       No               360        NO PP             120                 95
20370301                     6.736        No MI                        EMC                       No               360        NO PP             120                 95
20370301                     7.361        No MI                        EMC                       No               360        6M PP             120                 90
20370201                     7.111        PMI                          EMC                       No               360        NO PP             120                 95
20370301                     6.486        No MI                        EMC                       No               360        NO PP             120                 90
20370301                     7.361        No MI                        EMC                       No               360        NO PP               0                 95
20370201                     7.361        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              99.97
20370301                     6.736        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.611        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120               48.4
20370301                     5.861        No MI                        EMC                       No               360        NO PP               0              96.99
20370301                     7.111        No MI                        EMC                       No               360        NO PP               0              89.88
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0              72.41
20370301                     5.861        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.735        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.111        No MI                        EMC                       No               360        NO PP               0                100
20370201                     8.361        No MI                        EMC                       No               360        NO PP               0              90.96
20370201                     8.236        No MI                        EMC                       No               360        NO PP               0                 75
20370201                     6.236        No MI                        EMC                       No               360        NO PP             120                 97
20370301                     6.236        No MI                        EMC                       No               360        NO PP               0                 95
20370101                     6.596        Triad Guaranty               EMC                       No               360        3Y PP               0                 95
20370301                     6.236        No MI                        EMC                       No               360        3Y PP               0              46.18
20370201                     7.611        No MI                        EMC                       No               360        NO PP             120                100
20370101                     7.056        Triad Guaranty               EMC                       No               360        3Y PP               0              97.33
20370101                     9.306        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     7.111        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0              14.15
20370101                     6.861        No MI                        EMC                       No               360        NO PP               0                100
20370301                     6.736        No MI                        EMC                       No               360        NO PP               0              51.16
20370201                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.986        No MI                        EMC                       No               360        3Y PP             120                100
20370301                     8.111        No MI                        EMC                       No               360        NO PP               0                100
20360701                     7.611        No MI                        EMC                       Yes              360        3Y PP             120                100
20370301                     7.111        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.361        No MI                        EMC                       No               360        NO PP               0                 95
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20370101                     7.221        Triad Guaranty               EMC                       No               360        3Y PP               0                100
20361101                     6.776        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370101                     6.306        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370101                     6.801        Triad Guaranty               EMC                       No               360        NO PP               0                100
20370301                     5.986        No MI                        EMC                       No               360        1Y PP             120                 65
20370201                     6.861        No MI                        EMC                       No               360        NO PP               0                100
20370101                     6.811        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370101                     6.936        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370101                     7.136        Triad Guaranty               EMC                       No               360        6M PP               0                100
20370101                     6.931        Triad Guaranty               EMC                       No               360        6M PP             120                100
20370101                     6.511        Triad Guaranty               EMC                       No               360        6M PP             120                100
20370101                     8.696        Triad Guaranty               EMC                       No               360        3Y PP               0                 90
20370101                     7.436        Triad Guaranty               EMC                       No               360        NO PP             120                100
20370101                     6.361        No MI                        EMC                       No               360        NO PP             120                100
20370301                     7.611        No MI                        EMC                       No               360        NO PP               0                100
20211001                     5.986        No MI                        EMC                       No               180        3Y PP               0                 65
20370301                     8.361        GE Capital MI                EMC                       No               360        NO PP               0                 90
20370301                     6.986        PMI                          EMC                       No               360        NO PP               0              93.14
20370301                     6.611        PMI                          EMC                       No               360        NO PP             120                 90
20370301                     6.111        No MI                        EMC                       No               360        6M PP               0              54.87
20370301                     7.236        No MI                        EMC                       No               360        3Y PP             120                100
20470101                     6.361        No MI                        EMC                       Yes              480        NO PP               0              75.82
20370301                     6.986        No MI                        EMC                       No               360        NO PP             120                 95
20370301                     6.486        GE Capital MI                EMC                       No               360        NO PP               0                 95
20370301                     7.236        No MI                        EMC                       No               360        NO PP             120              22.22
20210901                     7.486        No MI                        EMC                       No               180        NO PP               0              79.97
20211101                     7.361        No MI                        EMC                       No               180        NO PP              60                100
20211001                     6.236        No MI                        MASTER FUNDING            No               180        NO PP              60                 80
20370301                     7.111        No MI                        EMC                       No               360        3Y PP               0              99.35
20470301                     6.736        No MI                        EMC                       Yes              480        3Y PP               0              98.74
20370301                     6.236        No MI                        EMC                       No               360        1Y PP             120                100
20370301                     6.611        No MI                        EMC                       No               360        3Y PP             120              73.83
20370301                     6.736        No MI                        EMC                       No               360        1Y PP               0              66.86
20370401                     7.236        No MI                        EMC                       No               360        2Y PP             120                 95
20370201                     6.486        No MI                        EMC                       No               360        1Y PP               0                100
20370301                     6.236        No MI                        EMC                       No               360        1Y PP             120                100
20370301                     5.861        No MI                        EMC                       No               360        NO PP             120               78.7
20211101                     7.611        No MI                        EMC                       No               180        NO PP               0                100
20211101                     8.486        No MI                        EMC                       No               180        NO PP             120                100
20361201                     6.486        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     7.611        PMI                          EMC                       No               360        NO PP             120              94.99
20370101                     6.236        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20370101                     7.111        No MI                        MASTER FUNDING            No               360        NO PP             120              99.93
20370101                     6.611        No MI                        MASTER FUNDING            No               360        NO PP             120                100
20361201                     7.361        PMI                          EMC                       No               360        NO PP             120                 95
20361201                     5.986        No MI                        MASTER FUNDING            No               360        NO PP             120              99.98
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.98
20361201                     5.611        No MI                        EMC                       No               360        NO PP             120              99.99
20361201                     5.986        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.111        No MI                        MASTER FUNDING            No               360        NO PP             120              99.97
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.99
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.736        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.486        No MI                        EMC                       No               360        NO PP             120              99.99
20370301                     6.986        No MI                        EMC                       No               360        NO PP               0                100
20361201                     6.411        No MI                        EMC                       No               360        NO PP             120                 70
20370301                     6.161        No MI                        MASTER FUNDING            No               360        NO PP             120              57.62
20370101                     7.266        PMI                          EMC                       No               360        NO PP               0              89.88
20370201                     8.291        PMI                          EMC                       No               360        3Y PP               0                 90
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              98.04
20370101                     6.551        PMI                          EMC                       No               360        NO PP               0                 90
20370301                     7.251        PMI                          EMC                       No               360        NO PP               0                 90
20370201                     7.366        PMI                          EMC                       No               360        NO PP               0                 95
20370201                     6.736        Republic MIC                 EMC                       No               360        NO PP             120                 95
20370301                     6.236        No MI                        EMC                       No               360        6M PP             120                100
20370301                     6.861        No MI                        EMC                       No               360        NO PP             120                100
20361201                     6.546        PMI                          EMC                       No               360        3Y PP               0                 90
20370201                     6.921        PMI                          EMC                       No               360        NO PP               0                 90
20370201                     7.111        GE Capital MI                EMC                       No               360        NO PP               0                 90
20370301                     7.486        No MI                        EMC                       No               360        NO PP               0              68.33
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              94.97
20370201                     8.486        No MI                        EMC                       No               360        NO PP               0              99.98
20361001                     7.986        No MI                        EMC                       No               360        NO PP               0              77.38
20370301                     7.241        PMI                          EMC                       No               360        NO PP             120                 95
20370301                     6.611        No MI                        EMC                       No               360        NO PP             120              53.33
20370201                     6.736        No MI                        EMC                       No               360        NO PP               0                100
20370201                     6.861        Mortgage Guaranty In         EMC                       No               360        3Y PP               0              85.88
20370201                     6.736        No MI                        EMC                       No               360        3Y PP               0                100
20370301                     6.361        Republic MIC                 EMC                       No               360        NO PP             120                 90
20370301                     6.236        GE Capital MI                EMC                       No               360        NO PP               0                 95
20370301                     8.861        Republic MIC                 EMC                       No               360        1Y PP               0                 90
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0              90.97
20370101                     6.736        No MI                        EMC                       No               360        NO PP             120                 80
20370301                     6.611        No MI                        EMC                       No               360        NO PP               0                 84
20370201                     6.611        No MI                        EMC                       No               360        NO PP             120                100
20370301                     6.361        No MI                        EMC                       No               360        NO PP             120              64.99

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      C

    

    FORM
      OF TRANSFEREE
      AFFIDAVIT AND AGREEMENT

     

    
      	
              Affidavit
                pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986,
                as
                amended, and for other purposes

            

    

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    The
      undersigned is the [Title of Officer] of [Name of Transferee] (the “Investor”),
      the proposed transferee of an Ownership Interest in the Bear Stearns Asset
      Backed Securities I LLC Asset-Backed Certificates, Series 2007-AC4, Class
      [R-1][R-2][R-3][R-4][RX] Certificates (the “Certificates”)
      issued
      pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007
      (the
“Agreement”), among
      Bear Stearns Asset Backed Securities I LLC, as depositor, EMC Mortgage
      Corporation, as seller, master servicer and company and Wells Fargo Bank,
      National Association, as trustee
      (the
“Trustee”),
      and
      makes this affidavit on behalf of the Investor for the benefit of the
      Depositor
      and the
      Trustee. Capitalized terms used, but not defined herein, shall have the meanings
      ascribed to such terms in the Agreement.

    

     

    1.  The
      Investor is, as of the date hereof, and will be, as of the date of the Transfer,
      a Permitted Transferee. The Investor is not acquiring its ownership interest
      in
      the Certificates for the account of a Person other than a Permitted Transferee.
      

     

    2.  The
      Investor has been advised and understands that (i) a tax will be imposed on
      Transfers of the Certificates to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is through
      an agent (which includes a broker, nominee or middleman) for a Person that
      is
      not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
      for the tax shall be relieved of liability for the tax if a subsequent
      transferee furnishes to such Person an affidavit that such subsequent transferee
      is a Permitted Transferee, and at the time of Transfer, such Person does not
      have actual knowledge that the affidavit is false.

     

    3.  The
      Investor has been advised and understands that a tax will be imposed on a
“pass-through entity” holding the Certificates if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Investor understands that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury regulations, Persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    4.  The
      Investor has reviewed the provisions of Section 7.02(c) of the Agreement and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificates, including, without limitation, the restrictions on
      subsequent Transfers and the provisions regarding voiding any prohibited
      Transfers and mandatory sales. The Investor expressly agrees to be bound by,
      and
      to abide by, such provisions of the Agreement and the restrictions noted on
      the
      face of the Certificates. The Investor understands and agrees that any breach
      of
      any of the representations included herein shall render the Transfer of the
      Certificates to the Investor contemplated hereby null and void. The Investor
      consents to any amendment of the Agreement that shall be deemed necessary by
      the
      Depositor (upon advice of nationally recognized counsel) to constitute a
      reasonable arrangement to ensure that the Certificates will not be owned
      directly or indirectly by a Person other than a Permitted
      Transferee.

     

    5.  The
      Investor agrees not to Transfer the Certificates, or cause the Transfer of
      the
      Certificates by a Person for whom the Investor is acting as nominee, trustee
      or
      agent, in each case unless it
      has
      received an affidavit and
      agreement in
      substantially the same form as this affidavit
      and
      agreement
      containing these same representations and covenants from the subsequent
      transferee. In connection with any such Transfer by the Investor, the Investor
      agrees to deliver to the Trustee
      and the
      Depositor
      an
      affidavit
      substantially in the form set forth as Exhibit CC
      to the
      Agreement to the effect that the Investor has no actual knowledge that the
      Person to which the Transfer is to be made is not a Permitted
      Transferee.

     

    6.  The
      Investor has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes
      associated with holder an ownership interest in the Certificates may exceed
      the
      cash flow with respect thereto in some or all periods and intends to pay such
      taxes as they become due. The Investor does not have the intention, and no
      purpose of the Transfer of the Certificates to the Investor is, to impede the
      assessment or collection of any tax legally required to be paid with respect
      to
      the Certificates.

     

    7.  The
      Investor’s U.S. taxpayer identification number is [_____________].

     

    8.  The
      Investor is a “United States person” within the meaning of Section 7701(a)(30)
      of the Code (a “United State Person”).

     

    9.  The
      Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E of
      the
      Code and that the transferor of a noneconomic residual interest will remain
      liable for any taxes due with respect to the income on such residual interest,
      unless no significant purpose of the transfer was to impede the assessment
      or
      collection of tax.

     

    10.  The
      Investor will not cause income from the Certificates to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Investor or any other United States
      Person.

     

    11.  Check
      one
      of the following:

     

    

    The
      Transfer of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(7) and (8) and, accordingly:

     

    (i)     
       the
      present value of the anticipated tax liabilities associated with holding the
      Certificates does not exceed the sum of:

     

    
      	 	
              (a)

            	
              the
                present value of any consideration given to the Investor to acquire
                such
                Certificates;

            

    

     

    
      	 	
              (b)

            	
              the
                present value of the expected future distributions on such Certificates;
                and

            

    

     

    
      	 	
              (c)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificates as the related REMIC generates losses;
                and

            

    

     

    (ii)       the
      Transfer of the Certificates will not result in such Certificates being held,
      directly or indirectly, by a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of the Investor or any
      other United States Person.

     

    For
      purposes of the calculation in clause (i) above, (x) the Investor is assumed
      to
      pay tax at the highest rate currently specified in Section 11(b)(1) of the
      Code
      (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
      the
      highest rate specified in Section 11(b)(1) of the Code if the Investor has
      been
      subject to the alternative minimum tax under Section 55 of the Code in the
      preceding two years and will compute its taxable income in the current taxable
      year using the alternative minimum tax rate) and (y) present values are computed
      using a discount rate equal to the short-term Federal rate prescribed by Section
      1274(d) of the Code for the month of the transfer and the compounding period
      used by the Investor.

     

    The
      Transfer of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(5) and (6) and, accordingly:

     

    
      	 	
              (i)

            	
              the
                Investor is an “eligible corporation,” as defined in U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(i), as to which income from the
                Certificates will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the Transfer, and at the close of the Investor’s two fiscal
                years preceding the fiscal year of the transfer, the Investor had
                gross
                assets for financial reporting purposes (excluding any obligation
                of a
                “related person” to the Investor within the meaning of U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                purpose of which is to permit the Investor to satisfy the condition
                of
                this clause (ii)) in excess of $100 million and net assets in excess
                of
                $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Investor will transfer the Certificates only to another “eligible
                corporation,” as defined in U.S. Treasury Regulation Section
                1.860E-1(c)(6)(i), in a transaction in which the requirements of
                U.S.
                Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
                -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                provides a similar affidavit with this box checked;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Investor determined the consideration paid to it to acquire the
                Certificates based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Investor) that it has determined in good
                faith and
                has concluded that such consideration, together with other assets
                of the
                Investor, will be sufficient to cover the taxes associated with the
                Certificates.

            

    

     

     o   
None
      of the above

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

    

    
      	
              [NAME
                OF INVESTOR]

            
	 
	 
	
              By:

            	 
	
              Name:

            	
              [Name
                of Officer]

            
	
              Title:

            	
              [Title
                of Officer]

            
	 	
              [Address
                of Investor for receipt of distributions]

            
	 	 
	 	
              Address
                of Investor for receipt of tax
                information:

            

    

    

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Investor, and acknowledged to me that he/she executed the same
      as his/her free act and deed and the free act and deed of the
      Investor.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    ______________,200___

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

    

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

    

     

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2007-AC4

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I LLC

            
	 	 	
              Asset-Backed
                Certificates, Series 2007-AC4,
                Class

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed
      Certificates, Series 2007-AC4, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
      dated as of April 1, 2007, among Bear Stearns Asset Backed Securities I LLC,
      as
      depositor (the “Depositor”), EMC
      Mortgage Corporation, as master servicer, seller and company and Wells
      Fargo Bank, National Association, as trustee (the “Trustee”). The Seller hereby
      certifies, represents and warrants to, a covenants with, the Depositor and
      the
      Trustee that:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act”), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

     

    

    
      	
              Very
                truly yours,

            
	 
	
              (Seller)

            
	 
	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      E

     

    FORM
      OF INVESTMENT LETTER (NON-RULE 144A)

     

    [Date]

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
                Certificates, Series 2007-AC4 (the “Certificates”), including the Class
                ___ Certificates (the “Privately Offered
                Certificates”)

            

    

    

    Dear
      Ladies and Gentlemen:

    

    In
      connection with our purchase of Privately Offered Certificates, we confirm
      that:

    

    
      	 	
              (i)

            	
              we
                understand that the Privately Offered Certificates are not being
                registered under the Securities Act of 1933, as amended (the “Act”) or any
                applicable state securities or “Blue Sky” laws, and are being sold to us
                in a transaction that is exempt from the registration requirements
                of such
                laws;

            

    

     

    
      	 	
              (ii)

            	
              any
                information we desired concerning the Certificates, including the
                Privately Offered Certificates, the trust in which the Certificates
                represent the entire beneficial ownership interest (the “Trust”) or any
                other matter we deemed relevant to our decision to purchase Privately
                Offered Certificates has been made available to
                us;

            

    

     

    
      	 	
              (iii)

            	
              we
                are able to bear the economic risk of investment in Privately Offered
                Certificates; we are an institutional “accredited investor” as defined in
                Section 501(a)(1), (2), (3) or (7) of Regulation D promulgated under
                the
                Act and a sophisticated institutional
                investor;

            

    

     

    
      	 	
              (iv)

            	
              we
                are acquiring Privately Offered Certificates for our own account,
                not as
                nominee for any other person, and not with a present view to any
                distribution or other disposition of the Privately Offered
                Certificates;

            

    

     

    
      	 	
              (v)

            	
              we
                agree the Privately Offered Certificates must be held indefinitely
                by us
                (and may not be sold, pledged, hypothecated or in any way disposed
                of)
                unless subsequently registered under the Act and any applicable state
                securities or “Blue Sky” laws or an exemption from the registration
                requirements of the Act and any applicable state securities or “Blue Sky”
                laws is available;

            

    

     

    
      	 	
              (vi)

            	
              we
                agree that in the event that at some future time we wish to dispose
                of or
                exchange any of the Privately Offered Certificates (such disposition
                or
                exchange not being currently foreseen or contemplated), we will not
                transfer or exchange any of the Privately Offered Certificates
                unless:

            

    

     

    (A)
      (1)
      the sale is to an Eligible Purchaser (as defined below), (2) if required by
      the
      Pooling and Servicing Agreement (as defined below) a letter to substantially
      the
      same effect as either this letter or, if the Eligible Purchaser is a Qualified
      Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A and
      Related Matters Certificate in the form attached to the Pooling and Servicing
      Agreement (as defined below) (or such other documentation as may be acceptable
      to the Trustee) is executed promptly by the purchaser and delivered to the
      addressees hereof and (3) all offers or solicitations in connection with the
      sale, whether directly or through any agent acting on our behalf, are limited
      only to Eligible Purchasers and are not made by means of any form of general
      solicitation or general advertising whatsoever; and

     

    (B)
      if
      the Privately Offered Certificate is not registered under the Act (as to which
      we acknowledge you have no obligation), the Privately Offered Certificate is
      sold in a transaction that does not require registration under the Act and
      any
      applicable state securities or “blue sky” laws and, if Wells Fargo Bank National
      Association (the “Trustee”) so requests, a satisfactory Opinion of Counsel is
      furnished to such effect, which Opinion of Counsel shall be an expense of the
      transferor or the transferee;

     

    
      	 	
              (vii)

            	
              we
                agree to be bound by all of the terms (including those relating to
                restrictions on transfer) of the Pooling and Servicing, pursuant
                to which
                the Trust was formed; we have reviewed carefully and understand the
                terms
                of the Pooling and Servicing
                Agreement;

            

    

     

    
      	 	
              (viii)

            	
              we
                either: (i) are not acquiring the Privately Offered Certificate directly
                or indirectly by, or on behalf of, an employee benefit plan or other
                retirement arrangement which is subject to Title I of the Employee
                Retirement Income Security Act of 1974, as amended, and/or section
                4975 of
                the Internal Revenue Code of 1986, as amended, or (ii) in the case
                of the
                Privately Offered Certificates, have provided the Opinion of Counsel
                required by the Agreement,
                or (iii) in the case of the Class B-2 Certificates, are providing
                a
                representation to the effect that the proposed transfer and holding
                of
                such Certificate and servicing, management and operation of the Trust
                and
                its assets: (I) will not result in any prohibited transaction which
                is not
                covered under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
                91-38, PTCE 90-1, PTCE 95-60, PTCE 96-23 and (II) will not give rise
                to
                any additional obligations on the part of the Depositor, the Master
                Servicer or the Trustee.

            

    

     

    (ix)            
       We
      understand that each of the Privately Offered Certificates bears, and will
      continue to bear, a legend to substantiate the following effect: THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
      ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
      CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
      THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE
      EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
      AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO
      COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES.
[In
      the
      case of the Class B-2 Certificates]: THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE
      CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE
      AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I)
      WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN
      INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED
      TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE,
      WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR
      A
      GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH EFFECT.
[In
      the
      case of the Class P, Class C, Class R-1, Class R-2, Class R-3, Class R-4 and
      Class RX Certificates]:
      NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE
      TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b)
      OF
      THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
      AGREEMENT, SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER OR THE DEPOSITOR
      TO
      ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

    

    “Eligible
      Purchaser” means a corporation, partnership or other entity which we have
      reasonable grounds to believe and do believe (i) can make representations with
      respect to itself to substantially the same effect as the representations set
      forth herein, and (ii) is either a Qualified Institutional Buyer as defined
      under Rule 144A of the Act or an institutional “Accredited Investor” as defined
      under Rule 501 of the Act.

    

    Terms
      not
      otherwise defined herein shall have the meanings assigned to them in the Pooling
      and Servicing Agreement, dated as of April 1, 2007 (the “Pooling and Servicing
      Agreement”), among Bear Stearns Asset Backed Securities I LLC, as depositor,
      Wells Fargo Bank, National Association, as trustee, and EMC Mortgage
      Corporation, as master servicer, seller and company.

    

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

    

    Name
      of
      Nominee (if any): ________________

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ___
      day of ________, 20___.

     

    
      	
              Very
                truly yours,

            
	 
	 
	
              [PURCHASER]

            
	 
	 
	
              By:

            	 
	 	
              (Authorized
                Officer)

            
	 
	 
	
              [By:

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    

    
      	
              [NAME
                OF NOMINEE]

            
	 
	 
	
              By:

            	 
	 	
              (Authorized
                Officer)

            
	 
	 
	
              [By:

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      F

     

    FORM
      OF RULE 144A AND RELATED MATTERS CERTIFICATE

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
                Certificates, Series 2007-AC4 (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, 2007, among Bear Stearns Asset Backed
      Securities I LLC, as depositor, Wells Fargo Bank, National Association, as
      trustee and EMC Mortgage Corporation, as master servicer, seller and company,
      pursuant to which the Certificates were issued.

     

    The
      undersigned certifies that it either: (i) is not acquiring the Privately Offered
      Certificate directly or indirectly by, or on behalf of, an employee benefit
      plan
      or other retirement arrangement which is subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended, and/or section 4975 of
      the
      Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately
      Offered Certificates, has provided the Opinion of Counsel required by the
      Agreement,
      or
      (iii) in the case of the Class B-2 Certificates, are providing a representation
      to the effect that the proposed transfer and holding of such Certificate and
      servicing, management and operation of the Trust and its assets: (I) will not
      result in any prohibited transaction which is not covered under Prohibited
      Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60,
      PTCE 96-23 and (II) will not give rise to any additional obligations on the
      part
      of the Depositor, the Master Servicer or the Trustee.

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this letter.
      

     

    
      

        

        
          
            	 	
                    1

                  	
                    A
                      purchase by an insurance company for one or more of its separate
                      accounts,
                      as defined by Section 2(a)(37) of the Investment Company Act
                      of 1940,
                      which are neither registered nor required to be registered
                      thereunder,
                      shall be deemed to be a purchase for the account of such insurance
                      company. 

                  

          

           

        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Name
      of
      Nominee (if any):

     

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ____
      day of ___________, 20___.

     

    

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              [PURCHASER]

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              (Authorized
                Officer)

            
	 	 
	 	 
	 	
              [By:

            	 
	 	 	
              Attorney-in-fact]

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    

    
      	 	
              [NAME
                OF NOMINEE]

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              (Authorized
                Officer)

            
	 	 
	 	 
	 	
              [By:

            	 
	 	 	
              Attorney-in-fact]

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      G

     

    FORM
      OF REQUEST FOR RELEASE

     

    
      	
              To:

            	
              [Wells
                Fargo Bank, National Association

            
	 	
              1015
                10th Avenue S.E.

            
	 	
              Minneapolis,
                Minnesota 55414-0031]

            
	 	 
	 	
              [Treasury
                Bank, a Division of Countrywide Bank, FSB

              4100
                E. Los Angeles Ave. 

            
	 	
              Simi
                Valley, CA 93063]

            

    

    

    

    
      	 	
              Re:

            	
              [Custodial
                Agreement, dated as of April 30, 2007, among Bear Stearns Asset Backed
                Securities I LLC, as Depositor, Master Funding LLC, as a seller,
                EMC
                Mortgage Corporation, as master servicer, a seller and company and
                Wells
                Fargo Bank, National Association, as custodian and
                trustee]

            
	 	 	 
	 	 	
              [Custodial
                Agreement, dated as of April 30, 2007, among Bear Stearns Asset Backed
                Securities I LLC, as Depositor, Master Funding LLC, as a seller,
                EMC
                Mortgage Corporation, as master servicer, a seller and company, Wells
                Fargo Bank, National Association, as trustee, and Treasury Bank,
                a
                Division of Countrywide Bank, FSB, as
                custodian]

            

    

    

    

    In
      connection with the administration of the Mortgage Loans held by you pursuant
      to
      the above-captioned Custodial Agreement, we request the release, and hereby
      acknowledge receipt, of the Mortgage File for the Mortgage Loan described below,
      for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              _____

            	
              1.

            	
              Mortgage
                Paid in Full and proceeds have been deposited into the Custodial
                Account

            
	 	 	 
	
              _____

            	
              2.

            	
              Foreclosure

            
	 	 	 
	
              _____

            	
              3.

            	
              Substitution

            
	 	 	 
	
              _____

            	
              4.

            	
              Other
                Liquidation

            
	 	 	 
	
              _____

            	
              5.

            	
              Nonliquidation

            	
              Reason:

            	 
	 	 	 
	
              _____

            	
              6.

            	
              California
                Mortgage Loan paid in full

            

    

    

    
      	 	 
	
              By:

            	 
	 	
              (authorized
                signer)

            

    

    

    
      	
              Issuer:

            	 
	
              Address:

            	 
	
              Date:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      H

    

    DTC
      LETTER OF REPRESENTATIONS

    

    [Provided
      upon Request]

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      I

    

    SCHEDULE
      OF MORTGAGE LOANS WITH LOST NOTES

    

    [Provided
      upon Request]

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    

      

        EXHIBIT
          J-1

        

        FORM
          OF WELLS FARGO CUSTODIAL AGREEMENT

        

        THIS
          CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
          “Agreement”), dated as of April 30, 2007, by and among BEAR
          STEARNS ASSET BACKED SECURITIES I LLC,
          as
          depositor under the Pooling and Servicing Agreement defined below (together
          with
          any successor in interest, the “Depositor”), EMC MORTGAGE CORPORATION, as a
          seller (in such capacity, “EMC”), as master servicer (together with any
          successor in interest or successor under the Pooling and Servicing Agreement
          referred to below, the “Master Servicer”) and company (together with any
          successor in interest or successor under the Pooling and Servicing Agreement
          referred to below, the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as
          trustee (including its successors under the Pooling and Servicing Agreement
          referred to below, the “Trustee”) and custodian (together with any successor in
          interest or any successor appointed hereunder, the “Custodian”) and MASTER
          FUNDING LLC, as a seller (“Master Funding”, and together with EMC, the
“Sellers”).

        

        WITNESSETH
          THAT:

        

        WHEREAS,
          the Depositor, EMC, the Company, the Master Servicer and the Trustee have
          entered into a Pooling and Servicing Agreement, dated as of April 1, 2007,
          relating to the issuance of Bear Stearns Asset Backed Securities I Trust
          2007-AC4, Asset-Backed Certificates, Series 2007-AC4 (as in effect on the
          date
          of this Agreement, the “Original Pooling and Servicing Agreement,” and as
          amended and supplemented from time to time, the “Pooling and Servicing
          Agreement”); and

         

        WHEREAS,
          the Custodian has agreed to act as agent for the Trustee for the purposes
          of
          receiving and holding certain documents and other instruments delivered
          by the
          Depositor, the Sellers or the Master Servicer, under the Pooling and Servicing
          Agreement and the Servicers under their respective Servicing Agreements,
          all
          upon the terms and conditions and subject to the limitations hereinafter
          set
          forth;

         

        NOW,
          THEREFORE, in consideration of the premises and the mutual covenants and
          agreements hereinafter set forth, the Trustee, the Depositor, the Sellers,
          the
          Master Servicer and the Custodian hereby agree as follows:

         

        ARTICLE
          I.

        DEFINITIONS

         

        Capitalized
          terms used in this Agreement and not defined herein shall have the meanings
          assigned in the Original Pooling and Servicing Agreement, unless otherwise
          required by the context herein.

         

        ARTICLE
          II.

        CUSTODY
          OF MORTGAGE DOCUMENTS

         

        Section
          2.1.  Custodian
          to Act as Agent: Acceptance of Mortgage Files.
          The
          Custodian, as the duly appointed custodial agent of the Trustee for these
          purposes, acknowledges (subject to any exceptions noted in the Initial
          Certification referred to in Section 2.3(a)) receipt of the Mortgage Files
          relating to the Mortgage Loans identified on the schedule attached hereto
          (the
“Mortgage Files”) and declares that it holds and will hold such Mortgage Files
          as agent for the Trustee, in trust, for the use and benefit of all present
          and
          future Certificateholders.

         

        Section
          2.2.  Recordation
          of Assignments.
          If any
          Mortgage File includes one or more assignments of Mortgage that have not
          been
          recorded pursuant to the provisions of Section 2.01 of the Pooling and
          Servicing
          Agreement and the related Mortgage Loan is not a MOM Loan or the related
          Mortgaged Properties are located in jurisdictions specifically excluded
          by the
          Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of
          the
          Pooling and Servicing Agreement, each such assignment shall be delivered
          by the
          Custodian to the related Seller for the purpose of recording it in the
          appropriate public office for real property records, and the Sellers, at
          no
          expense to the Custodian, shall promptly cause to be recorded in the appropriate
          public office for real property records each such assignment of Mortgage
          and,
          upon receipt thereof from such public office, shall return each such assignment
          of Mortgage to the Custodian.

         

        Section
          2.3.  Review
          of Mortgage Files.

         

        (a)  On
          or
          prior to the Closing Date, in accordance with Section 2.02 of the Pooling
          and
          Servicing Agreement, the Custodian shall deliver to EMC (on its own behalf
          and
          on behalf of Master Funding), the Master Servicer and the Trustee an Initial
          Certification in the form annexed hereto as Exhibit One evidencing receipt
          (subject to any exceptions noted therein) of a Mortgage File for each of
          the
          Mortgage Loans listed on the Schedule attached hereto (the “Mortgage Loan
          Schedule”).

         

        (b)  Within
          90
          days of the Closing Date, the Custodian agrees, for the benefit of
          Certificateholders, to review, in accordance with the provisions of Section
          2.02
          of the Pooling and Servicing Agreement, each such document, and shall deliver
          to
          EMC (on its own behalf and on behalf of Master Funding), the Master Servicer
          and
          the Trustee, an Interim Certification in the form annexed hereto as Exhibit
          Two
          to the effect that all such documents have been executed and received and
          that
          such documents relate to the Mortgage Loans identified on the Mortgage
          Loan
          Schedule, except for any exceptions listed on Schedule A attached to such
          Interim Certification. The Custodian shall be under no duty or obligation
          to
          inspect, review or examine said documents, instruments, certificates or
          other
          papers to determine that the same are genuine, enforceable, or appropriate
          for
          the represented purpose or that they have actually been recorded or that
          they
          are other than what they purport to be on their face.

         

        (c)  Not
          later
          than 180 days after the Closing Date, the Custodian shall review the Mortgage
          Files as provided in Section 2.02 of the Pooling and Servicing Agreement
          and
          deliver to EMC (on its own behalf and on behalf of Master Funding), the
          Master
          Servicer and the Trustee, a Final Certification in the form annexed hereto
          as
          Exhibit Three evidencing the completeness of the Mortgage Files.

         

        (d)  In
          reviewing the Mortgage Files as provided herein and in the Pooling and
          Servicing
          Agreement, the Custodian shall make no representation as to and shall not
          be
          responsible to verify (i) the validity, legality, enforceability, due
          authorization, recordability, sufficiency or genuineness of any of the
          documents
          included in any Mortgage File or (ii) the collectability, insurability,
          effectiveness or suitability of any of the documents in any Mortgage
          File.

         

        Upon
          receipt of written request from the Trustee, the Custodian shall as soon
          as
          practicable supply the Trustee with a list of all of the documents relating
          to
          the Mortgage Loans missing from the Mortgage Files.

         

        Section
          2.4.  Notification
          of Breaches of Representations and Warranties.
          Upon
          discovery by the Custodian of a breach of any representation or warranty
          made by
          the Depositor as set forth in the Pooling and Servicing Agreement with
          respect
          to a Mortgage Loan relating to a Mortgage File, the Custodian shall give
          prompt
          written notice to the Depositor, the related Servicer and the
          Trustee.

         

        Section
          2.5.  Custodian
          to Cooperate: Release of Mortgage Files.
          Upon
          receipt of written notice from the Trustee that EMC has repurchased a Mortgage
          Loan pursuant to Article II of the Pooling and Servicing Agreement, and
          a
          request for release (a “Request for Release”) confirming that the purchase price
          therefor has been deposited in the Master Servicer Collection Account or
          the
          Distribution Account, then the Custodian agrees to promptly release to
          EMC the
          related Mortgage File.

         

        Upon
          the
          Custodian’s receipt of a Request for Release substantially in the form of
          Exhibit G to the Pooling and Servicing Agreement signed by a Servicing
          Officer
          of a Servicer, stating that it has received payment in full of a Mortgage
          Loan
          or that payment in full will be escrowed in a manner customary for such
          purposes, the Custodian agrees promptly to release to the Servicer, the
          related
          Mortgage File. The Depositor shall deliver to the Custodian and the Custodian
          agrees to review in accordance with the provisions of their Agreement the
          Mortgage Note and other documents constituting the Mortgage File with respect
          to
          any Replacement Mortgage Loan.

         

        From
          time
          to time as is appropriate for the servicing or foreclosure of any Mortgage
          Loan,
          including, for this purpose, collection under any Primary Insurance Policy
          or
          PMI Policy, the Company or the related Servicer, as applicable, shall deliver
          to
          the Custodian a Request for Release signed by a Servicing Officer requesting
          that possession of all of the Mortgage File be released to the Company
          or the
          related Servicer, as applicable, and certifying as to the reason for such
          release and that such release will not invalidate any insurance coverage
          provided in respect of the Mortgage Loan under any of the Insurance Policies.
          Upon receipt of the foregoing, the Custodian shall deliver the Mortgage
          File to
          the Company or the related Servicer, as applicable. The Company or the
          related
          Servicer, as applicable, shall cause each Mortgage File or any document
          therein
          so released to be returned to the Custodian when the need therefore by
          the
          Company or the related Servicer, as applicable, no longer exists, unless
          (i) the
          Mortgage Loan has been liquidated and the Liquidation Proceeds relating
          to the
          Mortgage Loan have been deposited in the Master Servicer Collection Account
          or
          the Distribution Account or (ii) the Mortgage File or such document has
          been
          delivered to an attorney, or to a public trustee or other public official
          as
          required by law, for purposes of initiating or pursuing legal action or
          other
          proceedings for the foreclosure of the Mortgaged Property either judicially
          or
          non-judicially, and the Company or the related Servicer, as applicable,
          has
          delivered to the Custodian a certificate of a Servicing Officer certifying
          as to
          the name and address of the Person to which such Mortgage File or such
          document
          was delivered and the purpose or purposes of such delivery.

         

        At
          any
          time that the Company or the related Servicer is required to deliver to
          the
          Custodian a Request for Release, the Company or the related Servicer, as
          applicable, shall deliver two copies of the Request for Release if delivered
          in
          hard copy or the Company or the related Servicer, as applicable, may furnish
          such Request for Release electronically to the Custodian, in which event
          the
          Servicing Officer transmitting the same shall be deemed to have signed
          the
          Request for Release. In connection with any Request for Release of a Mortgage
          File because of a repurchase of a Mortgage Loan, such Request for Release
          shall
          be accompanied by an assignment of mortgage, without recourse, representation
          or
          warranty from the Trustee to the Seller (unless such Mortgage Loan is a
          MOM
          Loan) and the related Mortgage Note shall be endorsed without recourse,
          representation or warranty by the Trustee (unless such Mortgage Loans is
          registered on the MERS System) and be returned to the Seller. In connection
          with
          any Request for Release of a Mortgage File because of the payment in full
          of a
          Mortgage Loan, such Request for Release shall be accompanied by a certificate
          of
          satisfaction or other similar instrument to be executed by or on behalf
          of the
          Trustee and returned to the Company or the related Servicer, as
          applicable.

         

        Section
          2.6.  Assumption
          Agreements.
          In the
          event that any assumption agreement, substitution of liability agreement
          or sale
          of servicing agreement is entered into with respect to any Mortgage Loan
          subject
          to this Agreement in accordance with the terms and provisions of the Pooling
          and
          Servicing Agreement, the Master Servicer, to the extent provided in the
          Pooling
          and Servicing Agreement or the related Servicing Agreement, shall cause
          the
          Company or the related Servicer, as applicable, to notify the Custodian
          that
          such assumption or substitution agreement has been completed by forwarding
          to
          the Custodian the original of such assumption or substitution agreement,
          which
          shall be added to the related Mortgage File and, for all purposes, shall
          be
          considered a part of such Mortgage File to the same extent as all other
          documents and instruments constituting parts thereof.

         

        ARTICLE
          III.

        CONCERNING
          THE CUSTODIAN

         

        Section
          3.1.  Custodian
          a Bailee and Agent of the Trustee.
          With
          respect to each Mortgage Note, Mortgage and other documents constituting
          each
          Mortgage File which are delivered to the Custodian, the Custodian is exclusively
          the bailee and custodial agent of the Trustee and has no instructions to
          hold
          any Mortgage Note or Mortgage for the benefit of any person other than
          the
          Trustee and the Certificateholders and undertakes to perform such duties
          and
          only such duties as are specifically set forth in this Agreement and in
          the
          Pooling and Servicing Agreement. Except upon compliance with the provisions
          of
          Section 2.5 of this Agreement, no Mortgage Note, Mortgage or Mortgage File
          shall
          be delivered by the Custodian to the Company, the Depositor, any Servicer
          or the
          Master Servicer or otherwise released from the possession of the
          Custodian.

         

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

         

        Section
          3.3.  Trustee
          to Pay Custodian’s Fees and Expenses.
          The
          Trustee covenants and agrees to pay to the Custodian from time to time
          a fee as
          agreed upon by such parties as reasonable compensation for all services
          rendered
          by it in the exercise and performance of any of the powers and duties hereunder
          of the Custodian. Upon its request, the Custodian shall be paid or reimbursed
          from the Trust Fund for all reasonable expenses, disbursements and advances
          incurred or made by the Custodian in accordance with any of the provisions
          of
          this Agreement (including the reasonable compensation and the expenses
          and
          disbursements of its counsel and of all persons not regularly in its employ),
          except any such expense, disbursement or advance as may arise from the
          Custodian’s negligence or bad faith or to the extent that such cost or expense
          is indemnified by the Depositor pursuant to the Pooling and Servicing
          Agreement.

         

        Section
          3.4.  Custodian
          May Resign; Trustee May Remove Custodian.
          The
          Custodian may resign from the obligations and duties hereby imposed upon
          it as
          such obligations and duties relate to its acting as Custodian of the Mortgage
          Loans. Upon receiving such written notice of resignation, the Trustee shall
          either take custody of the Mortgage Files itself and give prompt written
          notice
          thereof to the Depositor, the Master Servicer and the Custodian, or promptly
          appoint a successor Custodian by written instrument, in duplicate, one
          copy of
          which instrument shall be delivered to the resigning Custodian and one
          copy to
          the successor Custodian. If the Trustee shall not have taken custody of
          the
          Mortgage Files and no successor Custodian shall have been so appointed
          and have
          accepted appointment within 30 days after the giving of such written notice
          of
          resignation, the resigning Custodian may petition any court of competent
          jurisdiction for the appointment of a successor Custodian.

         

        The
          Trustee may remove the Custodian at any time upon 60 days prior written
          notice
          to Custodian. In such event, the Trustee shall appoint, or petition a court
          of
          competent jurisdiction to appoint, a successor Custodian hereunder. Any
          successor Custodian shall be a depository institution subject to supervision
          or
          examination by federal or state authority shall be able to satisfy the
          other
          requirements contained in Section 3.6 and shall be unaffiliated with the
          Servicers, the Company and the Depositor.

         

        Any
          resignation or removal of the Custodian and appointment of a successor
          Custodian
          pursuant to any of the provisions of this Section 3.4 shall become effective
          upon acceptance of appointment by the successor Custodian. The Trustee
          shall
          give prompt notice to the Depositor and the Master Servicer of the appointment
          of any successor Custodian. No successor Custodian shall be appointed by
          the
          Trustee without the prior approval of the Depositor and the Master
          Servicer.

         

        Section
          3.5.  Merger
          or Consolidation of Custodian.
          Any
          Person into which the Custodian may be merged or converted or with which
          it may
          be consolidated, or any Person resulting from any merger, conversion or
          consolidation to which the Custodian shall be a party, or any Person succeeding
          to the business of the Custodian, shall be the successor of the Custodian
          hereunder, without the execution or filing of any paper or any further
          act on
          the part of any of the parties hereto, anything herein to the contrary
          notwithstanding.

         

        Section
          3.6.  Representations
          of the Custodian.
          The
          Custodian hereby represents that it is a depository institution subject
          to
          supervision or examination by a federal or state authority, has a combined
          capital and surplus of at least $15,000,000 and is qualified to do business
          in
          the jurisdictions in which it will hold any Mortgage File.

         

        ARTICLE
          IV.

        COMPLIANCE
          WITH REGULATION AB

         

        Section
          4.1.  Intent
          of the parties; Reasonableness.
          The
          parties hereto acknowledge and agree that the purpose of this Article IV
          is to
          facilitate compliance by the Depositor with the provisions of Regulation
          AB and
          related rules and regulations of the Commission. The Depositor shall not
          exercise its right to request delivery of information or other performance
          under
          these provisions other than in good faith, or for purposes other than compliance
          with the Securities Act, the Exchange Act and the rules and regulations
          of the
          Commission under the Securities Act and the Exchange Act. Each of the parties
          hereto acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the mortgage-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Depositor in good faith for delivery of information
          under
          these provisions on the basis of evolving interpretations of Regulation
          AB to
          the extent reasonably practicable. The Custodian shall cooperate reasonably
          with
          the Depositor to deliver to the Depositor (including any of its assignees
          or
          designees), any and all disclosure, statements, reports, certifications,
          records
          and any other information necessary in the reasonable, good faith determination
          of the Depositor to permit the Depositor to comply with the provisions
          of
          Regulation AB.

         

        Section
          4.2.  Additional
          Representations and Warranties of the Custodian.

         

        (a)  [Reserved];

         

        (b)  The
          Custodian shall be deemed to represent to the Depositor as of the date
          hereof
          and on each date on which information is provided to the Depositor under
          Section
          4.3 that, except as disclosed in writing to the Depositor prior to such
          date:
          (i) there are no aspects of its financial condition that could have a material
          adverse effect on the performance by it of its custodial obligations under
          this
          Agreement or any other Securitization Transaction as to which it is the
          custodian; (ii) there are no material legal or governmental proceedings
          pending
          (or known to be contemplated) against it; and (iii) there are no affiliations,
          relationships or transactions relating to the Custodian with respect to
          the
          Depositor or any sponsor, issuing entity, servicer, trustee, originator,
          significant obligor, enhancement or support provider or other material
          transaction party (as such terms are used in Regulation AB) relating to
          the
          Securitization Transaction contemplated by the Agreement, as identified
          by the
          Depositor to the Custodian in writing as of the Closing Date (each, a
          "Transaction Party").

         

        (c)  If
          so
          requested by the Depositor on any date following the Closing Date, the
          Custodian
          shall, within five Business Days following such request, confirm in writing
          the
          accuracy of the representations and warranties set forth in paragraph (a)
          of
          this Section or, if any such representation and warranty is not accurate
          as of
          the date of such confirmation, provide reasonably adequate disclosure of
          the
          pertinent facts, in writing, to the requesting party. Any such request
          from the
          Depositor shall not be given more than once each calendar quarter, unless
          the
          Depositor shall have a reasonable basis for a determination that any of
          the
          representations and warranties may not be accurate.

         

        Section
          4.3.  Additional
          Information to Be Provided by the Custodian.
          For so
          long as the Certificates are outstanding, for the purpose of satisfying
          the
          Depositor 's reporting obligation under the Exchange Act with respect to
          any
          class of Certificates, the Custodian shall (a) notify the Depositor in
          writing
          of any material litigation or governmental proceedings pending against
          the
          Custodian that would be material to Certificateholders, and (b) provide
          to the
          Depositor a written description of such proceedings. Any notices and
          descriptions required under this Section 4.3 shall be given no later than
          five
          Business Days prior to the Determination Date following the month in which
          the
          Custodian has knowledge of the occurrence of the relevant event. As of
          the date
          the Depositor or Master Servicer files each Report on Form 10-D or Form
          10-K
          with respect to the Certificates, the Custodian will be deemed to represent
          that
          any information previously provided under this Section 4.3, if any, is
          materially correct and does not have any material omissions unless the
          Custodian
          has provided an update to such information.

         

        Section
          4.4.  Report
          on Assessment of Compliance and Attestation.
          On or
          before March 15 of each calendar year beginning in 2008, the Custodian
          shall:

         

        (a)  deliver
          to the Master Servicer, the Depositor and the Trustee a report regarding
          the
          Custodian’s assessment of compliance with the Servicing Criteria during the
          preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
          Exchange Act and Item 1122 of Regulation AB. The Assessment of Compliance,
          as
          set forth in Regulation AB, must contain (i) a statement by such officer
          of its
          responsibility for assessing compliance with the Servicing Criteria applicable
          to the Custodian, (ii) a statement by such officer that the Custodian used
          the
          Servicing Criteria attached as Exhibit Four hereto, and which will also
          be
          attached to the Assessment of Compliance, to assess compliance with the
          Servicing Criteria applicable to the Custodian, (iii) an assessment by
          such
          officer of the Custodian’s compliance with the applicable Servicing Criteria for
          the period consisting of the preceding calendar year, including disclosure
          of
          any material instance of noncompliance with respect thereto during such
          period,
          which assessment shall be based on the activities the Custodian performs
          with
          respect to asset-backed securities transactions taken as a whole involving
          the
          Custodian, that are backed by the same asset type as the Mortgage Loans,
          (iv) a
          statement that a registered public accounting firm has issued an attestation
          report on the Custodian’s Assessment of Compliance for the period consisting of
          the preceding calendar year, and (v) a statement as to which of the Servicing
          Criteria, if any, are not applicable to the Custodian, which statement
          shall be
          based on the activities the Custodian performs with respect to asset-backed
          securities transactions taken as a whole involving the Custodian, that
          are
          backed by the same asset type as the Mortgage Loans. Such report at a minimum
          shall address each of the Servicing Criteria identified and marked on Exhibit
          Four attached hereto as being applicable to the Custodian; and

         

        (b)  deliver
          to the Master Servicer, the Depositor and the Trustee a report by a registered
          public accounting firm that attests to, and reports on, the Assessment
          of
          Compliance made by the Custodian, as required by Rules 13a-18 and 15d-18
          of the
          Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report
          must be
          made in accordance with standards for attestation reports issued or adopted
          by
          the Public Company Accounting Oversight Board.

         

        (c)  Notwithstanding
          the foregoing, an Assessment of Compliance is not required to be delivered
          by
          the Custodian unless it is required as part of a Form 10-K with respect
          to the
          Trust Fund.

         

        (d)  In
          the
          event the Custodian is terminated under, or resigns pursuant to, the terms
          of
          this Agreement, the Custodian shall provide an Assessment of Compliance
          and
          cause to be provided an Attestation Report pursuant to this Section 4.4
          notwithstanding any such termination or resignation.

         

        Section
          4.5.  Indemnification;
          Remedies.

         

        (a)  The
          Custodian shall indemnify the Depositor, each affiliate of the Depositor,
          EMC
          and each broker dealer acting as underwriter, placement agent or initial
          purchaser of the Certificates or each Person who controls any of such parties
          (within the meaning of Section 15 of the Securities Act and Section 20
          of the
          Exchange Act); and the respective present and former directors, officers,
          employees and agents of each of the foregoing, and shall hold each of them
          harmless from and against any losses, damages, penalties, fines, forfeitures,
          legal fees and expenses and related costs, judgments, and any other costs,
          fees
          and expenses that any of them may sustain arising out of or based
          upon:

         

        (i)    
           (A)
          any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, accountants’ attestation or other material
          provided under this Article IV by or on behalf of the Custodian (collectively,
          the “Custodian Information”), or (B) the omission or alleged omission to state
          in the Custodian Information a material fact required to be stated in the
          Custodian Information or necessary in order to make the statements therein,
          in
          the light of the circumstances under which they were made, not misleading;
          or

         

        (ii)        
           any
          failure by the Custodian to deliver any information, report, certification,
          accountants’ attestation or other material when and as required under this
          Article IV.

         

        (iii)       
           the
          negligence, bad faith or willful misconduct of the Custodian in the performance
          of its obligations under this Article IV. 

         

        (b)  In
          the
          case of any failure of performance described in clause (ii) of Section
          4.5(a),
          the Custodian shall promptly reimburse the Depositor for all costs reasonably
          incurred by the Depositor in order to obtain the information, report,
          certification, accountants’ letter or other material not delivered as required
          by the Custodian.

         

        (c)  In
          no
          event shall the Custodian or its directors, officers, and employees be
          liable
          for any special, indirect or consequential damages from any action taken
          or
          omitted to be taken by it or them hereunder or in connection herewith even
          if
          advised of the possibility of such damages.

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of the Custodian. 

         

        ARTICLE
          V.

        MISCELLANEOUS
          PROVISIONS

         

        Section
          5.1.  Notices.
          All
          notices, requests, consents and demands and other communications required
          under
          this Agreement or pursuant to any other instrument or document delivered
          hereunder shall be in writing and, unless otherwise specifically provided,
          may
          be delivered personally, by telegram or telex, or by registered or certified
          mail, postage prepaid, return receipt requested, at the addresses specified
          on
          the signature page hereof (unless changed by the particular party whose
          address
          is stated herein by similar notice in writing), in which case the notice
          will be
          deemed delivered when received.

         

        Section
          5.2.  [Reserved].

         

        Section
          5.3.  Amendments.
          No
          modification or amendment of or supplement to this Agreement shall be valid
          or
          effective unless the same is in writing and signed by all parties
          hereto.  The Trustee shall give prompt notice to the Custodian of any
          amendment or supplement to the Pooling and Servicing Agreement and furnish
          the
          Custodian with written copies thereof.

         

        Section
          5.4.  GOVERNING
          LAW.
          THIS
          AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
          OF
          THE STATE OF NEW YORK, WITHOUT
          REGARD
          TO
          CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW
          YORK
          GENERAL OBLIGATIONS LAW.

         

        Section
          5.5.  Recordation
          of Agreement.
          To the
          extent permitted by applicable law, this Agreement is subject to recordation
          in
          all appropriate public offices for real property records in all the counties
          or
          other comparable jurisdictions in which any or all of the properties subject
          to
          the Mortgages are situated, and in any other appropriate public recording
          office
          or elsewhere, such recordation to be effected by the Depositor and at the
          Trust’s expense, but only upon direction accompanied by an Opinion of Counsel
          reasonably satisfactory to the Depositor to the effect that the failure
          to
          effect such recordation is likely to materially and adversely affect the
          interests of the Certificateholders.

         

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

         

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

         

        [Signature
          Page Follows]

        

         

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    IN
      WITNESS WHEREOF, this Agreement is executed as of the date first above
      written.

     

    

    
      	
              Address:

            	
              BEAR
                STEARNS ASSET BACKED 

            
	 	
              SECURITIES
                I LLC

            
	
              383
                Madison Avenue

            	 
	
              New
                York, New York 10179

            	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	
              Address:

            	
              EMC
                MORTGAGE CORPORATION,

            
	 	
              as
                Master Servicer and Seller

            
	
              2780
                Lake Vista Drive, 

            	 
	
              Lewisville,
                Texas 75067

            	 
	
              Facsimile:
                (214) 626-4889

            	
              By:

            	 
	
              Attention:
                Michelle Viner

            	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	
              Address:

            	
              MASTER
                FUNDING LLC,

            
	 	
              as
                Seller

            
	
              2780
                Lake Vista Drive, 

            	 
	
              Lewisville,
                Texas 75067

            	 
	
              Facsimile:
                (214) 626-4889

            	
              By:

            	 
	
              Attention:
                Mark Novachek

            	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	
              Address:

            	
              WELLS
                FARGO BANK,

            
	 	
              NATIONAL
                ASSOCIATION,

            
	
              9062
                Old Annapolis Road

            	
              as
                Trustee

            
	
              Columbia,
                Maryland 21045

            	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	
              Address:

            	
              WELLS
                FARGO BANK,

            
	 	
              NATIONAL
                ASSOCIATION, 

            
	
              1015
                10th Avenue S.E.

            	
              as
                Custodian

            
	
              Minneapolis,
                Minnesota 55414-0031

            	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Bear Stearns Asset Backed Securities I LLC, and
      also known to me to be the person who executed the within instrument on behalf
      of said party, and acknowledged to me that such party executed the within
      instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [SEAL]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of EMC Mortgage Corporation, one of the parties that executed
      the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of Master Funding LLC, one of the parties that executed the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF HOWARD

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Wells Fargo Bank, National Association, a national
      banking association, one of the parties that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said party,
      and
      acknowledged to me that such party executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    
      	
              STATE
                OF MINNESOTA

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF HENNEPIN

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Wells Fargo Bank, National Association, a national
      banking association, one of the parties that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said party,
      and
      acknowledged to me that such party executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      ONE

     

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

     

    April
      30,
      2007

     

    
      	
              Wells
                Fargo Bank, National Association

            	
              With
                a copy to:

            
	
              9062
                Old Annapolis Road

            	 
	
              Columbia,
                Maryland 21045

            	
              EMC
                Mortgage Corporation

            
	 	
              2780
                Lake Vista Drive

            
	
              EMC
                Mortgage Corporation

            	
              Lewisville,
                TX 75067

            
	
              2780
                Lake Vista Drive

            	
              Attention:
                Michelle Viner

            
	
              Lewisville,
                TX 75067

            	
              Facsimile:
                (214) 626-4889

            
	
              Attention:
                Janan Weeks

            	 
	
              Facsimile:
                (214) 626-3704

            	 

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
      and
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      (which contains an original Mortgage Note or lost note affidavit) to the extent
      required in Section 2.01 of the Pooling and Servicing Agreement with respect
      to
      each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
      listed on Schedule A attached hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

     

    (Provided
      Upon Request)

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      TWO

     

    FORM
      OF
      CUSTODIAN INTERIM CERTIFICATION

     

    [DATE]

     

    
      	
              Wells
                Fargo Bank, National Association

            	
              With
                a copy to:

            
	
              9062
                Old Annapolis Road

            	 
	
              Columbia,
                Maryland 21045

            	
              EMC
                Mortgage Corporation

            
	 	
              2780
                Lake Vista Drive

            
	
              EMC
                Mortgage Corporation

            	
              Lewisville,
                TX 75067

            
	
              2780
                Lake Vista Drive

            	
              Attention:
                Michelle Viner

            
	
              Lewisville,
                TX 75067

            	
              Facsimile:
                (214) 626-4889

            
	
              Attention:
                Janan Weeks

            	 
	
              Facsimile:
                (214) 626-3704

            	 

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

    

    (PROVIDED
      UPON REQUEST)

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      THREE

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    [DATE]

     

    
      	
              Wells
                Fargo Bank, National Association

            	
              With
                a copy to:

            
	
              9062
                Old Annapolis Road

            	 
	
              Columbia,
                Maryland 21045

            	
              EMC
                Mortgage Corporation

            
	 	
              2780
                Lake Vista Drive

            
	
              EMC
                Mortgage Corporation

            	
              Lewisville,
                TX 75067

            
	
              2780
                Lake Vista Drive

            	
              Attention:
                Michelle Viner

            
	
              Lewisville,
                TX 75067

            	
              Facsimile:
                (214) 626-4889

            
	
              Attention:
                Janan Weeks

            	 
	
              Facsimile:
                (214) 626-3704

            	 

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

    

    

    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
      J-2

     

    Form
      of treasury bank CUSTODIAL AGREEMENT

     

    THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
      "Agreement”), dated as of April 30, 2007, by and among WELLS FARGO, NATIONAL
      ASSOCIATION, not individually but solely 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 a seller (in such capacity, “EMC”), as master servicer
      (together with any successor in interest or successor under the Pooling and
      Servicing Agreement referred to below, the “Master Servicer”) and company
      (together with any successor in interest or successor under the Pooling and
      Servicing Agreement referred to below, the “Company”),
      TREASURY BANK, A DIVISION OF COUNTRYWIDE BANK, FSB, as custodian (together
      with
      any successor in interest or any successor appointed hereunder, the "Custodian")
      and MASTER
      FUNDING LLC, as a seller (“Master Funding”, and together with EMC, the
“Sellers”).

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, EMC, the Company, the Master Servicer, and the Trustee have
      entered into a Pooling and Servicing Agreement, dated as of April 1, 2007,
      relating to the issuance of Bear Stearns Asset Backed Securities I Trust
      2007-AC4, Asset-Backed Certificates, Series 2007-AC4 (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 relating to the
      mortgage loans (herein referred to as the “Mortgage Loans”) listed on Schedule I
      hereto (the “Mortgage Loan Schedule”) delivered by (i) the Depositor, the
      Sellers or the Master Servicer under the Pooling and Servicing Agreement and
      (ii) the Servicers under their respective Servicing Agreements, all upon the
      terms and conditions and subject to the limitations hereinafter set
      forth;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor, the Sellers,
      the
      Master Servicer, and the Custodian hereby agree as follows:

     

    ARTICLE
      I.

    DEFINITIONS

     

    Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the Original Pooling and Servicing Agreement, unless otherwise
      required by the context herein.

     

    ARTICLE
      II.

    CUSTODY
      OF MORTGAGE DOCUMENTS

     

    Section
      2.1. Custodian
      to Act as Agent: Acceptance of Mortgage Files.
      The
      Custodian, as the duly appointed 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 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 relating to the Mortgage Loans includes one or more assignments
      of
      Mortgage to the Trustee in a state which is specifically excluded from the
      Opinion of Counsel delivered by the Sellers to the Trustee and the Custodian
      pursuant to the provisions of Section 2.01 of the Pooling and Servicing
      Agreement, each such assignment shall be delivered, at the direction of the
      Depositor (in written or electronic format), by the Custodian to the Depositor
      for the purpose of recording it in the appropriate public office for real
      property records, and the Depositor, at no expense to the Custodian, shall
      promptly cause to be recorded in the appropriate public office for real property
      records each such assignment of Mortgage and, upon receipt thereof from such
      public office, shall return each such assignment of Mortgage to the
      Custodian.

     

    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 Depositor, EMC (on
      its
      own behalf and on behalf of Master Funding), the Master Servicer and the Trustee
      an Initial Certification in the form annexed hereto as Exhibit One evidencing
      receipt (subject to any exceptions noted therein) of a Mortgage File for each
      of
      the Mortgage Loans.

     

    (b)        Within
      90
      days of the Closing Date (or, with respect to any Substitute Mortgage Loans,
      within 5 Business Days after the receipt by the Trustee or the Custodian
      thereof), 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 relating to the Mortgage Loans, and
      shall execute and deliver to the Depositor, EMC (on its own behalf and on behalf
      of Master Funding), the Master Servicer and the Trustee an Interim Certification
      in the form annexed hereto as Exhibit Two to the effect that all such documents
      have been executed and received and that such documents relate to the Mortgage
      Loans identified on the Mortgage Loan Schedule, except for any exceptions listed
      on Schedule A attached to such Interim Certification. The Custodian shall be
      under no duty or obligation to inspect, review or examine said documents,
      instruments, certificates or other papers to determine that the same are
      genuine, enforceable, or appropriate for the represented purpose or that they
      have actually been recorded or that they are other than what they purport to
      be
      on their face.

     

    (c)        Not
      later
      than 180 days after the Closing Date (or, with respect to any Substitute
      Mortgage Loans, within 5 Business Days after the receipt by the Trustee or
      the
      Custodian thereof), the Custodian shall review the Mortgage Files relating
      to
      the Mortgage Loans as provided in Section 2.02 of the Pooling and Servicing
      Agreement and execute and deliver to the Depositor, EMC (on its own behalf
      and
      on behalf of Master Funding), the Master Servicer and the Trustee a Final
      Certification in the form annexed hereto as Exhibit Three evidencing the
      completeness of such Mortgage Files.

     

    (d)        In
      reviewing the Mortgage Files relating to the Mortgage Loans 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
      collectibility, 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 requesting party with a list of all of the documents
      missing from the Mortgage Loans then contained in 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 Master Servicer, the applicable Servicer
      and the Trustee.

     

    Section
      2.5. Custodian
      to Cooperate: Release of Mortgage Files.
      Upon
      receipt of written notice from the Master Servicer or the Trustee that the
      Sellers have repurchased a Mortgage Loan pursuant to Article II of the Pooling
      and Servicing Agreement, and that the Repurchase Price therefor has been
      deposited in the Distribution Account, and a Request for Release (as defined
      below), the Custodian agrees to promptly release to the Sellers the related
      Mortgage File.

     

    Upon
      the
      Custodian's receipt of a request for release (a "Request for Release")
      substantially in the form of Exhibit G to the Pooling and Servicing Agreement
      signed by an officer of the related 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 such Servicer upon request, as such
      list
      may from time to time be amended (each, a “Servicing Officer”) stating that it
      has received payment in full of a Mortgage Loan or that payment in full will
      be
      escrowed in a manner customary for such purposes, the Custodian agrees to
      promptly release to such Servicer the related Mortgage File. The Depositor
      shall
      deliver to the Custodian, and the Custodian agrees to accept, the Mortgage
      Note
      and other documents constituting the Mortgage File with respect to any
      Substitute Mortgage Loan, which documents the Custodian will review to the
      extent provided in Article II of the Pooling and Servicing
      Agreement.

     

    From
      time
      to time as is appropriate for the servicing or foreclosure of any Mortgage
      Loan,
      including, for this purpose, collection under any Primary Mortgage Insurance
      Policy, the related Servicer shall (or if the related Servicer does not, then
      the Master Servicer may) deliver to the Custodian a Request for Release signed
      by a Servicing Officer requesting that possession of all of the related Mortgage
      File be released to such Servicer and certifying as to the reason for such
      release and that such release will not invalidate any insurance coverage
      provided in respect of the related Mortgage Loan under any of the Insurance
      Policies. Upon receipt of the foregoing, the Custodian shall deliver such
      Mortgage File to the related Servicer. All Mortgage Files so released to the
      related Servicer shall be held by it in trust for the Trustee for the use and
      benefit of all present and future Certificateholders. The related Servicer
      shall
      cause each Mortgage File or any document therein so released to be returned
      to
      the Custodian when the need therefor by such Servicer no longer exists, unless
      (i) such Mortgage Loan has been liquidated and the Liquidation Proceeds relating
      to the related Mortgage Loan have been deposited in the Distribution Account
      or
      (ii) such 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 related Mortgaged Property either judicially or non-judicially, and the
      related Servicer 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 a Servicer or the Master Servicer is required to deliver to the
      Custodian a Request for Release, such Servicer or the Master Servicer shall
      deliver two copies of the Request for Release if delivered in hard copy or
      such
      Servicer or the Master Servicer 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 such Request for Release.
      In connection with any Request for Release of a Mortgage File because of a
      repurchase of a Mortgage Loan, the assignment of mortgage and the related
      Mortgage Note shall be returned to the related Servicer or the Master Servicer,
      as applicable, for execution and endorsement, respectively, pursuant to a power
      of attorney from the Trustee and for delivery to the Sellers. If the related
      Servicer or the Master Servicer does not have a power of attorney from the
      Trustee to execute the applicable assignment and to endorse the related Mortgage
      Note, such Request for Release shall be accompanied by an assignment of
      mortgage, without recourse, executed by the Trustee to the Sellers and the
      related Mortgage Note shall be endorsed without recourse by the Trustee (if
      not
      in blank) and be returned to the related Servicer or the Master Servicer, as
      applicable, for delivery to the Sellers; provided, however, that in the case
      of
      a Mortgage Loan that is registered on the MERS® System, no assignment of
      mortgage or endorsement of the Mortgage Note by the Trustee, or by the related
      Servicer or the Master Servicer pursuant to a power of attorney from the
      Trustee, shall be required. In connection with any Request for Release of a
      Mortgage File because of the payment in full of a Mortgage Loan and if the
      related Servicer or the Master Servicer does not have a power of attorney from
      the Trustee to execute the applicable certificate of satisfaction or similar
      instrument, 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 related Servicer or the Master 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 related
      Servicing Agreement, shall cause the related Servicer to notify the Custodian
      that such assumption agreement, substitution of liability agreement or sale
      of
      servicing agreement has been completed by forwarding to the Custodian the
      original of such assumption agreement, substitution of liability agreement
      or
      sale of servicing 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
      as Bailee and Agent of the Trustee.
      With
      respect to each Mortgage Note and other documents constituting each Mortgage
      File relating to the Mortgage Loans which are delivered to the Custodian, the
      Custodian is exclusively the bailee and agent of the Trustee and has no
      instructions to hold any Mortgage Note or Mortgage File 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. Except upon compliance with the provisions of Section 2.5 of this
      Agreement with respect to any Mortgage Loan, no Mortgage Note, Mortgage or
      Mortgage File shall be delivered by the Custodian to the Depositor, the Sellers,
      any Servicer or the Master Servicer or otherwise released from the possession
      of
      the Custodian.

     

    Section
      3.2. [Reserved.]

     

    Section
      3.3. 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
      3.4. Custodian's
      Fees and Expenses.
      The
      Depositor covenants and agrees to cause EMC to pay 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 pursuant to a letter agreement between the
      Custodian and EMC. In addition, EMC 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
      3.5. 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 notice of resignation, the Trustee shall either
      take
      custody of the Mortgage Files itself and give prompt notice thereof to the
      Depositor, the Master Servicer, the Servicers 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 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 with the consent of the Master
      Servicer. 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 3.7 and shall be unaffiliated with any
      Servicer or the Depositor.

     

    Any
      resignation or removal of the Custodian and appointment of a successor Custodian
      pursuant to any of the provisions of this Section 3.5 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
      3.6. 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 (provided such Person shall satisfy the requirements set forth in
      Section 3.7), 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
      3.7. Representations
      of the Custodian.
      The
      Custodian hereby represents, and any successor Custodian hereunder shall
      represent, that it is a depository institution subject to supervision or
      examination by a federal or state authority, has a combined capital and surplus
      of at least $15,000,000 and is qualified to do business in the jurisdictions
      in
      which it will hold any Mortgage File.

     

    Section
      3.8. Duties
      and Obligations of the Custodian.
      

     

    (a)        The
      Custodian shall be under no duty or obligation to inspect, review or examine
      the
      Mortgage Files to determine that the contents thereof are appropriate for the
      represented purpose or that they have been actually recorded or that they are
      other than what they purport to be on their face. 

     

    (b)        The
      Custodian shall not be responsible or liable for, and makes no representation
      or
      warranty with respect to, the validity, adequacy or perfection or any lien
      upon
      or security interest in the Mortgage Files. 

     

    (c)        Any
      other
      provision of this Agreement to the contrary notwithstanding, the Custodian
      shall
      have no notice, and shall not be bound by any of the terms and conditions of
      any
      other document or agreement executed or delivered in connection with, or
      intended to control any part of, the transactions anticipated by or referred
      to
      in this Agreement unless the Custodian is a signatory party to that document
      or
      agreement. 

     

    (d)        The
      Custodian may rely on and shall be protected in acting in good faith upon any
      certificate, instrument, opinion, notice, magnetic tape, letter, telegram or
      other document, or any security, delivered to it and in good faith believed
      by
      it to be genuine and to have been signed by the proper party or parties; but
      in
      the case of any loan document or other request, instruction, document or
      certificate which by any provision hereof is specifically required to be
      furnished to the Custodian, the Custodian shall be under a duty to examine
      the
      same to determine whether or not it conforms prima facie to the requirements
      of
      this Custodial Agreement.

     

    (e)        The
      Custodian shall not be liable for any error of judgment, or for any act done
      or
      step taken or omitted by it, in good faith, or for any mistake of fact or law,
      or for anything that it may do or refrain from doing in connection therewith,
      except in the case of its negligent performance or omission. 

     

    (f)        The
      Custodian shall have no obligation to verify the receipt of any such documents
      the existence of which was not made known to the Custodian by the Mortgage
      Files. 

     

    (g)         The
      Custodian shall not be responsible for delays or failures in performance
      resulting from acts beyond its control. Such acts shall include, but not be
      limited to, acts of God, strikes, lockouts, riots, acts of war or terrorism,
      epidemics, nationalization, expropriation, currency restrictions, governmental
      regulations superimposed after the fact, fire, communication line failures,
      power failures, earthquakes or other disasters.

    

     

    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, the Master Servicer and the Trustee
      with
      the provisions of Regulation AB and related rules and regulations of the
      Commission. The Depositor, the Master Servicer and the Trustee 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 the Custodian agrees
      to
      comply with requests made by the Depositor, the Master Servicer and the Trustee
      in good faith for delivery of information under these provisions on the basis
      of
      evolving interpretations of Regulation AB to the extent reasonably practicable,
      unless otherwise advised in writing by counsel. The Custodian shall cooperate
      reasonably with the Depositor, the Master Servicer and the Trustee to deliver
      to
      the Depositor, the Trustee and the Master Servicer (including any of their
      respective 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, the Master Servicer and the Trustee
      to permit the Depositor, the Master Servicer and the Trustee 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 with respect
      to
      the Custodian set forth in the Prospectus Supplement under the caption
      "Description of the Certificates—The Custodians—Treasury Bank" (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; (ii) there are no material legal or governmental proceedings pending
      (or known to be contemplated) against it that would affect or interfere with
      the
      performance of its obligations hereunder; and (iii) there are no affiliations,
      relationships or transactions relating to the Custodian with respect to the
      Depositor or any sponsor, issuing entity, servicer (other than Countrywide
      Home
      Loan Servicing LP), 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
      Pooling and Servicing Agreement, as identified by the Depositor to the Custodian
      in writing as of the Closing Date (each, a "Transaction Party") that would
      affect or interfere with the performance of its obligations hereunder and have
      not been previously disclosed to the Depositor and the Trustee.

     

    (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 (1) 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, the Trustee
      and the Master Servicer in writing of any material litigation or governmental
      proceedings pending against the Custodian (including any such proceedings known
      to be contemplated by the governmental authorities) that would be material
      to
      Certificateholders, and (b) provide to the Depositor, the Trustee and the Master
      Servicer 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,
      the Trustee 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 in which a Form 10-K is required to be
      filed with respect to the Trust, the Custodian shall:

     

    (a)        deliver
      to the Master Servicer, the Depositor and the Trustee a report regarding the
      Custodian’s assessment of compliance with the Servicing Criteria during the
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB. The Assessment of Compliance,
      as
      set forth in Regulation AB, must contain (i) a statement by such officer of
      its
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the Custodian, (ii) a statement by such officer that the Custodian used
      the
      Servicing Criteria attached as Exhibit Four hereto, and which will also be
      attached to the Assessment of Compliance, to assess compliance with the
      Servicing Criteria applicable to the Custodian, (iii) an assessment by such
      officer of the Custodian’s compliance with the applicable Servicing Criteria for
      the period consisting of the preceding calendar year, including disclosure
      of
      any material instance of noncompliance with respect thereto during such period,
      which assessment shall be based on the activities the Custodian performs with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Custodian, that are backed by the same asset type as the Mortgage Loans, (iv)
      a
      statement that a registered public accounting firm has issued an attestation
      report on the Custodian’s Assessment of Compliance for the period consisting of
      the preceding calendar year, and (v) a statement as to which of the Servicing
      Criteria, if any, are not applicable to the Custodian, which statement shall
      be
      based on the activities the Custodian performs with respect to asset-backed
      securities transactions taken as a whole involving the Custodian, that are
      backed by the same asset type as the Mortgage Loans. Such report at a minimum
      shall address each of the Servicing Criteria identified and marked on Exhibit
      Four attached hereto as being applicable to the Custodian; and

     

    (b)        deliver
      to the Master Servicer, the Depositor and the Trustee a report by a registered
      public accounting firm that attests to, and reports on, the Assessment of
      Compliance made by the Custodian, as required by Rules 13a-18 and 15d-18 of
      the
      Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must
      be
      made in accordance with standards for attestation reports issued or adopted
      by
      the Public Company Accounting Oversight Board.

     

    (c)        Notwithstanding
      the foregoing, an Assessment of Compliance is not required to be delivered
      by
      the Custodian unless it is required as part of a Form 10-K with respect to
      the
      Trust Fund.

     

    (d)        In
      the
      event the Custodian is terminated under, or resigns pursuant to, the terms
      of
      this Agreement, the Custodian shall provide an Assessment of Compliance and
      cause to be provided an Attestation Report pursuant to this Section 4.4
      notwithstanding any such termination or resignation.

     

    Section
      4.5. Indemnification;
      Remedies.

     

    (a)        The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor, the
      Master Servicer, the Trustee 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 (each, an
      “Indemnified Party”), and shall hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon:

     

    (i)        (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      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; or

     

    (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, the Trustee and the Master
      Servicer for all costs reasonably incurred by the Depositor and the Master
      Servicer, respectively, 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.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless any Indemnified Party, then the Custodian 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 Custodian on the other. 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. 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, and
      neither the Depositor, the Master Servicer nor the Trustee shall enter into
      any
      amendment hereof except as permitted by the Pooling and Servicing Agreement.
      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
      5.3. GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW
      YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY
      THE
      LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS RULES
      (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL
      APPLY HERETO).

     

    Section
      5.4. 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 on direction by the Trustee, 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
      5.5. 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:

            	 	
              WELLS
                FARGO BANK,

            
	 	 	
              NATIONAL
                ASSOCIATION

            
	
              9062
                Old Annapolis Road

            	 	
              not
                individually but solely as Trustee

            
	
              Columbia,
                Maryland 21045

            	 	 
	
              Attn:
                Client Service Manager, BSABS 07-AC4

            	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	
              Address:
                

            	 	
              BEAR
                STEARNS ASSET BACKED

            
	 	 	
              SECURITIES
                I LLC

            
	
              383
                Madison Avenue

            	 	 
	
              New
                York, New York 10179

            	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	
              Address:

            	 	
              EMC
                MORTGAGE CORPORATION, 

            
	 	 	
              as
                Master Servicer and Seller

            
	
              2780
                Lake Vista Drive

            	 	 
	
              Lewisville,
                Texas 75067

            	 	
              By:

            	 
	
              (214)
                626-4889

            	 	
              Name:

            
	
              Attention:
                Michelle Viner

            	 	
              Title:

            
	 	 	 
	 	 	 
	
              Address:

            	 	
              MASTER
                FUNDING LLC,

            
	 	 	
              as
                Seller

            
	
              2780
                Lake Vista Drive, 

            	 	 
	
              Lewisville,
                Texas 75067

            	 	
              By:

            	 
	
              Facsimile:
                (214) 626-4889

            	 	
              Name:

            
	
              Attention:
                Mark Novachek

            	 	
              Title:

            
	 	 	 
	 	 	 
	
              Address:

            	 	
              TREASURY
                BANK, A DIVISION OF 

            
	 	 	
              COUNTRYWIDE
                BANK, FSB,

            
	
              4100
                E. Los Angeles Avenue 

            	 	
              as
                Custodian

            
	
              Simi
                Valley, California 93063 

            	 	 
	
              Attention:
                Teresita Que 

            	 	
              By:

            	 
	
              Telephone:
                (805) 577-6028 

            	 	
              Name:

            
	
              Facsimile:
                (805) 577-6069

            	 	
              Title:

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF HOWARD

            	
              )

            

    

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Wells Fargo Bank, National Association, a national
      banking association, one of the parties that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said 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 NEW YORK

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Bear Stearns Asset Backed Securities I LLC, and
      also known to me to be the person who executed the within instrument on behalf
      of said party, and acknowledged to me that such party executed the within
      instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [SEAL]

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of EMC Mortgage Corporation, one of the parties that executed
      the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    On
      the
      30th day of April 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of Master Funding LLC, one of the parties that executed the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF ___________

            	
              )

            

    

    

    On
      the
      30th day of April, 2007 before me, a notary public in and for said State,
      personally appeared ______________, known to me to be a __________________
      of
      Treasury Bank, a division of Countrywide Bank, FSB, one of the corporations
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	
              [Notarial
                Seal]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      1

     

    Mortgage
      Loans

     

    [Provided
      upon Request]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      ONE

     

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

     

    April
      30,
      2007

     

    Wells
      Fargo Bank, National Association

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
      Certificates, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation, Master Funding LLC and Treasury Bank, a division
                of
                Countrywide Bank, FSB relating to Bear Stearns Asset Backed Securities
                I
                Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3 of the above-captioned Custodial Agreement, and
      subject to Section 2.02 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.

     

    
      	
              TREASURY
                BANK, A DIVISION OF

            
	
              COUNTRYWIDE
                BANK, FSB

            
	 
	
              By:

            	 
	
              Name:

            
	
              Title:

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT ONE

     

    Exceptions

     

    (Provided
      Upon Request)

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      TWO

     

    FORM
      OF
      CUSTODIAN INTERIM CERTIFICATION

     

    _________
      ___, 200__

     

    Wells
      Fargo Bank, National Association

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
      Certificates, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association., Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation, Master Funding LLC and Treasury Bank, a division
                of
                Countrywide Bank, FSB relating to Bear Stearns Asset Backed Securities
                I
                Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.3 of the above-captioned Custodial 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 related 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.

     

    

    
      	
              TREASURY
                BANK, A DIVISION OF

            
	
              COUNTRYWIDE
                BANK, FSB

            
	 
	
              By:

            	 
	
              Name:

            
	
              Title:

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT TWO

     

    Exceptions

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      THREE

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    __________
      ____, 200__

     

    Wells
      Fargo Bank, National Association

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
      Certificates, Series 2007-AC4

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Wells Fargo Bank,
                National Association., Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation, Master Funding LLC and Treasury Bank, a division
                of
                Countrywide Bank, FSB relating to Bear Stearns Asset Backed Securities
                I
                Trust 2007-AC4, Asset-Backed Certificates, Series
                2007-AC4

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.3 of the above-captioned Custodial 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 an original of each document related thereto required
      to
      be recorded has been returned from the related recording office with evidence
      of
      recording thereon, or a certified copy has been obtained from the related
      recording office, with any exceptions listed in Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    

    
      	
              TREASURY
                BANK, A DIVISION OF

            
	
              COUNTRYWIDE
                BANK, FSB

            
	 
	
              By:

            	 
	
              Name:

            
	
              Title:

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT THREE

     

    Exceptions

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    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 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 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
                and identification, 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 30, 2007, as amended and supplemented
        by any and all amendments hereto (collectively, “this
        Agreement”),
        by
        and among EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC”
or
        a
“Mortgage
        Loan Seller”),
        MASTER FUNDING LLC, a Delaware limited liability company (“Master
        Funding”
or
        a
“Mortgage
        Loan Seller”,
        and
        together with EMC, the “Mortgage
        Loan Sellers”)
        and
        BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
        company
        (the “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, each Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        fixed rate, first lien mortgage loans secured by one- to four-family residences
        (collectively, the “Mortgage
        Loans”)
        as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust
        Fund”)
        and
        create Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4 (the “Certificates”),
        under
        a pooling and servicing agreement, to be dated as of April 1, 2007 (the
“Pooling
        and Servicing Agreement”),
        among
        the Purchaser, as depositor, EMC, as seller, company and master servicer
        (in
        such capacity, the “Master
        Servicer”)
        and
        Wells Fargo Bank, National Association, as trustee (the “Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
        a
        registration statement on Form S-3 (Number 333-131374) relating to its
        Asset-Backed Certificates and the offering of certain series thereof (including
        certain classes of the Certificates) from time to time in accordance with
        Rule
        415 under the Securities Act of 1933, as amended, and the rules and regulations
        of the Commission promulgated thereunder (the “Securities
        Act”).
        Such
        registration statement, when it became effective under the Securities Act,
        and
        the prospectus relating to the public offering of certain classes of the
        Certificates by the Purchaser (the “Public
        Offering”),
        as
        each may be amended or supplemented from time to time pursuant to the Securities
        Act or otherwise, are referred to herein as the “Registration
        Statement”
and
        the
“Prospectus,”
        respectively. The “Prospectus
        Supplement”
shall
        mean that supplement, dated April 27, 2007, to the Prospectus, dated March
        14,
        2007, relating to certain classes of the Certificates. With respect to the
        Public Offering of certain classes of the Certificates, the Purchaser and
        Bear,
        Stearns & Co. Inc. (“Bear
        Stearns”)
        have
        entered into a terms agreement, dated as of April 27, 2007, to an underwriting
        agreement, dated April 13, 2006, between the Purchaser and Bear Stearns
        (together, the “Underwriting
        Agreement”).

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      SECTION
        1.  Definitions.
        Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

       

      Acquisition
        Price:
        With
        respect to EMC and the sale of the EMC Mortgage Loans, cash in an amount
        equal
        to $            
        *             
        (plus
        $        *       
        in
        accrued interest). With respect to Master Funding and the sale of the Master
        Funding Mortgage Loans, cash in an amount equal to $            
        *             
        (plus
        $        *       
        in
        accrued interest).

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        April
        30, 2007.

       

      Custodial
        Agreement:
        Any of
        the Wells Fargo Custodial Agreement or the Treasury Bank Custodial
        Agreement.

       

      Custodian:
        Any
        of
        Wells Fargo, as custodian under the Wells Fargo Custodial Agreement or Treasury
        Bank, as custodian under the Treasury Bank Custodial Agreement.

       

      Cut-off
        Date Balance:
        Shall
        mean $408,200,729.69.

       

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

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its scheduled
        payment is due, as set forth in the related Mortgage Note.

       

      EMC:
        EMC
        Mortgage Corporation.

       

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

       

      EMC
        Mortgage Loans:
        The
        Mortgage Loans identified as such on the Mortgage Loan Schedule for which
        EMC is
        the applicable Mortgage Loan Seller.

       

      Master
        Funding:
        Master
        Funding LLC.

       

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

       

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

       

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

       

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

       

      Moody’s:
        Moody’s
        Investors Service, Inc., or its successors in interest.

       

      Mortgage:
        The
        mortgage or deed of trust creating a first lien on an interest in real property
        securing a Mortgage Note.

       

      Mortgage
        File:
        The
        items referred to in Exhibit
        1
        pertaining to a particular Mortgage Loan and any additional documents required
        to be added to such documents pursuant to this Agreement.

       

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

       

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

       

      Net
        Mortgage Rate:
        For
        each Mortgage Loan, the Mortgage Rate for such Mortgage Loan less (i) the
        Trustee Fee, (ii) the Servicing Fee Rate and (iii) the rate at which the
        LPMI
        Fee is calculated, if applicable.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be counsel for a Mortgage Loan Seller
        or the
        Purchaser, reasonably acceptable to the Trustee.

       

      Person:
        Any
        legal person, including any individual, corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan required to be purchased by EMC (on its own
        behalf
        as a Mortgage Loan Seller and on behalf of Master Funding) pursuant to the
        applicable provisions of this Agreement, an amount equal to the sum of (i)
        100%
        of the principal remaining unpaid on such Mortgage Loan as of the date of
        purchase (including if a foreclosure has already occurred, the principal
        balance
        of the related Mortgage Loan at the time the Mortgaged Property was acquired),
        net of any Servicing Advances and Advances attributable to principal and
        payable
        to the purchaser of the Mortgage Loan if such purchaser is also the Servicer
        of
        such Mortgage Loan, (ii) accrued and unpaid interest thereon at the Mortgage
        Rate through and including the last day of the month of purchase, net of
        any
        portion of the Servicing Fee and any Servicing Advances and Advances
        attributable to interest that is payable to the purchaser of the Mortgage
        Loan
        if such purchaser is also the Servicer of such Mortgage Loan, plus and (iii)
        any
        costs and damages (if any) incurred by the Trust in connection with any
        violation of such Mortgage Loan of any anti-predatory lending laws.

       

      Rating
        Agencies:
        Standard & Poor’s and Moody’s, each a “Rating
        Agency.”

       

      Replacement
        Mortgage Loan:
        A
        mortgage loan substituted for a Deleted Mortgage Loan which must meet on
        the
        date of such substitution the requirements stated herein and in the Pooling
        and
        Servicing Agreement; upon such substitution, such mortgage loan shall be
        a
“Mortgage Loan” hereunder.

       

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

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
        successors in interest.

       

      Transaction
        Documents:
        This
        Agreement, the Pooling and Servicing Agreement, the Custodial Agreements
        and the
        Underwriting Agreement.

       

      Treasury
        Bank:
        Treasury Bank, a division of Countrywide Bank, FSB, or its successors in
        interest.

       

      Treasury
        Bank Custodial Agreement:
        The
        custodial agreement, dated as of April 30, 2007, among the Depositor, EMC,
        the
        Trustee and Treasury Bank, a division of Countrywide Bank, FSB, as Custodian
        relating to the Mortgage Loans identified in such custodial agreement.

       

      Value:
        The
        value of the Mortgaged Property at the time of origination of the related
        Mortgage Loan, such value being the lesser of (i) the value of such property
        set
        forth in an appraisal accepted by the applicable originator of the Mortgage
        Loan
        or (ii) the sales price of such property at the time of
        origination.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, National Association, or its successors in interest.

       

      Wells
        Fargo Custodial Agreement:
        The
        custodial agreement, dated as of April 30, 2007, among the Depositor, EMC,
        the
        Trustee and Wells Fargo Bank, National Association as Custodian relating
        to the
        Mortgage Loans identified in such custodial agreement.

       

      SECTION
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights.
        

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 11 hereof, each Mortgage
        Loan Seller agrees to sell, and the Purchaser agrees to purchase Mortgage
        Loans
        sold by such Mortgage Loan Seller having an aggregate outstanding principal
        balance as of the Cut-off Date equal to the related Cut-off Date
        Balance.

       

      (b)  The
        closing for the purchase and sale of the Mortgage Loans and the closing for
        the
        issuance of the Certificates will take place on the Closing Date at the office
        of the Purchaser’s counsel in New York, New York or such other place as the
        parties shall agree.

       

      (c)  Upon
        the
        satisfaction of the conditions set forth in Section 11 hereof, on the Closing
        Date, the Purchaser shall pay to each respective Mortgage Loan Seller the
        related Acquisition Price for the Mortgage Loans sold by such Mortgage Loan
        Seller in immediately available funds by wire transfer to such account or
        accounts as shall be designated by such Mortgage Loan Seller.

       

      (d)  In
        addition to the foregoing, on the Closing Date each Mortgage Loan Seller
        assigns
        to the Purchaser all of its right, title and interest in the Servicing
        Agreements.

       

      SECTION
        3.  Mortgage
        Loan Schedule.
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        agrees
        to provide to the Purchaser as of the date hereof a listing of the Mortgage
        Loans (the “Mortgage
        Loan Schedule”)
        setting forth the information listed on Exhibit
        2
        to this
        Agreement with respect to each of the Mortgage Loans being sold by the
        respective Mortgage Loan Sellers. The Mortgage Loan Schedule shall be delivered
        to the Purchaser on the Closing Date and shall be in form and substance mutually
        agreed to by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) and the Purchaser.

       

      SECTION
        4.  Mortgage
        Loan Transfer.

       

      (a)  The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Mortgage Loans due after the Cut-off Date (regardless of when actually
        collected) and all payments thereof. Each Mortgage Loan Seller will be entitled
        to all scheduled payments of principal and interest on the Mortgage Loans
        due on
        or before the Cut-off Date (including payments collected after the Cut-off
        Date)
        and all payments thereof. Such principal amounts and any interest thereon
        belonging to the related Mortgage Loan Seller as described above will not
        be
        included in the aggregate outstanding principal balance of the Mortgage Loans
        as
        of the Cut-off Date as set forth on the Mortgage Loan Schedule.

       

      (b)  Pursuant
        to various conveyancing documents to be executed on the Closing Date and
        pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
        on
        the Closing Date all of its right, title and interest in and to the Mortgage
        Loans to the Trustee for the benefit of the Certificateholders. In connection
        with the transfer and assignment of the Mortgage Loans, each Mortgage Loan
        Seller has delivered or will deliver or cause to be delivered to the Trustee
        or
        the applicable Custodian on behalf of the Trustee by the Closing Date or
        such
        later date as is agreed to by the Purchaser and such Mortgage Loan Seller
        (each
        of the Closing Date and such later date is referred to as a “Mortgage
        File Delivery Date”),
        the
        items of each Mortgage File, provided,
        however,
        that in
        lieu of the foregoing, each Mortgage Loan Seller may deliver the following
        documents, under the circumstances set forth below: (x) in lieu of the original
        Mortgage (other than the Mortgages related to the EMC Flow Loans), assignments
        to the Trustee or intervening assignments thereof which have been delivered,
        are
        being delivered or will upon receipt of recording information relating to
        the
        Mortgage required to be included thereon, be delivered to recording offices
        for
        recording and have not been returned in time to permit their delivery as
        specified above, the related Mortgage Loan Seller may deliver a true copy
        thereof with a certification on the face of such copy, substantially as follows:
        “Certified to be a true and correct copy of the original”; (y) in lieu of the
        Mortgage (other than the Mortgages related to the EMC Flow Loans), assignments
        to the Trustee or intervening assignments thereof, if the applicable
        jurisdiction retains the originals of such documents or if the originals
        are
        lost (in each case, as evidenced by a certification to such effect), such
        Mortgage Loan Seller may deliver photocopies of such documents containing
        an
        original certification by the judicial or other governmental authority of
        the
        jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage
        Notes relating to the Mortgage Loans, each identified in the list delivered
        by
        the Purchaser to the Trustee on the Closing Date and attached hereto as
Exhibit
        5
        the
        related Mortgage Loan Seller may deliver lost note affidavits and indemnities
        of
        such Mortgage Loan Seller; and provided further, however, that in the case
        of
        Mortgage Loans which have been prepaid in full after the Cut-off Date and
        prior
        to the Closing Date, such Mortgage Loan Seller, in lieu of delivering the
        above
        documents, may deliver to the Trustee a certification by such Mortgage Loan
        Seller or the Master Servicer to such effect. Each Mortgage Loan Seller shall
        deliver such original documents (including any original documents as to which
        certified copies had previously been delivered) or such certified copies
        to the
        Trustee, or the applicable Custodian on behalf of the Trustee, promptly after
        they are received. EMC (on its own behalf as a Mortgage Loan Seller and on
        behalf of Master Funding) shall cause the Mortgage and intervening assignments,
        if any, and the assignment of the Mortgage to be recorded not later than
        180
        days after the Closing Date unless such assignment is not required to be
        recorded under the terms set forth in Section 6(a) hereof.

       

      (c)  In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
        Master
        Funding) further agrees that it will cause, at EMC’s own expense, within 30 days
        after the Closing Date, the MERS® System to indicate that such Mortgage Loans
        have been assigned by the related Mortgage Loan Seller to the Purchaser and
        by
        the Purchaser to the Trustee in accordance with this Agreement for the benefit
        of the Certificateholders by including (or deleting, in the case of Mortgage
        Loans which are repurchased in accordance with this Agreement) in such computer
        files (a) the code in the field which identifies the specific Trustee and
        (b)
        the code in the field “Pool Field” which identifies the series of the
        Certificates issued in connection with such Mortgage Loans. EMC (on its own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) further
        agrees
        that it will not, and will not permit any Servicer or the Master Servicer
        to,
        and the Master Servicer agrees that it will not, alter the codes referenced
        in
        this paragraph with respect to any Mortgage Loan during the term of the Pooling
        and Servicing Agreement unless and until such Mortgage Loan is repurchased
        in
        accordance with the terms of the Pooling and Servicing Agreement.

       

      (d)  Each
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Mortgage Loans will ultimately be assigned to Wells Fargo Bank, National
        Association, as Trustee for the benefit of the Certificateholders, on the
        date
        hereof.

       

      SECTION
        5.  Examination
        of Mortgage Files.

       

      (a)  On
        or
        before the Mortgage File Delivery Date, each Mortgage Loan Seller will have
        made
        the related Mortgage Files available to the Purchaser or its agent for
        examination which may be at the offices of the Trustee or such Mortgage Loan
        Seller and/or such Mortgage Loan Seller’s custodian. The fact that the Purchaser
        or its agent has conducted or has failed to conduct any partial or complete
        examination of the related Mortgage Files shall not affect the Purchaser’s
        rights to demand cure, repurchase, substitution or other relief as provided
        in
        this Agreement. In furtherance of the foregoing, each Mortgage Loan Seller
        shall
        make the related Mortgage Files available to the Purchaser or its agent from
        time to time so as to permit the Purchaser to confirm such Mortgage Loan
        Seller’s compliance with the delivery and recordation requirements of this
        Agreement and the Pooling and Servicing Agreement. In addition, upon request
        of
        the Purchaser, each Mortgage Loan Seller agrees to provide to the Purchaser,
        Bear Stearns and to any investors or prospective investors in the Certificates
        information regarding the Mortgage Loans and their servicing, to make the
        related Mortgage Files available to the Purchaser, Bear Stearns and to such
        investors or prospective investors (which may be at the offices of the related
        Mortgage Loan Seller and/or such Mortgage Loan Seller’s custodian) and to make
        available personnel knowledgeable about the related Mortgage Loans for
        discussions with the Purchaser, Bear Stearns and such investors or prospective
        investors, upon reasonable request during regular business hours, sufficient
        to
        permit the Purchaser, Bear Stearns and such investors or potential investors
        to
        conduct such due diligence as any such party reasonably believes is
        appropriate.

       

      (b)  Pursuant
        to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or
        the
        applicable Custodian as obligated under the applicable Custodial Agreement),
        for
        the benefit of the Certificateholders, will review items of the Mortgage
        Files
        as set forth on Exhibit
        1
        and will
        deliver to the parties indicated on Exhibit One to the related Custodial
        Agreement an initial certification in the form attached as Exhibit One to
        the
        applicable Custodial Agreement.

       

      (c)  Within
        90
        days of the Closing Date, the Trustee or the applicable Custodian on its
        behalf
        shall, in accordance with the provisions of Section 2.02 of the Pooling and
        Servicing Agreement, deliver to EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master
        Funding),
        the
        Master Servicer and, if reviewed by the applicable Custodian, the Trustee
        an
        Interim Certification in the form attached as Exhibit Two to the applicable
        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 Custodians shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) shall correct or cure any such defect within 90 days from
        the
        date of notice from the Trustee of the defect and if EMC (on its own behalf
        as a
        Mortgage Loan Seller and on behalf of Master Funding) does not correct or
        cure
        such defect within such period and such defect materially and adversely affects
        the interests of the Certificateholders in the related Mortgage Loan, EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        will,
        in accordance with the terms of the Pooling and Servicing Agreement, provide
        the
        Trustee with a Replacement Mortgage Loan, purchase the related Mortgage Loan
        at
        the applicable Purchase Price or deliver to the Trustee an Opinion of Counsel
        addressed to the Trustee to the effect that such defect does not materially
        or
        adversely affect the interests of Certificateholders in such Mortgage Loan.;
        provided,
        however,
        that if
        such defect relates solely to the inability of EMC (on its own behalf as
        a
        Mortgage Loan Seller and on behalf of Master Funding) to deliver the original
        security instrument or intervening assignments thereof, or a certified copy
        because the originals of such documents, or a certified copy, have not been
        returned by the applicable jurisdiction, EMC (on its own behalf as Seller
        and on
        behalf of Master Funding) shall not be required to purchase such Mortgage
        Loan
        if EMC (on its own behalf as a Mortgage Loan Seller and on behalf of Master
        Funding) delivers such original documents or certified copy promptly upon
        receipt, but in no event later than 360 days after the Closing Date. The
        foregoing repurchase obligation shall not apply in the event that EMC (on
        its
        own behalf as a Mortgage Loan Seller and on behalf of Master Funding) cannot
        deliver such original or copy of any document submitted for recording to
        the
        appropriate recording office in the applicable jurisdiction because such
        document has not been returned by such office; provided that EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall instead
        deliver a recording receipt of such recording office or, if such receipt
        is not
        available, a certificate of EMC (on its own behalf as a Mortgage Loan Seller
        and
        on behalf of Master Funding) or a Servicing Officer confirming that such
        documents have been accepted for recording, and delivery to the Trustee shall
        be
        effected by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) within thirty days of its receipt of the original recorded
        document.

       

      (d)  The
        Trustee or the applicable Custodian on its behalf will review the Mortgage
        Files
        within 180 days of the Closing Date and will deliver to EMC (on its own behalf
        as a Mortgage Loan Seller and on behalf of Master Funding), the Master Servicer,
        and if reviewed by the applicable Custodian, the Trustee, a final certification
        substantially in the form of Exhibit Three to the applicable Custodial
        Agreement. If the Trustee or the applicable Custodian on its behalf is unable
        to
        deliver a final certification with respect to the items listed in Exhibit
        1
        due to
        any document that is missing, has not been executed, is unrelated, determined
        on
        the basis of the Mortgagor name, original principal balance and loan number,
        to
        the Mortgage Loans identified in the Mortgage Loan Schedule (a “Material
        Defect”),
        the
        Trustee or the applicable Custodian on its behalf shall notify the EMC (on
        its
        own behalf as a Mortgage Loan Seller and on behalf of Master Funding) of
        such
        Material Defect. EMC (on its own behalf as a Mortgage Loan Seller and on
        behalf
        of Master Funding) shall correct or cure any such Material Defect within
        90 days
        from the date of notice from the Trustee of the Material Defect and if EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        does
        not correct or cure such Material Defect within such period and such defect
        materially and adversely affects the interests of the Certificateholders
        in the
        related Mortgage Loan, EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) will, in accordance with the terms of the Pooling
        and
        Servicing Agreement provide the Trustee with a Replacement Mortgage Loan
        (if
        within two years of the Closing Date), purchase the related Mortgage Loan
        at the
        applicable Purchase Price or deliver to the Trustee an Opinion of Counsel
        addressed to the Trustee to the effect that such defect does not materially
        or
        adversely affect the interests of the Certificateholders in such Mortgage
        Loan;
provided,
        however,
        that if
        such defect relates solely to the inability of EMC (on its own behalf as
        a
        Mortgage Loan Seller and on behalf of Master Funding) to deliver the original
        security instrument or intervening assignments thereof, or a certified copy
        because the originals of such documents, or a certified copy, have not been
        returned by the applicable jurisdiction, EMC (on its own behalf as a Mortgage
        Loan Seller and on behalf of Master Funding) shall not be required to purchase
        such Mortgage Loan if EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) delivers such original documents or certified copy
        promptly upon receipt, but in no event later than 360 days after the Closing
        Date. The foregoing repurchase obligation shall not apply in the event that
        EMC
        (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        cannot deliver such original or copy of any document submitted for recording
        to
        the appropriate recording office in the applicable jurisdiction because such
        document has not been returned by such office; provided that EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall instead
        deliver a recording receipt of such recording office or, if such receipt
        is not
        available, a certificate of EMC (on its own behalf as a Mortgage Loan Seller
        and
        on behalf of Master Funding) or a Servicing Officer confirming that such
        documents have been accepted for recording, and delivery to the Trustee shall
        be
        effected by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) within thirty days of its receipt of the original recorded
        document.

       

      (e)  At
        the
        time of any substitution, EMC (on its own behalf as a Mortgage Loan Seller
        and
        on behalf of Master Funding) shall deliver or cause to be delivered the
        Replacement Mortgage Loan, the related Mortgage File and any other documents
        and
        payments required to be delivered in connection with a substitution pursuant
        to
        the Pooling and Servicing Agreement. At the time of any purchase or
        substitution, the Trustee shall (i) assign the selected Mortgage Loan to
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        and
        shall release or cause the applicable 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 applicable Custodian,
        as applicable relating to the Deleted Mortgage Loan and (ii) execute and
        deliver
        such instruments of transfer or assignment, in each case without recourse,
        as
        shall be necessary to vest in EMC (on its own behalf as a Mortgage Loan Seller
        and on behalf of Master Funding) title to such Deleted Mortgage
        Loan.

       

      SECTION
        6.  Recordation
        of Assignments of Mortgage.

       

      (a)  EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        will,
        promptly after the Closing Date, cause each Mortgage and each assignment
        of
        Mortgage from the Mortgage Loan Sellers to the Trustee, and all unrecorded
        intervening assignments, if any, delivered on or prior to the Closing Date,
        to
        be recorded in all recording offices in the jurisdictions where the related
        Mortgaged Properties are located; provided,
        however,
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        need
        not cause to be recorded any assignment which relates to a Mortgage Loan
        that is
        a MOM Loan or for which the related Mortgaged Property is located in any
        jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
        delivered by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) to the Trustee and the Rating Agencies, the recordation of
        such
        assignment is not necessary to protect the Trustee’s interest in the related
        Mortgage Loan; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by EMC (on its own behalf as a
        Mortgage Loan Seller and on behalf of Master Funding) in the manner described
        above, at no expense to the Trust Fund or Trustee, upon the earliest to occur
        of
        (i) reasonable direction by the Holders of Certificates evidencing Percentage
        Interests aggregating not less than 25% of the Trust, (ii) the occurrence
        of a
        Company Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to EMC under the Pooling and Servicing Agreement, (iv) the occurrence
        of a servicing transfer as described in Section 9.05 of the Pooling and
        Servicing Agreement or an assignment of the servicing as described in Section
        8.05(b) of the Pooling and Servicing Agreement or (iv) with respect to any
        one
        assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
        foreclosure relating to the Mortgagor under the related Mortgage.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, EMC (on
        its
        own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall
        leave or cause to be left with the Trustee or the applicable Custodian on
        its
        behalf a certified copy of such Mortgage or assignment. In the event that,
        within 180 days of the Closing Date, the Trustee has not been provided with
        an
        Opinion of Counsel as described above or received evidence of recording with
        respect to each Mortgage Loan delivered to the Purchaser pursuant to the
        terms
        hereof or as set forth above and the related Mortgage Loan is not a MOM Loan,
        the failure to provide evidence of recording or such Opinion of Counsel shall
        be
        considered a Material Defect, and the provisions of Section 5(c) and (d)
        shall
        apply. All customary recording fees and reasonable expenses relating to the
        recordation of the assignments of mortgage to the Trustee or the Opinion
        of
        Counsel, as the case may be, shall be borne by EMC.

       

      (b)  It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by each Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement
        be, and be treated as, a sale. It is, further, not the intention of the parties
        that such conveyance be deemed a pledge of the Mortgage Loans by such Mortgage
        Loan Seller to the Purchaser to secure a debt or other obligation of that
        Mortgage Loan Seller. However, in the event that, notwithstanding the intent
        of
        the parties, the Mortgage Loans are held by a court to continue to be property
        of such Mortgage Loan Seller, then (a) this Agreement shall also be deemed
        to be
        a security agreement within the meaning of Articles 8 and 9 of the applicable
        Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided
        for
        herein shall be deemed to be a grant by such Mortgage Loan Seller to the
        Purchaser of a security interest in all of such Mortgage Loan Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, to the extent the Purchaser
        would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
        to
        Section 4 hereof, including all amounts, other than investment earnings,
        from
        time to time held or invested in any accounts created pursuant to the Pooling
        and Servicing Agreement, whether in the form of cash, instruments, securities
        or
        other property; (c) the possession by the Purchaser or the Trustee (or the
        applicable Custodian on its behalf) of Mortgage Notes and such other items
        of
        property as constitute instruments, money, negotiable documents or chattel
        paper
        shall be deemed to be “possession by the secured party” for purposes of
        perfecting the security interest pursuant to Section 9-305 (or comparable
        provision) of the applicable Uniform Commercial Code; and (d) notifications
        to
        persons holding such property, and acknowledgments, receipts or confirmations
        from persons holding such property, shall be deemed notifications to, or
        acknowledgments, receipts or confirmations from, financial intermediaries,
        bailees or agents (as applicable) of the Purchaser for the purpose of perfecting
        such security interest under applicable law. Any assignment of the interest
        of
        the Purchaser pursuant to any provision hereof or pursuant to the Pooling
        and
        Servicing Agreement shall also be deemed to be an assignment of any security
        interest created hereby. EMC (on its own behalf as a Mortgage Loan Seller
        and on
        behalf of Master Funding) and the Purchaser shall, to the extent consistent
        with
        this Agreement, take such actions as may be reasonably necessary to ensure
        that,
        if this Agreement were deemed to create a security interest in the Mortgage
        Loans, such security interest would be deemed to be a perfected security
        interest of first priority under applicable law and will be maintained as
        such
        throughout the term of the Pooling and Servicing Agreement.

       

      SECTION
        7.  Representations
        and Warranties of EMC Concerning the Mortgage Loans.
        EMC
        hereby represents and warrants to the Purchaser as of the Closing Date or
        such
        other date as may be specified below with respect to each Mortgage Loan,
        that:

       

      (a)  The
        information set forth in the Mortgage Loan Schedule hereto is true and correct
        in all material respects.

       

      (b)  Immediately
        prior to the transfer to the Purchaser, the related Mortgage Loan Seller
        was the
        sole owner of beneficial title and holder of each Mortgage and Mortgage Note
        relating to the Mortgage Loans and is conveying the same free and clear of
        any
        and all liens, claims, encumbrances, participation interests, equities, pledges,
        charges or security interests of any nature and the Mortgage Loan Seller
        has
        full right and authority to sell or assign the same pursuant to this
        Agreement.

       

      (c)  Each
        Mortgage Loan at the time it was made complied in all material respects with
        all
        applicable local, state and federal laws and regulations, including, without
        limitation, usury, equal credit opportunity, disclosure and recording laws
        and
        all applicable predatory, abusive and fair lending laws; and each Mortgage
        Loan
        has been serviced in all material respects in accordance with all applicable
        local, state and federal laws and regulations, including, without limitation,
        usury, equal credit opportunity, disclosure and recording laws and all
        applicable anti-predatory lending laws and the terms of the related Mortgage
        Note, the Mortgage and other loan documents.

       

      (d)  There
        is
        no monetary default existing under any Mortgage or the related Mortgage Note
        and
        there is no material event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach
        or event of acceleration; and neither the related Mortgage Loan Seller, any
        of
        its affiliates nor any servicer of any related Mortgage Loan has taken any
        action to waive any default, breach or event of acceleration; and no foreclosure
        action is threatened or has been commenced with respect to the Mortgage
        Loan.

       

      (e)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, (i) if required by
        law
        in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
        the interests of the Trustee on behalf of the Certificateholders.

       

      (f)  No
        selection procedure reasonably believed by the related Mortgage Loan Seller
        to
        be adverse to the interests of the Certificateholders was utilized in selecting
        the Mortgage Loans.

       

      (g)  Each
        Mortgage is a valid and enforceable first lien on the property securing the
        related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
        in
        fee simple (except with respect to common areas in the case of condominiums,
        PUDs and de minimis
        PUDs) or
        by leasehold for a term longer than the term of the related Mortgage, subject
        only to (i) the lien of current real property taxes and assessments, (ii)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of public record as of the date of recording of such Mortgage, such
        exceptions being acceptable to mortgage lending institutions generally or
        specifically reflected in the appraisal obtained in connection with the
        origination of the related Mortgage Loan or referred to in the lender’s title
        insurance policy delivered to the originator of the related Mortgage Loan
        and
        (iii) other matters to which like properties are commonly subject which do
        not
        materially interfere with the benefits of the security intended to be provided
        by such Mortgage.

       

      (h)  There
        is
        no mechanics’ lien or claim for work, labor or material affecting the premises
        subject to any Mortgage which is or may be a lien prior to, or equal with,
        the
        lien of such Mortgage except those which are insured against by the title
        insurance policy referred to in clause (m) below.

       

      (i)  There
        was
        no delinquent tax or assessment lien against the property subject to any
        Mortgage, except where such lien was being contested in good faith and a
        stay
        had been granted against levying on the property.

       

      (j)  There
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal and
        interest on such Mortgage Note.

       

      (k)  The
        physical property subject to any Mortgage is free of material damage and
        is in
        good repair and there is no proceeding pending or threatened for the total
        or
        partial condemnation of any Mortgaged Property.

       

      (l)  The
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances.

       

      (m)  A
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of the
        related Mortgage Loan Seller’s knowledge, was qualified to do business in the
        jurisdiction where the related Mortgaged Property is located, insuring such
        Mortgage Loan Seller and its successors and assigns that the Mortgage is
        a first
        priority lien on the related Mortgaged Property in the original principal
        amount
        of the Mortgage Loan. The related Mortgage Loan Seller is the sole insured
        under
        such lender’s title insurance policy, and such policy, binder or assurance is
        valid and remains in full force and effect, and each such policy, binder
        or
        assurance shall contain all applicable endorsements including a negative
        amortization endorsement, if applicable.

       

      (n)  At
        the
        time of origination, each Mortgaged Property was the subject of an appraisal
        which conformed to the underwriting requirements of the originator of the
        Mortgage Loan and, the appraisal is in a form acceptable to Fannie Mae or
        Freddie Mac. 

       

      (o)  The
        improvements on each Mortgaged Property securing a Mortgage Loan are insured
        (by
        an insurer which is acceptable to the related Mortgage Loan Seller) against
        loss
        by fire and such hazards as are covered under a standard extended coverage
        endorsement in the locale in which the Mortgaged Property is located, in
        an
        amount which is not less than the lesser of the maximum insurable value of
        the
        improvements securing such Mortgage Loan or the outstanding principal balance
        of
        the Mortgage Loan, but in no event in an amount less than an amount that
        is
        required to prevent the Mortgagor from being deemed to be a co-insurer
        thereunder; if the improvement on the Mortgaged Property is a condominium
        unit,
        it is included under the coverage afforded by a blanket policy for the
        condominium project; if upon origination of the related Mortgage Loan, the
        improvements on the Mortgaged Property were in an area identified as a federally
        designated flood area, a flood insurance policy is in effect in an amount
        representing coverage not less than the least of (i) the outstanding principal
        balance of the Mortgage Loan, (ii) the restorable cost of improvements located
        on such Mortgaged Property or (iii) the maximum coverage available under
        federal
        law; and each Mortgage obligates the Mortgagor thereunder to maintain the
        insurance referred to above at the Mortgagor’s cost and expense.

       

      (p)  Each
        Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
        the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
        (7)
        and (9) without reliance on the provisions of Treasury Regulation Section
        1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other
        provision that would allow a Mortgage Loan to be treated as a “qualified
        mortgage” notwithstanding its failure to meet the requirements of Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
        (2),
        (4), (5), (6), (7) and (9).

       

      (q)  None
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home
        Ownership Security Act of 2002 that were originated between November 26,
        2003
        and July 7, 2004), “high risk home” or “predatory” loans under any applicable
        state, federal or local law (or a similarly classified loan using different
        terminology under a law imposing heightened regulatory scrutiny or additional
        legal liability for residential mortgage loans having high interest rates,
        points and/or fees).

       

      (r)  The
        information set forth in Schedule A of the Prospectus Supplement with respect
        to
        the Mortgage Loans
        is true
        and correct in all material respects.

       

      (s)  No
        Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable (as such
terms
        are
        defined in the then current Standard & Poor’s LEVELS® Glossary, which is now
        Version 5.7, Appendix E, attached hereto as Exhibit 6) or (b) was originated
        on
        or after October 1, 2002 through March 6, 2003 and is governed by the Georgia
        Fair Lending Act. 

       

      (t)  Each
        Mortgage Loan was originated in accordance with the underwriting guidelines
        of
        the related originator.

       

      (u)  Each
        original Mortgage has been recorded or is in the process of being recorded
        in
        accordance with the requirements of Section 2.01 of the Pooling and Servicing
        Agreement in the appropriate jurisdictions wherein such recordation is required
        to perfect the lien thereof for the benefit of the Trust Fund.

       

      (v)  The
        related Mortgage File contains each of the documents and instruments listed
        in
        Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
        substitutions and qualifications as are set forth in such Section.

       

      (w)  The
        Mortgage Loans are currently being serviced in accordance with accepted
        servicing practices.

       

      (x)  With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the related Mortgage
        Loan Seller and each prepayment penalty
        is
        permitted pursuant to federal, state and local law. In addition, with respect
        to
        each Mortgage Loan (i) no Mortgage Loan will impose a prepayment penalty
        for a
        term in excess of five years from the date such Mortgage Loan was originated
        and
        (ii) such prepayment penalty is at least equal to the lesser of (A) the maximum
        amount permitted under applicable law and (B) six months interest at the
        related
        Mortgage Interest Rate on the amount prepaid in excess of 20% of the original
        principal balance of such Mortgage Loan.

       

      (y)  If
        any of
        the Mortgage Loans are secured by a leasehold interest, with respect to each
        leasehold interest: the use of leasehold estates for residential properties
        is
        an accepted practice in the area where the related Mortgaged Property is
        located; residential property in such area consisting of leasehold estates
        is
        readily marketable; the lease is recorded and no party is in any way in breach
        of any provision of such lease; the leasehold is in full force and effect
        and is
        not subject to any prior lien or encumbrance by which the leasehold could
        be
        terminated or subject to any charge or penalty; and the remaining term of
        the
        lease does not terminate less than ten years after the maturity date of such
        Mortgage Loan.

       

      (z)  Each
        Mortgage Loan was originated (a) by a savings and loan association, savings
        bank, commercial bank, credit union, insurance company or similar institution
        that is supervised and examined by a federal or state authority, (b) by a
        mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to
        Sections 203 and 211 of the National Housing Act, as amended, or (c) by a
        mortgage broker or correspondent lender in a manner such that the related
        Mortgage Loan would be regarded for purposes of Section 3(a)(41) of the
        Securities Exchange Act of 1934, as amended, as having been originated by
        an
        entity described in clauses (a) or (b) above.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Mortgage Loan, the representations and warranties
        set forth above shall be deemed to be made by the Mortgage Loan Seller as
        to any
        Replacement Mortgage Loan as of the date of substitution.

       

      Upon
        discovery or receipt of notice by EMC, the Purchaser or the Trustee of a
        breach
        of any representation or warranty of EMC set forth in this Section 7 which
        materially and adversely affects the value of the interests of the Purchaser,
        the Certificateholders or the Trustee in any of the Mortgage Loans delivered
        to
        the Purchaser pursuant to this Agreement, the party discovering or receiving
        notice of such breach shall give prompt written notice to the others. In
        the
        case of any such breach of a representation or warranty set forth in this
        Section 7, within 90 days from the date of discovery by EMC, or the date
        EMC is
        notified by the party discovering or receiving notice of such breach (whichever
        occurs earlier), EMC will (i) cure such breach in all material respects,
        (ii)
        purchase the affected Mortgage Loan at the applicable Purchase Price or (iii)
        if
        within two years of the Closing Date, substitute a qualifying Replacement
        Mortgage Loan in exchange for such Mortgage Loan; provided that, (A) in the
        case
        of a breach of the representation and warranty concerning the Mortgage Loan
        Schedule contained in clause (a) of this Section 7, if such breach is material
        and relates to any field on the Mortgage Loan Schedule which identifies any
        Prepayment Charge or (B) in the case of a breach of the representation contained
        in clause (x) of this Section 7, then, in each case, in lieu of purchasing
        such
        Mortgage Loan from the Trust Fund at the Purchase Price, EMC shall pay the
        amount of the Prepayment Charge (net of any amount previously collected by
        or
        paid to the Trust Fund in respect of such Prepayment Charge) from its own
        funds
        and without reimbursement therefor, and EMC shall have no obligation to
        repurchase or substitute for such Mortgage Loan. The obligations of EMC to
        cure,
        purchase or substitute a qualifying Replacement Mortgage Loan shall constitute
        the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive
        remedy under this Agreement or otherwise respecting a breach of representations
        or warranties hereunder with respect to the Mortgage Loans, except for the
        obligation of EMC to indemnify the Purchaser for such breach as set forth
        in and
        limited by Section 14 hereof.

       

      Any
        cause
        of action against EMC or relating to or arising out of a breach by EMC of
        any
        representations and warranties made in this Section 7 shall accrue as to
        any
        Mortgage Loan upon (i) discovery of such breach by EMC or notice thereof
        by the
        party discovering such breach and (ii) failure by EMC to cure such breach,
        purchase such Mortgage Loan or substitute a qualifying Replacement Mortgage
        Loan
        pursuant to the terms hereof.

       

      SECTION
        8.  Representations
        and Warranties Concerning EMC.
        As of
        the date hereof and as of the Closing Date, EMC represents and warrants to
        the
        Purchaser and Master Funding as to itself in the capacity indicated as
        follows:

       

      (a)  EMC
        (i)
        is a corporation duly organized, validly existing and in good standing under
        the
        laws of the State of Delaware and (ii) is qualified and in good standing
        to do
        business in each jurisdiction where such qualification is necessary, except
        where the failure so to qualify would not reasonably be expected to have
        a
        material adverse effect on EMC’s business as presently conducted or on EMC’s
        ability to enter into this Agreement or any other Transaction Document to
        which
        it is a party and to consummate the transactions contemplated hereby or
        thereby;

       

      (b)  EMC
        has
        full power to own its property, to carry on its business as presently conducted
        and to enter into and perform its obligations under this Agreement or any
        other
        Transaction Document to which it is a party;

       

      (c)  the
        execution and delivery by EMC of this Agreement and any other Transaction
        Document to which it is a party has been duly authorized by all necessary
        action
        on the part of EMC; and neither the execution and delivery of this Agreement
        or
        any other Transaction Document to which it is a party, nor the consummation
        of
        the transactions herein or therein contemplated, nor compliance with the
        provisions hereof or thereof, will conflict with or result in a breach of,
        or
        constitute a default under, any of the provisions of any law, governmental
        rule,
        regulation, judgment, decree or order binding on EMC or its properties or
        the
        charter or by-laws of EMC, except those conflicts, breaches or defaults which
        would not reasonably be expected to have a material adverse effect on EMC’s
        ability to enter into this Agreement or any other Transaction Document to
        which
        it is a party and to consummate the transactions contemplated hereby or
        thereby;

       

      (d)  the
        execution, delivery and performance by EMC of this Agreement and the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made and, in connection
        with the recordation of the Mortgages, powers of attorney or assignments
        of
        Mortgages not yet completed;

       

      (e)  each
        of
        this Agreement and the other Transaction Document to which it is a party
        has
        been duly executed and delivered by EMC and, assuming due authorization,
        execution and delivery by the Purchaser, constitutes a valid and binding
        obligation of EMC enforceable against it in accordance with its terms (subject
        to applicable bankruptcy and insolvency laws and other similar laws affecting
        the enforcement of the rights of creditors generally);

       

      (f)  there
        are
        no actions, suits or proceedings pending or, to the knowledge of EMC, threatened
        against EMC, before or by any court, administrative agency, arbitrator or
        governmental body (i) with respect to any of the transactions contemplated
        by
        this Agreement or any other Transaction Document to which it is a party or
        (ii)
        with respect to any other matter which in the judgment of EMC could reasonably
        be expected to be determined adversely to EMC and will if determined adversely
        to EMC materially and adversely affect EMC’s ability to perform its obligations
        under this Agreement or any other Transaction Document to which it is a party;
        and EMC is not in default with respect to any order of any court, administrative
        agency, arbitrator or governmental body so as to materially and adversely
        affect
        the transactions contemplated by this Agreement; and

       

      (g)  The
        Mortgage Loan Seller’s Information (as defined in Section 14(a) hereof) does not
        include any untrue statement of a material fact or omit to state a material
        fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        9.  Representations
        and Warranties Concerning the Purchaser.
        As of
        the date hereof and as of the Closing Date, the Purchaser represents and
        warrants to the Mortgage Loan Sellers as follows:

       

      (a)  the
        Purchaser (i) is a limited liability company duly organized, validly existing
        and in good standing under the laws of the State of Delaware and (ii) is
        qualified and in good standing to do business in each jurisdiction where
        such
        qualification is necessary, except where the failure so to qualify would
        not
        reasonably be expected to have a material adverse effect on the Purchaser’s
        business as presently conducted or on the Purchaser’s ability to enter into this
        Agreement or any other Transaction Document to which it is a party and to
        consummate the transactions contemplated hereby or thereby;

       

      (b)  the
        Purchaser has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

      (c)  the
        execution and delivery by the Purchaser of this Agreement or any other
        Transaction Document to which it is a party has been duly authorized by all
        necessary action on the part of the Purchaser; and neither the execution
        and
        delivery of this Agreement, nor the consummation of the transactions herein
        contemplated, nor compliance with the provisions hereof or thereof, will
        conflict with or result in a breach of, or constitute a default under, any
        of
        the provisions of any law, governmental rule, regulation, judgment, decree
        or
        order binding on the Purchaser or its properties or the certificate of formation
        or limited liability company agreement of the Purchaser, except those conflicts,
        breaches or defaults which would not reasonably be expected to have a material
        adverse effect on the Purchaser’s ability to enter into this Agreement or any
        other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (d)  the
        execution, delivery and performance by the Purchaser of this Agreement and
        the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made;

       

      (e)  each
        of
        this Agreement and the other Transaction Documents to which it is a party
        has
        been duly executed and delivered by the Purchaser and, assuming due
        authorization, execution and delivery by the Mortgage Loan Sellers, constitutes
        a valid and binding obligation of the Purchaser enforceable against it in
        accordance with its terms (subject to applicable bankruptcy and insolvency
        laws
        and other similar laws affecting the enforcement of the rights of creditors
        generally);

       

      (f)  there
        are
        no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
        threatened against the Purchaser, before or by any court, administrative
        agency,
        arbitrator or governmental body (i) with respect to any of the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party or (ii) with respect to any other matter which in the judgment
        of the
        Purchaser will be determined adversely to the Purchaser and will if determined
        adversely to the Purchaser materially and adversely affect the Purchaser’s
        ability to perform its obligations under this Agreement and the other
        Transaction Documents to which it is a party; and the Purchaser is not in
        default with respect to any order of any court, administrative agency,
        arbitrator or governmental body so as to materially and adversely affect
        the
        transactions contemplated by this Agreement and the other Transaction Documents
        to which it is a party; and

       

      (g)  the
        Purchaser’s Information (as defined in Section 14(b) hereof) does not include
        any untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        10.  Representations
        and Warranties Concerning Master Funding.
        As of
        the date hereof and as of the Closing Date, Master Funding represents and
        warrants to EMC and the Purchaser as follows:

       

      (a)  Master
        Funding (i) is a limited liability company duly organized, validly existing
        and
        in good standing under the laws of the State of Delaware and (ii) is qualified
        and in good standing to do business in each jurisdiction where such
        qualification is necessary, except where the failure so to qualify would
        not
        reasonably be expected to have a material adverse effect on Master Funding’s
        business as presently conducted or on Master Funding’s ability to enter into
        this Agreement and to consummate the transactions contemplated
        hereby;

       

      (b)  Master
        Funding has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement;

       

      (c)  The
        execution and delivery by Master Funding of this Agreement has been duly
        authorized by all necessary action on the part of Master Funding; and neither
        the execution and delivery of this Agreement, nor the consummation of the
        transactions herein contemplated, nor compliance with the provisions hereof
        or
        thereof, will conflict with or result in a breach of, or constitute a default
        under, any of the provisions of any law, governmental rule, regulation,
        judgment, decree or order binding on Master Funding or its properties or
        the
        written consent of the sole member or limited liability company agreement
        of
        Master Funding, except those conflicts, breaches or defaults which would
        not
        reasonably be expected to have a material adverse effect on Master Funding’s
        ability to enter into this Agreement and to consummate the transactions
        contemplated hereby;

       

      (d)  The
        execution, delivery and performance by Master Funding of this Agreement and
        the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made and, in connection
        with the recordation of the Mortgages, powers of attorney or assignments
        of
        Mortgages not yet completed;

       

      (e)  This
        Agreement has been duly executed and delivered by Master Funding and, assuming
        due authorization, execution and delivery by the Purchaser or the parties
        thereto, constitutes a valid and binding obligation of Master Funding
        enforceable against it in accordance with its terms (subject to applicable
        bankruptcy and insolvency laws and other similar laws affecting the enforcement
        of the rights of creditors generally); and

       

      (f)  There
        are
        no actions, suits or proceedings pending or, to the knowledge of Master Funding,
        threatened against Master Funding, before or by any court, administrative
        agency, arbitrator or governmental body (i) with respect to any of the
        transactions contemplated by this Agreement or (ii) with respect to any other
        matter which in the judgment of Master Funding could reasonably be expected
        to
        be determined adversely to Master Funding and if determined adversely to
        Master
        Funding materially and adversely affect Master Funding’s ability to perform its
        obligations under this Agreement; and Master Funding is not in default with
        respect to any order of any court, administrative agency, arbitrator or
        governmental body so as to materially and adversely affect the transactions
        contemplated by this Agreement.

       

      SECTION
        11.  Conditions
        to Closing.

       

      (a)  The
        obligations of the Purchaser under this Agreement will be subject to the
        satisfaction, on or prior to the Closing Date, of the following conditions:
        

       

      (1)  Each
        of
        the obligations of each Mortgage Loan Seller required to be performed at
        or
        prior to the Closing Date pursuant to the terms of this Agreement shall have
        been duly performed and complied with in all material respects; all of the
        representations and warranties of each Mortgage Loan Seller under this Agreement
        shall be true and correct as of the date or dates specified in all material
        respects; and no event shall have occurred which, with notice or the passage
        of
        time, would constitute a default under this Agreement or any of the Transaction
        Documents; and the Purchaser shall have received certificates to that effect
        signed by authorized officers of each of the Mortgage Loan Sellers.

       

      (2)  The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        respective terms thereof:

       

      (i)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Trustee and the Purchaser, and all documents required thereby duly
        executed by all signatories;

       

      (ii)  A
        certificate of an officer of EMC dated as of the Closing Date, in a form
        reasonably acceptable to the Purchaser, and attached thereto the resolutions
        of
        EMC authorizing the transactions contemplated by this Agreement, together
        with
        copies of the articles of incorporation, by-laws and certificate of good
        standing of EMC;

       

      (iii)  A
        certificate of an officer of Master Funding dated as of the Closing Date,
        in a
        form reasonably acceptable to the Purchaser, and attached thereto the
        resolutions of Master Funding authorizing the transactions contemplated by
        this
        Agreement, together with copies of the written consent of the sole member,
        limited liability company agreement and certificate of good standing of Master
        Funding;

       

      (iv)  One
        or
        more opinions of counsel from the Mortgage Loan Sellers’ counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser, the Trustee
        and
        each Rating Agency;

       

      (v)  A
        letter
        from each of the Rating Agencies giving each Class of Certificates set forth
        on
        Schedule A hereto the rating set forth therein; and

       

      (vi)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        ratings from each Rating Agency for the Certificates.

       

      (3)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        shall have been issued and sold to Bear Stearns.

       

      (4)  Each
        Mortgage Loan Seller shall have furnished to the Purchaser such other
        certificates of its officers or others and such other documents and opinions
        of
        counsel to evidence fulfillment of the conditions set forth in this Agreement
        and the transactions contemplated hereby as the Purchaser and their respective
        counsel may reasonably request.

       

      (b)  The
        obligations of each Mortgage Loan Seller under this Agreement shall be subject
        to the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (1)  The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Closing Date pursuant to the terms of this Agreement shall have been duly
        performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Closing Date, and no event shall have occurred which would constitute a breach
        by it of the terms of this Agreement or any of the Transaction Documents,
        and
        each Mortgage Loan Seller shall have received a certificate to that effect
        signed by an authorized officer of the Purchaser.

       

      (2)  Each
        Mortgage Loan Seller shall have received copies of all of the following closing
        documents, in such forms as are agreed upon and reasonably acceptable to
        each
        Mortgage Loan Seller, duly executed by all signatories other than the related
        Mortgage Loan Seller as required pursuant to the respective terms
        thereof:

       

      (i)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to EMC, and all documents required thereby duly executed by all
        signatories;

       

      (ii)  A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to each Mortgage Loan Seller, and attached thereto
        the written consent of the member of the Purchaser authorizing the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party, together with copies of the Purchaser’s certificate of formation,
        limited liability company agreement, and evidence as to the good standing
        of the
        Purchaser dated as of a recent date;

       

      (iii)  One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to each Mortgage Loan Seller and the Rating Agencies;
        and

       

      (iv)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        rating from each Rating Agency for the Certificates.

       

      SECTION
        12.  Fees
        and Expenses.
        Subject
        to Section 17 hereof, EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) shall pay on the Closing Date or such later date
        as
        may be agreed to by the Purchaser (i) the fees and expenses of the Mortgage
        Loan
        Sellers’ attorneys and the reasonable fees and expenses of the Purchaser’s
        attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the
        fee for the use of Purchaser’s Registration Statement based on the aggregate
        original principal amount of the Certificates and the filing fee of the
        Commission as in effect on the date on which the Registration Statement was
        declared effective, (iv) the fees and expenses including counsel’s fees and
        expenses in connection with any “blue sky” and legal investment matters, (v) the
        fees and expenses of the Trustee which shall include without limitation the
        fees
        and expenses of the Trustee (and the fees and disbursements of its counsel)
        with
        respect to (A) legal and document review of this Agreement, the Pooling and
        Servicing Agreement, the Certificates and related agreements, (B) attendance
        at
        the Closing and (C) review of the Mortgage Loans to be performed by the Trustee
        or the applicable Custodian on its behalf, (vi) the expenses for printing
        or
        otherwise reproducing the Certificates, the Prospectus and the Prospectus
        Supplement, (vii) the fees and expenses of each Rating Agency (both initial
        and
        ongoing), (viii) the fees and expenses relating to the preparation and
        recordation of mortgage assignments (including intervening assignments, if
        any
        and if available, to evidence a complete chain of title from the originator
        to
        the Trustee) from each Mortgage Loan Seller to the Trustee or the expenses
        relating to the Opinion of Counsel referred to in Section 6(a) hereof, as
        the
        case may be, and (ix) Mortgage File due diligence expenses and other
        out-of-pocket expenses incurred by the Purchaser in connection with the purchase
        of the Mortgage Loans and by Bear Stearns in connection with the sale of
        the
        Certificates. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) additionally agrees to pay directly to any third party on
        a
        timely basis the fees provided for above which are charged by such third
        party
        and which are billed periodically.

       

      SECTION
        13.  Accountants’
        Letters.

       

      (a)  Deloitte
        & Touche LLP will review the characteristics of a sample of the Mortgage
        Loans described in the Mortgage Loan Schedule and will compare those
        characteristics to the description of the Mortgage Loans contained in the
        Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The
        Mortgage Pool” and in Schedule A thereto. EMC (on its own behalf as a Mortgage
        Loan Seller and on behalf of Master Funding) will cooperate with the Purchaser
        in making available all information and taking all steps reasonably necessary
        to
        permit such accountants to complete the review and to deliver the letters
        required of them under the Underwriting Agreement. Deloitte & Touche LLP
        will also confirm certain calculations as set forth under the caption “Yield,
        Prepayment and Maturity Considerations” in the Prospectus
        Supplement.

       

      (b)  To
        the
        extent statistical information with respect to EMC’s servicing portfolio is
        included in the Prospectus Supplement under the caption “Servicing of the
        Mortgage Loans—EMC,” a letter from the certified public accountant for EMC will
        be delivered to the Purchaser dated the date of the Prospectus Supplement,
        in
        the form previously agreed to by EMC and the Purchaser, with respect to such
        statistical information.

       

      SECTION
        14.  Indemnification.

       

      (a)  EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        shall
        indemnify and hold harmless the Purchaser and its directors, officers and
        controlling persons (as defined in Section 15 of the Securities Act) from
        and
        against any loss, claim, damage or liability or action in respect thereof,
        to
        which they or any of them may become subject, under the Securities Act or
        otherwise, insofar as such loss, claim, damage, liability or action arises
        out
        of, or is based upon any untrue statement of a material fact contained in
        the
Mortgage
        Loan Sellers’ Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Term Sheet Supplement, the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        and in
        which additional Mortgage Loan Sellers’ Information is identified), in reliance
        upon and in conformity with Mortgage Loan Sellers’ Information a material fact
        required to be stated therein or necessary to make the statements therein
        in
        light of the circumstances in which they were made, not misleading; and EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        shall
        reimburse the Purchaser and each other indemnified party for any legal and
        other
        expenses reasonably incurred by them in connection with investigating or
        defending or preparing to defend against any such loss, claim, damage, liability
        or action. 

       

      The
        foregoing indemnity agreement is in addition to any liability which EMC or
        Master Funding otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b)  The
        Purchaser shall indemnify and hold harmless each Mortgage Loan Seller and
        its
        respective directors, officers and controlling persons (as defined in Section
        15
        of the Securities Act) from and against any loss, claim, damage or liability
        or
        action in respect thereof, to which they or any of them may become subject,
        under the Securities Act or otherwise, insofar as such loss, claim, damage,
        liability or action arises out of, or is based upon any untrue statement
        of a
        material fact contained in the Purchaser’s
        Information
        as
        identified in Exhibit
        4,
        the
        omission to state in the Prospectus Supplement or Prospectus (or any amendment
        thereof or supplement thereto approved by the Purchaser and in which additional
        Purchaser’s Information is identified), in reliance upon and in conformity with
        the Purchaser’s Information, a material fact required to be stated therein or
        necessary to make the statements therein in light of the circumstances in
        which
        they were made, not misleading; and the Purchaser shall reimburse each Mortgage
        Loan Seller, and each other indemnified party for any legal and other expenses
        reasonably incurred by them in connection with investigating or defending
        or
        preparing to defend any such loss, claim, damage, liability or action. The
        foregoing indemnity agreement is in addition to any liability which the
        Purchaser otherwise may have to the Mortgage Loan Sellers, or any other such
        indemnified party. 

       

      (c)  Promptly
        after receipt by an indemnified party under subsection (a) or (b) above of
        notice of the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against the indemnifying party under
        such
        subsection, notify each party against whom indemnification is to be sought
        in
        writing of the commencement thereof (but the failure so to notify an
        indemnifying party shall not relieve it from any liability which it may have
        under this Section 14 except to the extent that it has been prejudiced in
        any
        material respect by such failure or from any liability which it may have
        otherwise). In case any such action is brought against any indemnified party,
        and it notifies an indemnifying party of the commencement thereof, the
        indemnifying party will be entitled to participate therein and, to the extent
        it
        may elect by written notice delivered to the indemnified party promptly (but,
        in
        any event, within 30 days) after receiving the aforesaid notice from such
        indemnified party, to assume the defense thereof with counsel reasonably
        satisfactory to such indemnified party. Notwithstanding the foregoing, the
        indemnified party or parties shall have the right to employ its or their
        own
        counsel in any such case, but the fees and expenses of such counsel shall
        be at
        the expense of such indemnified party or parties unless (i) the employment
        of
        such counsel shall have been authorized in writing by one of the indemnifying
        parties in connection with the defense of such action, (ii) the indemnifying
        parties shall not have employed counsel to have charge of the defense of
        such
        action within a reasonable time after notice of commencement of the action,
        or
        (iii) such indemnified party or parties shall have reasonably concluded that
        there is a conflict of interest between itself or themselves and the
        indemnifying party in the conduct of the defense of any claim or that the
        interests of the indemnified party or parties are not substantially co-extensive
        with those of the indemnifying party (in which case the indemnifying parties
        shall not have the right to direct the defense of such action on behalf of
        the
        indemnified party or parties), in any of which events such fees and expenses
        shall be borne by the indemnifying parties (provided,
        however,
        that
        the indemnifying party shall be liable only for the fees and expenses of
        one
        counsel in addition to one local counsel in the jurisdiction involved. Anything
        in this subsection to the contrary notwithstanding, an indemnifying party
        shall
        not be liable for any settlement or any claim or action effected without
        its
        written consent; provided,
        however,
        that
        such consent was not unreasonably withheld. 

       

      (d)  If
        the
        indemnification provided for in paragraphs (a) and (b) of this Section 14
        shall
        for any reason be unavailable to an indemnified party in respect of any loss,
        claim, damage or liability, or any action in respect thereof, referred to
        in
        Section 14, then the indemnifying party shall in lieu of indemnifying the
        indemnified party contribute to the amount paid or payable by such indemnified
        party as a result of such loss, claim, damage or liability, or action in
        respect
        thereof, in such proportion as shall be appropriate to reflect the relative
        benefits received by the Mortgage Loan Sellers on the one hand and the Purchaser
        on the other from the purchase and sale of the Mortgage Loans, the offering
        of
        the Certificates and the other transactions contemplated hereunder. No person
        found liable for a fraudulent misrepresentation shall be entitled to
        contribution from any person who is not also found liable for such fraudulent
        misrepresentation. 

       

      (e)  The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party. 

       

      SECTION
        15.  Notices.
        All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to EMC shall be directed to EMC Mortgage Corporation, 2780 Lake Vista Drive,
        Lewisville, Texas 75067, (Facsimile: (214) 626-4889), Attention: Michelle
        Viner;
        notices to Master Funding shall be directed to Master Funding LLC, 2780 Lake
        Vista Drive, Lewisville, Texas 75067 (Facsimile: (214) 626-4889) Attention:
        Mark
        Novachek; and notices to the Purchaser shall be directed to Bear Stearns
        Asset
        Backed Securities I LLC, 383 Madison Avenue, New York, New York 10179,
        (Telecopy: (212) 272-7206), Attention: Chief Counsel; or to any other address
        as
        may hereafter be furnished by one party to the other party by like notice.
        Any
        such demand, notice or communication hereunder shall be deemed to have been
        received on the date received at the premises of the addressee (as evidenced,
        in
        the case of registered or certified mail, by the date noted on the return
        receipt) provided that it is received on a business day during normal business
        hours and, if received after normal business hours, then it shall be deemed
        to
        be received on the next business day.

       

      SECTION
        16.  Transfer
        of Mortgage Loans.
        The
        Purchaser retains the right to assign the Mortgage Loans and any or all of
        its
        interest under this Agreement to the Trustee without the consent of the Mortgage
        Loan Sellers, and, upon such assignment, the Trustee shall succeed to the
        applicable rights and obligations of the Purchaser hereunder; provided,
        however,
        the
        Purchaser shall remain entitled to the benefits set forth in Sections 12,
        14 and
        18 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the
        sole and exclusive right and remedy of the Trustee with respect to a breach
        of
        representation or warranty of the Mortgage Loan Sellers shall be the cure,
        purchase or substitution obligations of EMC contained in Sections 5 and 7
        hereof.

       

      SECTION
        17.  Termination.
        This
        Agreement may be terminated (a) by the mutual consent of the parties hereto
        prior to the Closing Date, (b) by the Purchaser, if the conditions to the
        Purchaser’s obligation to close set forth under Section 11(a) hereof are not
        fulfilled as and when required to be fulfilled or (c) by any Mortgage Loan
        Seller, if the conditions to the Mortgage Loan Sellers’ obligation to close set
        forth under Section 11(b) hereof are not fulfilled as and when required to
        be
        fulfilled. In the event of termination pursuant to clause (b), EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall pay,
        and
        in the event of termination pursuant to clause (c), the Purchaser shall pay,
        all
        reasonable out-of-pocket expenses incurred by the other in connection with
        the
        transactions contemplated by this Agreement. In the event of a termination
        pursuant to clause (a), each party shall be responsible for its own
        expenses.

       

      SECTION
        18.  Representations,
        Warranties and Agreements to Survive Delivery.
        All
        representations, warranties and agreements contained in this Agreement, or
        contained in certificates of officers of the Mortgage Loan Sellers submitted
        pursuant hereto, shall remain operative and in full force and effect and
        shall
        survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser
        to
        the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser,
        EMC’s representations and warranties contained herein with respect to the
        Mortgage Loans shall be deemed to relate to the Mortgage Loans actually
        delivered to the Purchaser and included in the Mortgage Loan Schedule and
        any
        Replacement Mortgage Loan. 

       

      SECTION
        19.  Severability.
        If any
        provision of this Agreement shall be prohibited or invalid under applicable
        law,
        this Agreement shall be ineffective only to such extent, without invalidating
        the remainder of this Agreement.

       

      SECTION
        20.  Counterparts.
        This
        Agreement may be executed in counterparts, each of which will be an original,
        but which together shall constitute one and the same agreement.

       

      SECTION
        21.  Amendment.
        This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      SECTION
        22.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      SECTION
        23.  Further
        Assurances.
        Each of
        the parties agrees to execute and deliver such instruments and take such
        actions
        as another party may, from time to time, reasonably request in order to
        effectuate the purpose and to carry out the terms of this Agreement including
        any amendments hereto which may be required by either Rating
        Agency.

       

      SECTION
        24.  Successors
        and Assigns.

       

      (a)  This
        Agreement shall bind and inure to the benefit of and be enforceable by each
        of
        the Mortgage Loan Sellers and the Purchaser and their permitted successors
        and
        assigns and, to the extent specified in Section 14 hereof, Bear Stearns,
        and
        their directors, officers and controlling persons (within the meaning of
        federal
        securities laws). The Mortgage Loan Sellers acknowledge and agree that the
        Purchaser may assign its rights under this Agreement (including, without
        limitation, with respect to the EMC’s representations and warranties respecting
        the Mortgage Loans) to the Trustee. Any person into which any Mortgage Loan
        Seller may be merged or consolidated (or any person resulting from any merger
        or
        consolidation involving such Mortgage Loan Seller), any person resulting
        from a
        change in form of such Mortgage Loan Seller or any person succeeding to the
        business of such Mortgage Loan Seller, shall be considered the “successor” of
        such Mortgage Loan Seller hereunder and shall be considered a party hereto
        without the execution or filing of any paper or any further act or consent
        on
        the part of any party hereto. Except as provided in the two preceding sentences,
        this Agreement cannot be assigned, pledged or hypothecated by either party
        hereto without the written consent of the other parties to this Agreement
        and
        any such assignment or purported assignment shall be deemed null and
        void.

       

      SECTION
        25.  The
        Mortgage Loan Sellers.
        EMC
        will keep in full force and effect its existence, all rights and franchises
        as a
        corporation under the laws of the State of its incorporation and will obtain
        and
        preserve its qualification to do business as a foreign corporation in each
        jurisdiction in which such qualification is necessary to perform its obligations
        under this Agreement.
        Master
        Funding will keep in full force and effect its existence, all rights and
        franchises as a limited liability company under the laws of the State of
        its
        formation and will obtain and preserve its qualification to do business as
        a
        foreign limited liability company in each jurisdiction in which such
        qualification is necessary to perform its obligations under this
        Agreement.

       

      SECTION
        26.  Entire
        Agreement.
        This
        Agreement contains the entire agreement and understanding between the parties
        with respect to the subject matter hereof, and supersedes all prior and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof.

       

      SECTION
        27.  No
        Partnership.
        Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

      

      

        

      

    

    
      
        * 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:

            	 
	 	 
	 	 
	 	
              MASTER
                FUNDING LLC

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      1

    CONTENTS
      OF MORTGAGE FILE

     

    

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of this Agreement.

       

      (i)  The
        original Mortgage Note, including any riders thereto, endorsed without recourse
        to the order of “Wells Fargo Bank, National Association”, as Trustee for
        certificateholders of Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4,” or to blank and showing to the
        extent available to the Mortgage Loan Sellers an unbroken chain of endorsements
        from the related originator, at the time they made the initial endorsement,
        to
        the last endorsee up to and including the point the sponsor acquired such
        mortgage loan; 

       

      (ii)  the
        original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting
        the
        presence of the MIN and language indicating that such Mortgage Loan is a
        MOM
        Loan, which shall have been recorded (or, for Mortgage Loans other than the
        EMC
        Flow Loans, if the original is not available, a copy), with evidence of such
        recording indicated thereon (or if clause (x) in the proviso below applies,
        shall be in recordable form);

       

      (iii)  unless
        the Mortgage Loan is a MOM Loan, the assignment (either an original or a
        copy,
        which may be in the form of a blanket assignment if permitted in the
        jurisdiction in which the Mortgaged Property is located) to the Trustee of
        the
        Mortgage with respect to each Mortgage Loan in the name of “Wells Fargo Bank,
        National Association”, as Trustee for certificateholders of Bear Stearns Asset
        Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4,”
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 Sellers, with evidence of recording
        thereon;

       

      (v)  With
        respect to any Mortgage Loan, the original policy of title insurance or
        mortgagee’s certificate of title insurance or commitment or binder for title
        insurance or, in the event such original title policy has not been received
        from
        the title insurer, such original title policy will be delivered within one
        year
        of the Closing Date or, in the event such original title policy is unavailable,
        a photocopy of such title policy or, in lieu thereof, a current lien search
        on
        the related Mortgaged Property; and 

       

      (vi)  originals
        or copies of all available assumption, modification or substitution agreements,
        if any;

       

      provided,
        however, that in lieu of the foregoing, the related Mortgage Loan Seller
        may
        deliver the following documents, under the circumstances set forth below:
        (x) if
        any Mortgage, assignment thereof to the Trustee or intervening assignments
        thereof have been delivered or are being delivered to recording offices for
        recording and have not been returned in time to permit their delivery as
        specified above, the Purchaser may deliver a true copy thereof with a
        certification on the face of such copy, substantially as follows: “Certified to
        be a true and correct copy of the original”; (y) in lieu of the Mortgage (other
        than the Mortgages related to the EMC Flow Loans), assignment or intervening
        assignments thereof, if the applicable jurisdiction retains the originals
        of
        such documents (as evidenced by a certification from the Depositor to such
        effect) the Depositor may deliver, or cause to be delivered, photocopies
        of such
        documents containing an original certification by the judicial or other
        governmental authority of the jurisdiction where such documents were recorded;
        and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans identified
        in the list set forth in Exhibit I to the Pooling and Servicing Agreement,
        the
        Purchaser may deliver a lost note affidavit and indemnity and a copy of the
        original note, if available; and provided, further, however, that in the
        case of
        Mortgage Loans which have been prepaid in full after the Cut-off Date and
        prior
        to the Closing Date, the Purchaser, in lieu of delivering the above documents,
        may deliver to the Trustee and its Custodian a certification of a Servicing
        Officer to such effect and in such case shall deposit all amounts paid in
        respect of such Mortgage Loans, in the Master Servicer Collection Account
        or in
        the Distribution Account on the Closing Date. In the case of the documents
        referred to in clause (x) above, the Purchaser shall deliver such documents
        to
        the Trustee or its Custodian promptly after they are received. EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall cause,
        at its expense, the Mortgage and intervening assignments, if any, and to
        the
        extent required in accordance with the foregoing, the assignment of the Mortgage
        to the Trustee to be submitted for recording promptly after the Closing Date;
        provided that EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) need not cause to be recorded any assignment (a) in any
        jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
        addressed to the Trustee delivered by EMC (on its own behalf as a Mortgage
        Loan
        Seller and on behalf of Master Funding) to the Trustee and the Rating Agencies,
        the recordation of such assignment is not necessary to protect the Trustee’s
        interest in the related Mortgage Loan or (b) if MERS is identified on the
        Mortgage or on a properly recorded assignment of the Mortgage as mortgagee
        of
        record solely as nominee for EMC (on its own behalf as a Mortgage Loan Seller
        and on behalf of Master Funding) and its successors and assigns. In the event
        that EMC (on its own behalf as a Mortgage Loan Seller and on behalf of Master
        Funding), the Purchaser or the Master Servicer gives written notice to the
        Trustee that a court has recharacterized the sale of the Mortgage Loans as
        a
        financing, EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) shall submit or cause to be submitted for recording as specified
        above or, should EMC (on its own behalf as a Mortgage Loan Seller and on
        behalf
        of Master Funding) fail to perform such obligations, the Master Servicer
        shall
        cause each such previously unrecorded assignment to be submitted for recording
        as specified above at the expense of the Trust. In the event a Mortgage File
        is
        released to EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) or the Master Servicer as a result of such Person having
        completed a Request for Release, the Custodian shall, if not so completed,
        complete the assignment of the related Mortgage in the manner specified in
        clause (iii) above.

    

     

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      2

     

    MORTGAGE
      LOAN SCHEDULE INFORMATION

     

    

      

        The
          Mortgage Loan Schedules shall set forth the following information with
          respect
          to each Mortgage Loan:

         

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

         

        (b)  the
          property type;

         

        (c)  the
          Mortgage Interest Rate;

         

        (d)  the
          Servicing Fee Rate;

         

        (e)  the
          Master Servicer’s Fee Rate;

         

        (f)  the
          LPMI
          Fee, if applicable;

         

        (g)  the
          Trustee Fee Rate, if applicable;

         

        (h)  the
          Net
          Rate;

         

        (i)  the
          maturity date;

         

        (j)  the
          stated original term to maturity;

         

        (k)  the
          stated remaining term to maturity;

         

        (l)  the
          original Principal Balance;

         

        (m)  the
          first
          payment date;

         

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

         

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

         

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

         

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

         

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

         

        (s)  the
          Gross
          Margin, if applicable;

         

        (t)  the
          next
          Adjustment Date, if applicable;

         

        (u)  the
          Maximum Lifetime Mortgage Rate, if applicable;

         

        (v)  the
          Minimum Lifetime Mortgage Rate, if applicable;

         

        (w)  the
          Periodic Rate Cap, if applicable; 

         

        (x)  the
          Loan
          Group, if applicable;

         

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

         

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

         

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

              

         

        (aa)  the
          Prepayment Charge, if any;

         

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

         

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

         

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

         

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

         

        (ff)  the
          Mortgage Loan Seller; and

         

        (gg)  the
          original amortization term.

         

      

    

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

     

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      3

    MORTGAGE
      LOAN SELLER’S INFORMATION

     

    All
      information in the Prospectus Supplement described under the following captions:
      “SUMMARY - The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE
      A - Mortgage Loan Statistical Data.”

     

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      4

    PURCHASER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement and the Prospectus, except the Mortgage
      Loan Sellers’ Information.

     

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      5

    SCHEDULE
      OF LOST NOTES

     

    Available
      Upon Request

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      6

     

    REVISED
      October 20, 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.
                    Effective October 1, 2002 - March 6, 2003

                	
                  High
                    Cost Home Loan

                
	
                  Georgia
                    as amended (Mar. 7, 2003 - current)

                	
                  Georgia
                    Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                  Effective
                    for loans closed on or after March 7, 2003 

                	
                  High
                    Cost Home Loan

                
	
                  HOEPA
                    Section 32

                	
                  Home
                    Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                    §§ 226.32 and 226.34

                  Effective
                    October 1, 1995, amendments October 1, 2002

                	
                  High
                    Cost Loan

                
	
                  Illinois

                	
                  High
                    Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq.

                  Effective
                    January 1, 2004 (prior to this date, regulations under Residential
                    Mortgage License Act effective from May 14, 2001)

                	
                  High
                    Risk Home Loan

                
	
                  Indiana

                	
                  Indiana
                    Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq.

                  Effective
                    January 1, 2005; amended by 2005 HB 1179, effective July 1, 2005.
                    

                	
                  High
                    Cost Home Loans 

                
	
                  Kansas

                	
                  Consumer
                    Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.

                  Sections
                    16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                    16a-3-308a became effective July 1, 1999

                	
                  High
                    Loan to Value Consumer Loan (id. § 16a-3-207) and;

                
	
                  High
                    APR Consumer Loan (id.
                    §16a-3-308a)

                
	
                  Kentucky

                	
                  2003
                    KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                    et seq.
                    

                  Effective
                    June 24, 2003

                	
                  High
                    Cost Home Loan

                
	
                  Maine

                	
                  Truth
                    in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                  Effective
                    September 29, 1995 and as amended from time to time

                	
                  High
                    Rate High Fee Mortgage

                
	
                  Massachusetts

                	
                  Part
                    40 and Part 32, 209 C.M.R. §§ 32.00 et seq.
                    and 209 C.M.R. §§ 40.01 et seq.

                  Effective
                    March 22, 2001 and amended from time to time

                	
                  High
                    Cost Home Loan

                
	
                  Nevada

                	
                  Assembly
                    Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                  Effective
                    October 1, 2003

                	
                  Home
                    Loan

                
	
                  New
                    Jersey

                	
                  New
                    Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                    et seq.

                  Effective
                    for loans closed on or after November 27, 2003

                	
                  High
                    Cost Home Loan

                
	
                  New
                    Mexico

                	
                  Home
                    Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                  Effective
                    as of January 1, 2004; Revised as of February 26, 2004 

                	
                  High
                    Cost Home Loan

                
	
                  New
                    York

                	
                  N.Y.
                    Banking Law Article 6-l

                  Effective
                    for applications made on or after April 1, 2003

                	
                  High
                    Cost Home Loan

                
	
                  North
                    Carolina

                	
                  Restrictions
                    and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                    et seq.

                  Effective
                    July 1, 2000; amended October 1, 2003 (adding open-end lines
                    of credit)
                    

                	
                  High
                    Cost Home Loan

                
	
                  Ohio

                	
                  H.B.
                    386 (codified in various sections of the Ohio Code), Ohio Rev.
                    Code Ann.
                    §§ 1349.25 et seq.

                  Effective
                    May 24, 2002 

                	
                  Covered
                    Loan

                
	
                  Oklahoma

                	
                  Consumer
                    Credit Code (codified in various sections of Title 14A)

                  Effective
                    July 1, 2000; amended effective January 1, 2004

                	
                  Subsection
                    10 Mortgage

                
	
                  Rhode
                    Island

                	
                  Rhode
                    Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 et seq.

                  Effective
                    December 31, 2006. 

                	
                  High
                    Cost Home Loan

                
	
                  South
                    Carolina

                	
                  South
                    Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                    et seq.

                  Effective
                    for loans taken on or after January 1, 2004

                	
                  High
                    Cost Home Loan

                
	
                  Tennessee

                	
                  Tennessee
                    Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 et seq.

                  Effective
                    January 1, 2007.

                	
                  High
                    Cost Home Loan

                
	
                  West
                    Virginia

                	
                  West
                    Virginia Residential Mortgage Lender, Broker and Servicer Act,
                    W. Va. Code
                    Ann. §§ 31-17-1 et seq.

                  Effective
                    June 5, 2002

                	
                  West
                    Virginia Mortgage Loan Act
                    Loan

                

        

      

    

    

    
      	
               

              Standard
                & Poor’s Covered Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory Lending Law

            
	
              Georgia
                (Oct. 1, 2002 - Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

              Effective
                October 1, 2002 - March 6, 2003

            	
              Covered
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                et seq.

              Effective
                November 27, 2003 - July 5, 2004

            	
              Covered
                Home Loan

            

    

    

    
      	
               

              Standard
                & Poor’s Home Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory Lending Law

            
	
              Georgia
                (Oct. 1, 2002 - Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

              Effective
                October 1, 2002 - March 6, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                et seq.

              Effective
                for loans closed on or after November 27, 2003

            	
              Home
                Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004 

            	
              Home
                Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                et seq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              Consumer
                Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                et seq.

              Effective
                for loans taken on or after January 1, 2004

            	
              Consumer
                Home Loan

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      A

    

    REQUIRED
      RATINGS FOR EACH CLASS OF CERTIFICATES

     

    Public
      Certificates

    

    
      	
              Class

            	 	
              S&P

            	 	
              Moody’s

            
	
              A-1

            	 	
              AAA

            	 	
              Aaa

            
	
              A-2

            	 	
              AAA

            	 	
              Aaa

            
	
              A-3

            	 	
              AAA

            	 	
              Aa1

            
	
              A-4

            	 	
              AAA

            	 	
              Aaa

            
	
              A-5

            	 	
              AAA

            	 	
              Aaa

            
	
              M-1

            	 	
              AA

            	 	
              Aa2

            
	
              M-2

            	 	
              A

            	 	
              A2

            
	
              B-1

            	 	
              BBB

            	 	
              Baa2

            

    

     

    None
      of
      the above ratings has been lowered, qualified or withdrawn since the dates
      of
      issuance of such ratings by the Rating Agencies.

     

    Private
      Certificates

    

    
      	
              Class

            	 	
              S&P

            	 	
              Moody’s

            
	
              B-2

            	 	
              BB

            	 	
              Ba2

            
	
              C

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              P

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              R-1

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              R-2

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              R-3

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              R-4

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            
	
              RX

            	 	
              Not
                Rated

            	 	
              Not
                Rated

            

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      M

    

    [Reserved]

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      N

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Trustee
      -
      waterfall calculator; fiduciary of the transaction

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. 

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key: X
      - obligation

    [X]
      - under consideration for obligation

     

    

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	
                X

              	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	 	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. (In this transaction there is no external
                  enhancement or other support.)

              	
                X

              	 	
                X

              	 

      

    

    

     

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      O

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 4.18 of the Pooling and Servicing Agreement.

    

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 6.06, provided by the Trustee based on information received from the
      party providing such information; and b) items marked “Form 10-D report” are
      required to be in the Form 10-D report but not the Monthly Statements to
      Certificateholders, provided by the party indicated. Information under all
      other
      Items of Form 10-D is to be included in the Form 10-D report. All such
      information and any other Items on Form 8-K and Form 10-D set forth in this
      Exhibit shall be sent to the Trustee and the Depositor.

     

    

      
        

          
            	
                    Form

                  	
                    Item

                  	
                    Description

                  	
                    Servicers

                  	
                    Master
                      Servicer

                  	
                    Trustee

                  	
                    Custodian

                  	
                    Depositor

                  	
                    Sponsor

                  
	
                    10-D

                  	
                    Must
                      Be Filed Within 15 Days Of The Distribution Date For The Asset-Backed
                      Securities.

                  	 	 	 
	
                    1

                  	
                    Distribution
                      And Pool Performance Information

                  	 	 	 	 	 	 
	
                    Item
                      1121(A) - Distribution And Pool Performance
                      Information

                  	 	 	 	 	 	 
	
                    (1)
                      Any Applicable Record Dates, Accrual Dates, Determination Dates
                      For
                      Calculating Distributions And Actual Distribution Dates For
                      The
                      Distribution Period.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (2)
                      Cash Flows Received And The Sources Thereof For Distributions,
                      Fees And
                      Expenses.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (3)
                      Calculated Amounts And Distribution Of The Flow Of Funds For
                      The Period
                      Itemized By Type And Priority Of Payment, Including:

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (I)
                      Fees Or Expenses Accrued And Paid, With An Identification Of
                      The General
                      Purpose Of Such Fees And The Party Receiving Such Fees Or
                      Expenses.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (Ii)
                      Payments Accrued Or Paid With Respect To Enhancement Or Other
                      Support
                      Identified In Item 1114 Of Regulation Ab (Such As Insurance
                      Premiums Or
                      Other Enhancement Maintenance Fees), With An Identification
                      Of The General
                      Purpose Of Such Payments And The Party Receiving Such
                      Payments.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (Iii)
                      Principal, Interest And Other Distributions Accrued And Paid
                      On The
                      Asset-Backed Securities By Type And By Class Or Series And
                      Any Principal
                      Or Interest Shortfalls Or Carryovers.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (Iv)
                      The Amount Of Excess Cash Flow Or Excess Spread And The Disposition
                      Of
                      Excess Cash Flow.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (4)
                      Beginning And Ending Principal Balances Of The Asset-Backed
                      Securities.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (5)
                      Interest Rates Applicable To The Pool Assets And The Asset-Backed
                      Securities, As Applicable. Consider Providing Interest Rate
                      Information
                      For Pool Assets In Appropriate Distributional Groups Or Incremental
                      Ranges.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (6)
                      Beginning And Ending Balances Of Transaction Accounts, Such
                      As Reserve
                      Accounts, And Material Account Activity During The Period.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (7)
                      Any Amounts Drawn On Any Credit Enhancement Or Other Support
                      Identified In
                      Item 1114 Of Regulation Ab, As Applicable, And The Amount Of
                      Coverage
                      Remaining Under Any Such Enhancement, If Known And
                      Applicable.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (8)
                      Number And Amount Of Pool Assets At The Beginning And Ending
                      Of Each
                      Period, And Updated Pool Composition Information, Such As Weighted
                      Average
                      Coupon, Weighted Average Remaining Term, Pool Factors And Prepayment
                      Amounts.

                  	 	 	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	
                    Updated
                      Pool Composition Information Fields To Be As Specified By Depositor
                      From
                      Time To Time

                  	 
	
                    (9)
                      Delinquency And Loss Information For The Period.

                  	
                    X

                  	
                    X

                  	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    In
                      Addition, Describe Any Material Changes To The Information
                      Specified In
                      Item 1100(B)(5) Of Regulation Ab Regarding The Pool Assets.
                      (Methodology)

                  	
                    X

                  	 	 	 	 	 
	
                    (10)
                      Information On The Amount, Terms And General Purpose Of Any
                      Advances Made
                      Or Reimbursed During The Period, Including The General Use
                      Of Funds
                      Advanced And The General Source Of Funds For
                      Reimbursements.

                  	
                    X

                  	
                    X

                  	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (11)
                      Any Material Modifications, Extensions Or Waivers To Pool Asset
                      Terms,
                      Fees, Penalties Or Payments During The Distribution Period
                      Or That Have
                      Cumulatively Become Material Over Time.

                  	
                    X

                  	
                    X

                  	
                    X

                     

                    (Monthly
                      Statements To Certificateholders)

                  	 	 	 
	
                    (12)
                      Material Breaches Of Pool Asset Representations Or Warranties
                      Or
                      Transaction Covenants.

                  	
                    X

                  	
                    X

                  	
                    X

                     

                    (If
                      Agreed Upon By The Parties)

                  	 	
                    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

                  	 	 	
                    X

                  	 	 	 
	
                    Issuing
                      Entity

                  	 	 	 	 	
                    X

                  	 
	
                    Master
                      Servicer, Affiliated Servicer, Other Servicer Servicing 20%
                      Or More Of
                      Pool Assets At Time Of Report, Other Material Servicers

                  	
                    X

                  	
                    X

                  	 	 	 	 
	
                    Originator
                      Of 20% Or More Of Pool Assets As Of The Cut-Off Date

                  	 	 	 	 	
                    X

                  	 
	
                    Custodian

                  	 	 	 	
                    X

                  	 	 
	
                    3

                  	
                    Sales
                      Of Securities And Use Of Proceeds

                  	 	 	 	 	 	 
	
                    Information
                      From Item 2(A) Of Part Ii Of Form 10-Q:

                     

                    With
                      Respect To Any Sale Of Securities By The Sponsor, Depositor
                      Or Issuing
                      Entity, That Are Backed By The Same Asset Pool Or Are Otherwise
                      Issued By
                      The Issuing Entity, Whether Or Not Registered, Provide The
                      Sales And Use
                      Of Proceeds Information In Item 701 Of Regulation S-K. Pricing
                      Information
                      Can Be Omitted If Securities Were Not Registered.

                  	 	 	 	 	
                    X

                  	 
	
                    4

                  	
                    Defaults
                      Upon Senior Securities

                  	 	 	 	 	 	 
	
                    Information
                      From Item 3 Of Part Ii Of Form 10-Q:

                     

                    Report
                      The Occurrence Of Any Event Of Default (After Expiration Of
                      Any Grace
                      Period And Provision Of Any Required Notice)

                  	 	 	
                    X

                  	 	 	 
	
                    5

                  	
                    Submission
                      Of Matters To A Vote Of Security Holders

                  	 	 	 	 	 	 
	
                    Information
                      From Item 4 Of Part Ii Of Form 10-Q

                  	 	 	
                    X

                  	 	 	 
	
                    6

                  	
                    Significant
                      Obligors Of Pool Assets

                  	 	 	 	 	 	 
	
                    Item
                      1112(B) - Significant
                      Obligor Financial Information*

                  	 	 	 	 	
                    X

                  	 
	
                    *This
                      Information Need Only Be Reported On The Form 10-D For The
                      Distribution
                      Period In Which Updated Information Is Required Pursuant To
                      The
                      Item.

                  	 	 	 	 	 	 
	
                    7

                  	
                    Significant
                      Enhancement Provider Information

                  	 	 	 	 	 	 
	
                    Item
                      1114(B)(2) - Credit Enhancement Provider Financial
                      Information*

                  	 	 	 	 	 	 
	
                    Determining
                      Applicable Disclosure Threshold

                  	 	 	 	 	
                    X

                  	 
	
                    Obtain
                      Required Financial Information Or Effecting Incorporation By
                      Reference

                  	 	 	 	 	
                    X

                  	 
	
                    Item
                      1115(B) - Derivative Counterparty Financial
                      Information*

                  	 	 	 	 	 	 
	
                    Determining
                      Current Maximum Probable Exposure

                  	 	 	 	 	
                    X

                  	 
	
                    Determining
                      Current Significance Percentage

                  	 	 	
                    X

                  	 	 	 
	
                    Notify
                      Derivative Counterparty Of Significance Percentage And Request
                      Required
                      Financial Information

                  	 	 	
                    X

                  	 	 	 
	
                    Obtain
                      Required Financial Information Or Effecting Incorporation By
                      Reference

                  	 	 	 	 	
                    X

                  	 
	
                    *This
                      Information Need Only Be Reported On The Form 10-D For The
                      Distribution
                      Period In Which Updated Information Is Required Pursuant To
                      The
                      Items.

                  	 	 	 	 	 	 
	
                    8

                  	
                    Other
                      Information

                  	 	 	 	 	 	 
	
                    Disclose
                      Any Information Required To Be Reported On Form 8-K During
                      The Period
                      Covered By The Form 10-D But Not Reported

                  	
                    The
                      Responsible Party For The Applicable Form 8-K Item As Indicated
                      Below.

                  
	
                    9

                  	
                    Exhibits

                  	 	 	 	 	 	 
	
                    Distribution
                      Report

                  	 	 	
                    X

                  	 	 	 
	
                    Exhibits
                      Required By Item 601 Of Regulation S-K, Such As Material
                      Agreements

                  	 	 	 	 	
                    X

                  	 
	
                    8-K

                  	
                    Must
                      Be Filed Within Four Business Days Of An Event Reportable On
                      Form
                      8-K.

                  	 	 	 
	
                    1.01

                  	
                    Entry
                      Into A Material Definitive Agreement

                  	 	 	 	 	 	 
	
                    Disclosure
                      Is Required Regarding Entry Into Or Amendment Of Any Definitive
                      Agreement
                      That Is Material To The Securitization, Even If Depositor Is
                      Not A Party.
                      

                     

                    Examples:
                      Servicing Agreement, Custodial Agreement.

                     

                    Note:
                      Disclosure Not Required As To Definitive Agreements That Are
                      Fully
                      Disclosed In The Prospectus

                  	
                    X

                  	
                    X

                  	
                    X 

                  	 	
                    X 

                  	
                    X

                  
	
                    1.02

                  	
                    Termination
                      Of A Material Definitive Agreement

                  	
                    X

                  	
                    X

                  	
                    X 

                  	 	
                    X

                  	
                    X 

                  
	
                    Disclosure
                      Is Required Regarding Termination Of Any Definitive Agreement
                      That Is
                      Material To The Securitization (Other Than Expiration In Accordance
                      With
                      Its Terms), Even If Depositor Is Not A Party. 

                     

                     

                    Examples:
                      Servicing Agreement, Custodial Agreement.

                  	 	 	 	 	 	 
	
                    1.03

                  	
                    Bankruptcy
                      Or Receivership

                  	 	 	 	 	 	 
	
                    Disclosure
                      Is Required Regarding The Bankruptcy Or Receivership, If Known
                      To The
                      Master Servicer, With Respect To Any Of The Following: 

                     

                    Sponsor
                      (Seller), Depositor, Master Servicer, Affiliated Servicer,
                      Other Servicer
                      Servicing 20% Or More Of Pool Assets At Time Of Report, Other
                      Material
                      Servicers, Certificate Administrator, Trustee, Significant
                      Obligor, Credit
                      Enhancer (10% Or More), Derivatives Counterparty,
                      Custodian

                  	
                    X

                  	
                    X

                  	
                    X 

                  	
                    X

                  	
                    X 

                  	
                    X

                  
	
                    2.04

                  	
                    Triggering
                      Events That Accelerate Or Increase A Direct Financial Obligation
                      Or An
                      Obligation Under An Off-Balance Sheet Arrangement

                  	 	 	 	 	 	 
	
                    Includes
                      An Early Amortization, Performance Trigger Or Other Event,
                      Including Event
                      Of Default, That Would Materially Alter The Payment Priority/Distribution
                      Of Cash Flows/Amortization Schedule.

                     

                    Disclosure
                      Will Be Made Of Events Other Than Waterfall Triggers Which
                      Are Disclosed
                      In The Monthly Statement To Certificateholders

                  	 	
                    X

                  	
                    X

                  	 	 	 
	
                    3.03

                  	
                    Material
                      Modification To Rights Of Security Holders

                  	 	 	 	 	 	 
	
                    Disclosure
                      Is Required Of Any Material Modification To Documents Defining
                      The Rights
                      Of Certificateholders, Including The Pooling And Servicing
                      Agreement

                  	 	 	
                    X

                  	 	
                    X

                  	 
	
                    5.03

                  	
                    Amendments
                      To Articles Of Incorporation Or Bylaws; Change In Fiscal
                      Year

                  	 	 	 	 	 	 
	
                    Disclosure
                      Is Required Of Any Amendment “To The Governing Documents Of The Issuing
                      Entity”

                  	 	 	 	 	
                    X

                  	 
	
                    5.06

                  	
                    Change
                      In Shell Company Status

                  	 	 	 	 	 	 
	
                    [Not
                      Applicable To Abs Issuers]

                  	 	 	 	 	
                    X

                  	 
	
                    6.01

                  	
                    Abs
                      Informational And Computational Material

                  	 	 	 	 	 	 
	
                    [Not
                      Included In Reports To Be Filed Under Section 3.18]

                  	 	 	 	 	
                    X

                  	 
	
                    6.02

                  	
                    Change
                      Of Servicer Or Trustee

                  	 	 	 	 	 	 
	
                    Requires
                      Disclosure Of Any Removal, Replacement, Substitution Or Addition
                      Of Any
                      Master Servicer, Affiliated Servicer, Other Servicer Servicing
                      10% Or More
                      Of Pool Assets At Time Of Report, Other Material Servicers,
                      Certificate
                      Administrator Or Trustee. 

                  	
                    X

                  	
                    X

                  	
                    X

                  	 	
                    X

                  	 
	 	
                    Reg
                      Ab Disclosure About Any New Servicer Is Also Required.

                  	
                    X

                  	 	 	 	 	 
	
                    Reg
                      Ab Disclosure About Any New Trustee Is Also Required.

                  	 	 	
                    X
                      (To The Extent Of A New Trustee)

                  	 	 	 
	
                    6.03

                  	
                    Change
                      In Credit Enhancement Or Other External Support [In This Transaction
                      There
                      Is No External Enhancement Or Other Support.]

                  	 	 	 	 	 	 
	
                    Covers
                      Termination Of Any Enhancement In Manner Other Than By Its
                      Terms, The
                      Addition Of An Enhancement, Or A Material Change In The Enhancement
                      Provided. Applies To External Credit Enhancements As Well As
                      Derivatives.
                      

                  	 	 	
                    X

                  	 	
                    X

                  	 
	 	
                    Reg
                      Ab Disclosure About Any New Enhancement Provider Is Also
                      Required.

                  	 	 	
                    X

                  	 	
                    X

                  	 
	
                    6.04

                  	
                    Failure
                      To Make A Required Distribution

                  	 	 	
                    X

                  	 	 	 
	
                    6.05

                  	
                    Securities
                      Act Updating Disclosure

                  	 	 	 	 	 	 
	
                    If
                      Any Material Pool Characteristic Differs By 5% Or More At The
                      Time Of
                      Issuance Of The Securities From The Description In The Final
                      Prospectus,
                      Provide Updated Reg Ab Disclosure About The Actual Asset
                      Pool.

                  	 	 	 	 	
                    X

                  	
                     

                  
	
                    If
                      There Are Any New Servicers Or Originators Required To Be Disclosed
                      Under
                      Regulation Ab As A Result Of The Foregoing, Provide The Information
                      Called
                      For In Items 1108 And 1110 Respectively.

                  	 	 	 	 	
                    X

                  	 
	
                    7.01

                  	
                    Regulation
                      Fd Disclosure

                  	
                    X

                  	
                    X

                  	
                    X

                  	
                    X

                  	
                    X

                  	 
	
                    8.01

                  	
                    Other
                      Events

                  	 	 	 	 	 	 
	
                    Any
                      Event, With Respect To Which Information Is Not Otherwise Called
                      For In
                      Form 8-K, That The Registrant Deems Of Importance To Security
                      Holders.

                  	 	 	 	 	
                    X

                  	 
	
                    9.01

                  	
                    Financial
                      Statements And Exhibits

                  	
                    The
                      Responsible Party Applicable To Reportable
                      Event.

                  
	
                    10-K

                  	
                    Must
                      Be Filed Within 90 Days Of The Fiscal Year End For The
                      Registrant.

                  	 	 	 
	
                    9b

                  	
                    Other
                      Information

                  	 	 	 	 	 	 
	 	 	
                    Disclose
                      Any Information Required To Be Reported On Form 8-K During
                      The Fourth
                      Quarter Covered By The Form 10-K But Not Reported

                  	
                    The
                      Responsible Party For The Applicable Form 8-K Item As Indicated
                      Above.

                  
	 	
                    15

                  	
                    Exhibits
                      And Financial Statement Schedules

                  	 	 	 	 	 	 
	
                    Item
                      1112(B) - Significant
                      Obligor Financial Information

                  	 	 	 	 	
                    X

                  	 
	
                    Item
                      1114(B)(2) - Credit Enhancement Provider Financial
                      Information

                  	 	 	 	 	 	 
	
                    Determining
                      Applicable Disclosure Threshold

                  	 	 	 	 	
                    X

                  	 
	
                    Obtain
                      Required Financial Information Or Effecting Incorporation By
                      Reference

                  	 	 	 	 	
                    X

                  	 
	
                    Item
                      1115(B) - Derivative Counterparty Financial
                      Information

                  	 	 	 	 	 	 
	
                    Determining
                      Current Maximum Probable Exposure

                  	 	 	 	 	
                    X

                  	 
	 	 	
                    Determining
                      Current Significance Percentage

                  	 	 	
                    X

                  	 	 	 
	
                    Notify
                      Derivative Counterparty Of Significance Percentage And Request
                      Required
                      Financial Information

                  	 	 	
                    X

                  	 	 	 
	
                    Obtain
                      Required Financial Information Or Effecting Incorporation By
                      Reference

                  	 	 	 	 	
                    X

                  	 
	
                    Item
                      1117 - Legal Proceedings Pending Against The Following Entities,
                      Or Their
                      Respective Property, That Is Material To Certificateholders,
                      Including
                      Proceedings Known To Be Contemplated By Governmental
                      Authorities:

                  	 	 	 	 	 	 
	
                    Sponsor
                      (Seller)

                  	 	 	 	 	 	
                    X

                  
	
                    Depositor

                  	 	 	 	 	
                    X

                  	 
	
                    Trustee

                  	 	 	
                    X

                  	 	 	 
	
                    Issuing
                      Entity

                  	 	 	 	 	
                    X

                  	 
	
                    Master
                      Servicer, Affiliated Servicer, Other Servicer Servicing 20%
                      Or More Of
                      Pool Assets At Time Of Report, Other Material Servicers

                  	
                    X

                  	
                    X

                  	 	 	 	 
	
                    Originator
                      Of 20% Or More Of Pool Assets As Of The Cut-Off Date

                  	 	 	 	 	
                    X

                  	 
	
                    Custodian

                  	 	 	 	
                    X

                  	 	 
	
                    Item
                      1119 - Affiliations And Relationships Between The Following
                      Entities, Or
                      Their Respective Affiliates, That Are Material To
                      Certificateholders:

                  	 	 	 	 	 	 
	
                    Sponsor
                      (Seller)

                  	 	 	 	 	 	
                    X

                  
	
                    Depositor

                  	 	 	 	 	
                    X

                  	 
	
                    Trustee

                  	 	 	
                    X

                  	 	 	 
	
                    Master
                      Servicer, Affiliated Servicer, Other Servicer Servicing 20%
                      Or More Of
                      Pool Assets At Time Of Report, Other Material Servicers

                  	
                    X

                  	
                    X

                  	 	 	 	 
	
                    Originator

                  	 	 	 	 	
                    X

                  	 
	
                    Custodian

                  	 	 	 	
                    X

                  	 	 
	
                    Credit
                      Enhancer/Support Provider

                  	 	 	 	 	
                    X

                  	 
	
                    Significant
                      Obligor

                  	 	 	 	 	
                    X

                  	 
	
                    Item
                      1122 - Assessment Of Compliance With Servicing
                      Criteria

                  	
                    X

                  	
                    X

                  	
                    X

                  	
                    X

                  	 	 
	
                    Item
                      1123 - Servicer Compliance Statement

                  	
                    X

                  	
                    X

                  	 	 	 	 

          

          

      

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      P

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

    Fax:
      (212) 272-2000

    E-mail:
      regabnotifications@bear.com

     

    Wells
      Fargo Bank, N.A. as Trustee 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - BSABS I 2007-AC4-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, 2007, among Bear Stearns Asset Backed Securities I LLC, as Depositor,
      EMC Mortgage Corporation, as Master Servicer, Seller and Company and Wells
      Fargo
      Bank, National Association, as Trustee. The Undersigned hereby notifies you
      that
      certain events have come to our attention that [will][may] need to be disclosed
      on Form [     ].

     

    Description
      of Additional Form [ ] Disclosure:

     

    

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [   ]
      Disclosure:

     

    Any
      inquiries related to this notification should be directed to [   
], phone number: [   ]; email address: [   
].

     

    
      	 	
              [NAME
                OF PARTY]

            
	 	
              as
                [role]

            
	 	 
	 	 
	 	
              By:
                

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q-1

     

    COUNTRYWIDE
      SERVICING AGREEMENT

    

    
       

      
        

        

      

      
 

       

      EMC
        Mortgage Corporation,

       

      Purchaser

       

      and

       

      

       

      Countrywide
        Home Loans, Inc.,

       

      Company

       

      ______________________________________________

       

      SELLER’S
        WARRANTIES AND SERVICING AGREEMENT

       

      Dated
        as
        of September 1, 2002

      ______________________________________________

       

      Residential
        Adjustable Rate Mortgage Loans

       

       

      

       

      
        

        

      

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      TABLE
        OF
        CONTENTS

       

      
        	
                ARTICLE
                  I

              
	 
	
                DEFINITIONS

              
	 
	
                ARTICLE
                  II

              
	 
	
                CONVEYANCE
                  OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

              
	
                BOOKS
                  AND RECORDS; DELIVERY OF DOCUMENTS

              
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans; Possession of Mortgage Files; Maintenance of
                  Servicing
                  Files.

              
	
                Section
                  2.02

              	
                Books
                  and Records; Transfers of Mortgage Loans.

              
	
                Section
                  2.03

              	
                Delivery
                  of Documents.

              
	 	 
	
                ARTICLE
                  III

              
	 
	
                REPRESENTATIONS
                  AND WARRANTIES;

              
	
                REMEDIES
                  AND BREACH

              
	
                Section
                  3.01

              	
                Company
                  Representations and Warranties.

              
	
                Section
                  3.02

              	
                Representations
                  and Warranties Regarding Individual Mortgage Loans.

              
	
                Section
                  3.03

              	
                Remedies
                  for Breach of Representations and Warranties.

              
	
                Section
                  3.04

              	
                Indemnification.

              
	
                Section
                  3.05

              	
                Repurchase
                  Upon Conversion.

              
	
                Section
                  3.06

              	
                Restrictions
                  and Requirements Applicable in the Event

              
	 	
                that
                  a Mortgage Loan is Acquired by a REMIC

              
	
                Section
                  3.07

              	
                Review
                  of Mortgage Loans

              
	 	 
	
                ARTICLE
                  IV

              
	 
	
                ADMINISTRATION
                  AND SERVICING OF MORTGAGE LOANS

              
	
                Section
                  4.01

              	
                Company
                  to Act as Servicer.

              
	
                Section
                  4.02

              	
                Liquidation
                  of Mortgage Loans.

              
	
                Section
                  4.03

              	
                Collection
                  of Mortgage Loan Payments.

              
	
                Section
                  4.04

              	
                Establishment
                  of and Deposits to Custodial Account.

              
	
                Section
                  4.05

              	
                Permitted
                  Withdrawals From Custodial Account.

              
	
                Section
                  4.06

              	
                Establishment
                  of and Deposits to Escrow Account.

              
	
                Section
                  4.07

              	
                Permitted
                  Withdrawals From Escrow Account.

              
	
                Section
                  4.08

              	
                Payment
                  of Taxes, Insurance and Other Charges.

              
	
                Section
                  4.09

              	
                Protection
                  of Accounts.

              
	
                Section
                  4.10

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  4.11

              	
                Maintenance
                  of Mortgage Impairment Insurance.

              
	
                Section
                  4.12

              	
                Maintenance
                  of Fidelity Bond and Errors and Omissions Insurance.

              
	
                Section
                  4.13

              	
                Inspections.

              
	
                Section
                  4.14

              	
                Restoration
                  of Mortgaged Property.

              
	
                Section
                  4.15

              	
                Maintenance
                  of PMI and LPMI Policy; Claims.

              
	
                Section
                  4.16

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                Section
                  4.17

              	
                Real
                  Estate Owned Reports.

              
	
                Section
                  4.18

              	
                Liquidation
                  Reports.

              
	
                Section
                  4.19

              	
                Reports
                  of Foreclosures and Abandonments of Mortgaged Property.

              
	
                Section
                  4.20

              	
                Notification
                  of Adjustments.

              
	 	 
	
                ARTICLE
                  V

              
	 
	
                PAYMENTS
                  TO PURCHASER

              
	
                Section
                  5.01

              	
                Remittances.

              
	
                Section
                  5.02

              	
                Statements
                  to Purchaser.

              
	
                Section
                  5.03

              	
                Monthly
                  Advances by Company.

              
	 	 
	
                ARTICLE
                  VI

              
	 
	
                GENERAL
                  SERVICING PROCEDURES

              
	
                Section
                  6.01

              	
                Transfers
                  of Mortgaged Property.

              
	
                Section
                  6.02

              	
                Satisfaction
                  of Mortgages and Release of Mortgage Files.

              
	
                Section
                  6.03

              	
                Servicing
                  Compensation.

              
	
                Section
                  6.04

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  6.05

              	
                Annual
                  Independent Public Accountants’ Servicing Report.

              
	
                Section
                  6.06

              	
                Right
                  to Examine Company Records.

              
	 	 
	
                ARTICLE
                  VII

              
	 
	
                AGENCY
                  TRANSFER; PASS-THROUGH TRANSFER

              
	
                Section
                  7.01

              	
                Removal
                  of Mortgage Loans from Inclusion Under this Agreement Upon an Agency
                  Transfer, or a Pass-Through Transfer on One or More Reconstitution
                  Dates.

              
	
                Section
                  7.02

              	
                Purchaser’s
                  Repurchase and Indemnification Obligations.

              
	 	 
	
                ARTICLE
                  VIII

              
	 
	
                COMPANY
                  TO COOPERATE

              
	
                Section
                  8.01

              	
                Provision
                  of Information.

              
	
                Section
                  8.02

              	
                Financial
                  Statements; Servicing Facility.

              
	 	 
	
                ARTICLE
                  IX

              
	 
	
                THE
                  COMPANY

              
	
                Section
                  9.01

              	
                Indemnification;
                  Third Party Claims.

              
	
                Section
                  9.02

              	
                Merger
                  or Consolidation of the Company.

              
	
                Section
                  9.03

              	
                Limitation
                  on Liability of Company and Others.

              
	
                Section
                  9.04

              	
                Limitation
                  on Resignation and Assignment by Company.

              
	 	 
	
                ARTICLE
                  X

              
	 
	
                DEFAULT

              
	
                Section
                  10.01

              	
                Events
                  of Default.

              
	
                Section
                  10.02

              	
                Waiver
                  of Defaults.

              
	 	 
	
                ARTICLE
                  XI

              
	 
	
                TERMINATION

              
	
                Section
                  11.01

              	
                Termination.

              
	
                Section
                  11.02

              	
                Termination
                  Without Cause.

              
	 	 
	
                ARTICLE
                  XII

              
	 
	
                MISCELLANEOUS
                  PROVISIONS

              
	
                Section
                  12.01

              	
                Successor
                  to Company.

              
	
                Section
                  12.02

              	
                Amendment.

              
	
                Section
                  12.03

              	
                Governing
                  Law.

              
	
                Section
                  12.04

              	
                Duration
                  of Agreement.

              
	
                Section
                  12.05

              	
                Notices.

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.07

              	
                Relationship
                  of Parties.

              
	
                Section
                  12.08

              	
                Execution;
                  Successors and Assigns.

              
	
                Section
                  12.09

              	
                Recordation
                  of Assignments of Mortgage.

              
	
                Section
                  12.10

              	
                Assignment
                  by Purchaser.

              
	
                Section
                  12.11

              	
                No
                  Personal Solicitation.

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      
        	
                EXHIBITS

              
	
                EXHIBIT
                  A

              	
                MORTGAGE
                  LOAN SCHEDULE

              
	
                EXHIBIT
                  B

              	
                CONTENTS
                  OF EACH MORTGAGE FILE

              
	
                EXHIBIT
                  C

              	
                MORTGAGE
                  LOAN DOCUMENTS

              
	
                EXHIBIT
                  D-1

              	
                FORM
                  OF CUSTODIAL ACCOUNT

              
	 	
                CERTIFICATION

              
	
                EXHIBIT
                  D-2

              	
                FORM
                  OF CUSTODIAL ACCOUNT

              
	 	
                LETTER
                  AGREEMENT

              
	
                EXHIBIT
                  E-1

              	
                FORM
                  OF ESCROW ACCOUNT CERTIFICATION 

              
	
                EXHIBIT
                  E-2

              	
                FORM
                  OF ESCROW ACCOUNT

              
	 	
                LETTER
                  AGREEMENT

              
	
                EXHIBIT
                  F

              	
                FORM
                  OF MONTHLY REMITTANCE ADVICE 

              
	
                EXHIBIT
                  G

              	
                FORM
                  OF ASSIGNMENT AND ASSUMPTION

              
	
                EXHIBIT
                  H

              	
                UNDERWRITING
                  GUIDELINES

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      This
        is a
        Seller’s Warranties and Servicing Agreement for residential adjustable rate
        first lien mortgage loans, dated and effective as of September 1, 2002, and
        is
        executed between EMC Mortgage Corporation, as purchaser (the “Purchaser”),
        and
        Countrywide Home Loans, Inc., as seller and servicer (the “Company”).

       

      W I T N E S S E T H:

       

      WHEREAS,
        from time to time the Purchaser has agreed to purchase from the Company and
        from
        time to time the Company has agreed to sell to the Purchaser certain Mortgage
        Loans (excluding the right to service the Mortgage Loans which the Company
        expressly retains);

       

      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, which is
        annexed hereto as Exhibit
        A;
        

      WHEREAS,
        the Company has agreed to service, from time to time, certain of the Mortgage
        Loans acquired by the Purchaser in accordance with the terms and provisions
        of
        this Agreement; and

       

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the management, servicing and control of the Mortgage
        Loans
        which from time to time are subject to this Agreement.

       

       

      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 context 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.

       

      Agency
        Transfer:
        The
        sale or transfer by Purchaser of some or all of the Mortgage Loans to Fannie
        Mae
        under its Cash Purchase Program or its MBS Swap Program (Special Servicing
        Option) or to Freddie Mac under its Freddie Mac Cash Program or Gold PC Program,
        retaining the Company as “servicer thereunder”.

       

      Agreement:
        This
        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:
        The
        value set forth in an appraisal made in connection with the origination of
        the
        related Mortgage Loan as the value of the Mortgaged Property. 

       

      Approved
        Flood Certification Provider:
        Any
        provider acceptable to Fannie Mae and Freddie Mac.

       

      Assignment
        and Conveyance:
        An
        Assignment and Conveyance in the form of Exhibit
        6
        to the
        Mortgage Loan Purchase Agreement dated as of the date hereof, by and between
        the
        Seller and the Purchaser.

       

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument in
        recordable form, sufficient under the laws of the jurisdiction wherein the
        related Mortgaged Property is located to reflect the sale of the Mortgage
        to the
        Purchaser.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or Sunday, or (ii) a day on which banking and savings
        and loan institutions in the State of New York or California are authorized
        or
        obligated by law or executive order to be closed.

       

      Closing
        Date:
        The
        date set forth on the related Confirmation on which the Purchaser from time
        to
        time shall purchase and the Company from time to time shall sell, the Mortgage
        Loans listed on the related Mortgage Loan Schedule.

       

      Code:
        The
        Internal Revenue Code of 1986, as it may be amended from time to time or
        any
        successor statute thereto, and applicable U.S. Department of the Treasury
        regulations issued pursuant thereto.

       

      Company:
        Countrywide Home Loans, Inc., or its successor in interest or assigns, or
        any
        successor to the Company under this Agreement appointed as herein
        provided.

       

      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 parties hereto which relates to the
        Mortgage Loans on the related Closing Date.

       

      Convertible
        Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the Mortgagor is permitted to convert the Mortgage Loan
        to a
        fixed-rate mortgage loan at any time between the first anniversary and the
        fifth
        anniversary of the origination of the mortgage loan.

       

      Custodial
        Account:
        The
        separate account or accounts created and maintained pursuant to Section
        4.04.

       

      Custodial
        Agreement:
        That
        certain Custodial Agreement, dated as of November 23,1999 by and between
        the
        Purchaser and Wells Fargo Bank Minnesota, N.A.

       

      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:
        The
        date set forth on the related Confirmation.

       

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan which is repurchased by the Company in accordance with the
        terms
        of this Agreement and which is, in the case of a substitution pursuant to
        Section 3.03, replaced or to be replaced with a Qualified Substitute Mortgage
        Loan.

       

      Determination
        Date:
        The
        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.

       

      Disqualified
        Organization:
        An
        organization defined as such in Section 860E(e) of the Code.

       

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace. With respect to the Mortgage Loans for which payment
        from
        the Mortgagor is due on a day other than the first day of the month, such
        Mortgage Loans will be treated as if the Monthly Payment is due on the first
        day
        of the month of such Due Date.

       

      Due
        Period:
        With
        respect to each Remittance Date, the prior calendar month.

       

      Eligible
        Investments:
        Any one
        or more of the obligations and securities listed below which investment provides
        for a date of maturity not later than the Determination Date in each
        month:

       

      (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; and

       

      (ii)  federal
        funds, demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company incorporated
        or organized 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, so long as at the time of such investment or contractual commitment
        providing for such investment the commercial paper or other short-term debt
        obligations of such depository institution or trust company (or, in the case
        of
        a depository institution or trust company which is the principal subsidiary
        of a
        holding company, the commercial paper or other short-term debt obligations
        of
        such holding company) are rated “P-1” by Moody’s Investors Service, Inc. and the
        long-term debt obligations of such holding company) are rated “P-1” by Moody’s
        Investors Service, Inc. and the long-term debt obligations of such depository
        institution or trust company (or, in the case of a depository institution
        or
        trust company which is the principal subsidiary of a holding company, the
        long-term debt obligations of such holding company) are rated at least “Aa” by
        Moody’s Investors Service, Inc.;

       

      (iii)  investments
        and securities otherwise acceptable to Fannie Mae and Freddie Mac.

       

      provided,
        however,
        that no
        such instrument shall be an Eligible Investment if such instrument evidences
        either (i) a right to receive only interest payments with respect to the
        obligations underlying such instrument, or (ii) both principal and interest
        payments derived from obligations underlying such instrument and the principal
        and 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.

       

      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.

       

      Fannie
        Mae:
        The
        Federal National Mortgage Association, or any successor thereto.

       

      Fannie
        Mae Guides:
        The
        Fannie Mae Sellers’ Guide and the Fannie Mae Servicers’ Guide and all amendments
        or additions thereto.

       

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

       

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

       

      First
        Remittance Date:
        As
        stated in the related Mortgage Loan Purchase Agreement.

       

      5/1
        ARM Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the interest rate on such Mortgage Loan is fixed for the
        first
        five (5) years of the term of the related Mortgage Loan and which thereafter
        is
        converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage Loan except
        that
        the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment
        Date for the related Mortgage Loan.

       

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

       

      GEMICO:
        General
        Electric Mortgage Insurance Corporation or any successor thereto.

       

      Gross
        Margin:
        With
        respect to each Mortgage Loan, the fixed percentage amount set forth on the
        related Mortgage Note, which amount is added to the Index in accordance with
        the
        terms of the related Mortgage Note to determine on each Interest Rate Adjustment
        Date, the Mortgage Interest Rate for such Mortgage Loan.

       

      Index:
        With
        respect to any individual Treasury Rate Mortgage Loan, and with respect to
        any
        individual 10/1 ARM Mortgage Loan, 5/1 ARM Mortgage Loan or 3/1 ARM Mortgage
        Loan commencing from and after the 120th Monthly Payment, sixtieth Monthly
        Payment, or the thirty-sixth Monthly Payment thereof, respectively, Index
        shall
        mean a rate per annum equal to the weekly average yield on U.S. Treasury
        securities adjusted to a constant maturity of one year as published by the
        Federal Reserve Board in statistical release No. H 15 (519) or any similar
        publication as available 45 days prior to the Interest Rate Adjustment Date.
        With respect to any individual LIBOR Mortgage Loan, Index shall mean a rate
        per
        annum equal to the average of interbank offered rates for twelve month U.S.
        dollar denominated deposits in the London market as determined as set forth
        in
        the related Mortgage Note. With respect to any individual CD Mortgage Loan,
        Index shall mean a rate per annum equal to the weekly average yield on
        certificates of deposit adjusted to a constant maturity of six months as
        published by the Federal Reserve Board in statistical release No. H 15 (519)
        or
        similar publication as available 45 days prior to the Interest Rate Adjustment
        Date.

       

      Initial
        Rate Cap:
        With
        respect to each Mortgage Loan and the initial Interest Rate 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 or decrease from the Mortgage Interest Rate in effect immediately
        prior
        to such Interest Rate Adjustment Date.

       

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

       

      Interest
        Rate Adjustment Date:
        The
        date on which an adjustment to the Mortgage Interest Rate on a Mortgage Note
        becomes effective.

       

      LIBOR
        Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the interest rate on such Mortgage Loan is adjusted annually
        based upon the rate per annum equal to the average of interbank offered rates
        for twelve month U.S. dollar denominated deposits in the London market as
        published in The Wall Street Journal.

       

      Lifetime
        Mortgage Interest Rate Cap:
        With respect to each Mortgage Loan, the absolute maximum Mortgage Interest
        Rate
        payable, above which the Mortgage Interest Rate cannot be adjusted. The Mortgage
        Interest Rate during the term of a Mortgage Loan shall not at any time exceed
        the Mortgage Interest Rate at the time of origination of such Mortgage Loan
        by
        more than 5% per

       

      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 Stated Principal Balance of
        the
        Mortgage Loan as of the related Cut-off Date (unless otherwise indicated)
        to the
        lesser of (a) the Appraised Value of the Mortgaged Property and (b) if the
        Mortgage Loan was made to finance the acquisition of the related Mortgaged
        Property, the purchase price of the Mortgaged Property, expressed as a
        percentage.

       

      LPMI
        Loan: A
        Mortgage Loan with a LPMI Policy.

       

      LPMI
        Policy: A
        policy
        of primary mortgage guaranty insurance issued by another Qualified Insurer
        pursuant to which the related premium is to be paid by the Servicer of the
        related Mortgage Loan from payments of interest made by the Mortgagor in
        an
        amount as is set forth in the related Confirmation and related Mortgage Loan
        Schedule.

       

      LPMI
        Fee:
        With
        respect to each LPMI Loan, the portion of the Mortgage Interest Rate as set
        forth on the related Mortgage Loan Schedule (which shall be payable solely
        from
        the interest portion of Monthly Payments, Insurance Proceeds, Condemnation
        Proceeds or Liquidation Proceeds), which, during such period prior to the
        required cancellation of the LPMI Policy, shall be used to pay the premium
        due
        on the related LPMI Policy.

       

      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.

       

      Monthly
        Advance:
        The
        portion of Monthly Payment 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.

       

      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
        items pertaining to a particular Mortgage Loan referred to in Exhibit
        B
        annexed
        hereto, and any additional documents required to be added to the Mortgage
        File
        pursuant to this Agreement.

       

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

       

      Mortgage
        Interest Rate:
        The
        annual rate at which Interest accrues on any Mortgage Loan as adjusted from
        time
        to time in accordance with the provisions of the related Mortgage Note and
        in
        compliance with the related Initial Rate Cap, Lifetime Mortgage Interest
        Rate
        Cap and Periodic Rate Cap, if any, of the related Mortgage Note.

       

      Mortgage
        Loan:
        An individual Convertible
        or Non-Convertible, Treasury Rate, LIBOR, 5/1 ARM, or 3/1 ARM 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 Mortgage File, the Monthly
        Payments, Principal Prepayments, Liquidation Proceeds, condemnation proceeds,
        Insurance Proceeds, REO disposition proceeds, and all other rights, benefits,
        proceeds and obligations arising from or in connection with such Mortgage
        Loan.

       

      Mortgage
        Loan Documents:
        The
        documents listed in Exhibit
        C
        hereto.

       

      Mortgage
        Loan Package:
        A pool
        of Mortgage Loans sold to the Purchaser by the Company on a Closing Date.
        

       

      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 (i) the
        Servicing Fee Rate and (ii) with respect to LPMI Loans, the LPMI
        Fee.

       

      Mortgage
        Loan Schedule:
        With
        respect to each Mortgage Loan Package, a schedule of Mortgage Loans annexed
        hereto as Annex A, such schedule setting forth the following information
        with
        respect to each Mortgage Loan: (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 a second home, or an investment
        property; (5) the number and type of residential units constituting the
        Mortgaged Property; (6) the original months to maturity; (7) the Loan-to-Value
        Ratio at origination; (8) the Mortgage Interest Rate as of the Cut-off Date;
        (9)
        the date on which the initial Monthly Payment was due on the Mortgage Loan;
        (10)
        the stated maturity date; (11) the amount of the Monthly Payment as of the
        Cut-off Date; (12) the last payment date on which a payment was actually
        applied
        to the outstanding principal balance; (13) the original principal amount
        of the
        Mortgage Loan; (14) 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 Cut-off Date whether or not collected; (15) a code indicating
        the
        purpose of the loan (i.e., purchase, rate and term refinance, equity take-out
        refinance); (16) a code indicating the documentation style (i.e. full,
        alternative or reduced); (17) the Interest Rate Adjustment Date; (18) the
        Gross
        Margin; (19) the lifetime maximum Mortgage Interest Rate under the terms
        of the
        Mortgage Note; (20) the date the Mortgage Loan was originated; (21) the Periodic
        Rate Cap; (22) a code indicating the company providing private mortgage
        insurance; (23) a code indicating if the Mortgage Loan is convertible; (24)
        the
        Servicing Fee Rate; (25) the LPMI Fee, if any; and (26) the Initial Rate
        Cap.
        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. The Mortgage Loan Schedule may consist of multiple reports that
        collectively set forth all of the required information. 

       

      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.

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Non-Convertible
        Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which does
        not
        contain a provision whereby the Mortgagor may convert the Mortgage Loan to
        a
        fixed-rate mortgage loan.

       

      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 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, provided that any Opinion of Counsel relating
        to
        compliance with the REMIC Provisions, must be an opinion of counsel who (i)
        is
        in fact independent of the Company and any master servicer of the Mortgage
        Loans, (ii) does not have any material direct or indirect financial interest
        in
        the Company or any master servicer of the Mortgage Loans or in an affiliate
        of
        either and (iii) is not connected with the Company or any master servicer
        of the
        Mortgage Loans as an officer, employee, director or person performing similar
        functions.

       

      Pass-Through
        Transfer:
        The
        sale or transfer of some or all of the Mortgage Loans to a trust to be formed
        as
        part of a publicly-issued and/or privately placed, rated or unrated, mortgage
        pass-through transaction, retaining the Company as “servicer” (with or without a
        master servicer) thereunder. 

       

      Periodic
        Rate Cap:
        With respect to each Mortgage Loan, the provision of each Mortgage Note which
        provides for an absolute maximum amount by which the Mortgage Interest Rate
        therein may increase or decrease on an Interest Rate Adjustment Date above
        the
        Mortgage Interest Rate previously in effect, equal to the rate set forth
        on the
        Mortgage Loan Schedule per adjustment. 

       

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

       

      PMI:
        PMI
        Mortgage Insurance Co., or any successor thereto.

       

      PMI
        Policy:
        A
        policy of primary mortgage guaranty insurance issued by a Qualified Insurer,
        as
        required by this Agreement with respect to certain Mortgage Loans.

       

      Pool
        Insurer:
        Any of
        GEMICO, PMI or UGI.

       

      Prepayment
        Interest Shortfall Amount:
        With
        respect to any Mortgage Loan that was subject to a Principal Prepayment in
        full
        or in part during any Due Period, which Principal Prepayment was applied
        to such
        Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the
        amount of interest (net the related Servicing Fee) that would have accrued
        on
        the amount of such Principal Prepayment during the period commencing on the
        date
        as of which such Principal Prepayment was applied to such Mortgage Loan and
        ending on the day immediately preceding such Due Date, inclusive.

       

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time, as published as the
        average rate in the “Money Rates” section of 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.

       

      Purchaser:
        EMC
        Mortgage Corporation or its successor in interest or any successor to the
        Purchaser under this Agreement as herein provided.

       

      Qualified
        Depository:
        A
        depository the accounts of which are insured by the FDIC through the BIF
        or the
        SAIF or the debt obligations of which are rated AA (or the equivalent rating
        category) or better by national recognized statistical rating
        organization.

       

      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 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) have a Gross Margin not less than
        that
        of the Deleted Mortgage Loan; (v) comply with each representation and warranty
        set forth in Sections 3.01 and 3.02; (v) use the same Index for determining
        the
        Mortgage Interest Rate as the Deleted Mortgage Loan; (vi) have the same
        provision with respect to convertibility as the Deleted Mortgage Loan; and
        (viii) be a REMIC Eligible Mortgage Loan.

       

      Rating
        Agency:
        Any of
        Fitch, Moody’s or Standard & Poor’s or their respective successors designed
        by the Purchaser.

       

      Reconstitution
        Agreements:
        The
        agreement or agreements entered into by the Purchaser, the Company, Fannie
        Mae
        or Freddie Mac or certain third parties on the Reconstitution Date(s) with
        respect to any or all of the Mortgage Loans serviced hereunder, in connection
        with a Pass-Through Transfer or an Agency Transfer as set forth in Section
        7.01,
        including, but not limited to, (i) a Fannie Mae Mortgage Selling and Servicing
        Contract, a Pool Purchase Contract, and any and all servicing agreements
        and
        tri-party agreements reasonably required by Fannie Mae with respect to a
        Fannie
        Mae Transfer, (ii) a Purchase Contract and all purchase documents associated
        therewith as set forth in the Freddie Mac Sellers’ & Servicers’ Guide, and
        any and all servicing agreements and tri-party agreements reasonably required
        by
        Freddie Mac with respect to a Freddie Mac Transfer, and (iii) a Pooling and
        Servicing Agreement and/or a subservicing/master servicing agreement and
        related
        custodial/trust agreement and related documents with respect to a Pass-Through
        Transfer. Such agreement or agreements shall prescribe the rights and
        obligations of the Company in servicing the related Mortgage Loans and shall
        provide for servicing compensation to the Company (calculated on a weighted
        average basis for all the related Mortgage Loans as of the Reconstitution
        Date),
        net of any guarantee fees due Fannie Mae or Freddie Mac, if applicable, at
        least
        equal to the Servicing Fee due the Company in accordance with this Agreement
        or
        the servicing fee required pursuant to the Reconstitution Agreement. The
        form of
        relevant Reconstitution Agreement to be entered into by the Purchaser and/or
        master servicer or trustee and the Company with respect to Pass-Through
        Transfers shall be reasonably satisfactory in form and substance to the
        Purchaser and the Company, shall not material increase the Company’s obligations
        or diminish the Company’s rights hereunder and the representations and
        warranties and servicing provisions contained therein shall be substantially
        similar to those contained in this Agreement, unless otherwise mutually agreed
        by the parties.

       

      Reconstitution
        Date:
        The
        date or dates on which any or all of the Mortgage Loans serviced under this
        Agreement shall be removed from this Agreement and reconstituted as part
        of an
        Agency Transfer or a Pass-Through Transfer pursuant to Section 7.01 hereof.
        On
        such date or dates, the Mortgage Loans transferred shall cease to be covered
        by
        this Agreement and the Company’s servicing responsibilities shall cease under
        this Agreement with respect to the related transferred Mortgage
        Loans.

       

      Record
        Date:
        The
        close of business of the last Business Day of the month preceding the month
        of
        the related Remittance Date.

       

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

       

      REMIC
        Documents:
        The
        document or documents creating and governing the administration of a
        REMIC.

       

      REMIC
        Eligible Mortgage Loan:
        A
        Mortgage Loan held by a REMIC which satisfies and/or complies with all
        applicable REMIC Provisions.

       

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to a REMIC, which appear
        at
        Section 860A through 86OG of Subchapter M of Chapter 1, Subtitle A of the
        Code,
        and related provisions, and regulations, rulings or pronouncements promulgated
        thereunder, as the foregoing may be in effect from time to time.

       

      Remittance
        Date:
        The
        18th day (or if such 18th day is not a Business Day, the first Business Day
        immediately following) of any month, beginning with the First Remittance
        Date.

       

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

       

      REO
        Disposition Proceeds:
        All
        amounts received with respect to an REO Disposition pursuant to Section 4.16.
        

       

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchasers through
        foreclosure or by deed in lieu of foreclosure, as described in Section
        4.16.

       

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) 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 to the date of repurchase, less amounts
        received or advanced in respect of such repurchased Mortgage Loan which are
        being held in the Custodial Account for distribution in the month of
        repurchase.

       

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

       

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

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses other
        than Monthly Advances (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 or judicial
        proceedings, including without limitation, foreclosures, (c) the management
        and
        liquidation of any REO Property and (d) compliance with the obligations under
        Section 4.08.

       

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the 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:
        0.25%
        per annum with respect to the period prior to the initial Interest Adjustment
        Date and, for the 5/1 7/1 and 10/1 ARM Loans 0.375% thereafter.

       

      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
        Custodian and copies of the Mortgage Loan Documents listed in Exhibit
        B
        the
        originals of which are delivered to the Custodian pursuant to Section
        2.01.

       

      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.

       

      7/1
        ARM Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the interest rate on such Mortgage Loan is fixed for the
        first
        seven (7) years of the term of the related Mortgage Loan and which thereafter
        is
        converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage Loan except
        that
        the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment
        Date for the related Mortgage Loan.

       

      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.

       

      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 for the servicing of the
        Mortgage Loans. 

       

      10/1
        ARM Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the interest rate on such Mortgage Loan is fixed for the
        first
        ten (10) years of the term of the related Mortgage Loan and which thereafter
        is
        converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage Loan except
        that
        the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment
        Date for the related Mortgage Loan.

       

      3/1
        ARM Mortgage Loan:
        Any individual Mortgage Loan purchased pursuant to this Agreement which contains
        a provision whereby the interest rate on such Mortgage Loan is fixed for
        the
        first three (3) years of the term of the related Mortgage Loan and which
        thereafter is converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage
        Loan.

       

      Treasury
        Rate Mortgage Loan:
        Any
        individual Mortgage Loan purchased pursuant to this Agreement which contains
        a
        provision whereby the interest rate on such Mortgage Loan is adjusted based
        upon
        the weekly average yield on U.S. Treasury securities.

       

      Underwriting
        Guidelines:
        The
        underwriting guidelines of the Company with respect to mortgage loans similar
        to
        the Mortgage Loans, attached hereto as Exhibit
        H.
        

       

      UGI:
        United
        Guaranty Residential Insurance Company or any successor thereto.

       

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; DELIVERY OF DOCUMENTS

       

      
        	Section
                2.01  	
                Conveyance
                  of Mortgage Loans; Possession of Mortgage Files; Maintenance of
                  Servicing
                  Files.

              

      

       

      The
        Company, on each Closing Date, does hereby sell, transfer, assign, set over
        and
        convey to the Purchaser, without recourse, but subject to the terms of this
        Agreement, all the right, title and interest of the Company in and to the
        Mortgage Loans in the related Mortgage Loan Package, excluding the right
        to
        service the Mortgage Loans which the Company expressly retains. Pursuant
        to
        Section 2.03, the Company has delivered the Mortgage Loan Documents for each
        Mortgage Loan in the Mortgage Loan Package to the Custodian.

       

      The
        contents of each 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 Mortgage File and the originals of the documents in each
        Mortgage File not delivered to the Custodian. 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. Upon the sale of the Mortgage Loans
        the
        ownership of each Mortgage Note, the related Mortgage and the related Mortgage
        File and Servicing File shall vest immediately in the Purchaser, and the
        ownership of all records and documents with respect to the related Mortgage
        Loan
        prepared by or which come into the possession of the Company shall vest
        immediately in the Purchaser and shall be retained and maintained by the
        Company, in trust, at the will of the Purchaser and only in such custodial
        capacity. Each Servicing File shall be segregated from the other books and
        records of the Company and shall be marked appropriately to reflect clearly
        the
        sale of the related Mortgage Loan to the Purchaser. 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, 3.05, 3.07,
        or
        6.02.

       

      
        	Section
                2.02  	
                Books
                  and Records; Transfers of Mortgage Loans.

              

      

       

      From
        and
        after the sale of the Mortgage Loans to the Purchaser all rights arising
        out of
        the Mortgage Loans in a Mortgage Loan Package including but not limited to
        all
        funds received on or in connection with the Mortgage Loan, shall be received
        and
        held by the Company in trust for the benefit of the Purchaser as owner of
        the
        Mortgage Loans, and the Company shall retain record title to the related
        Mortgages for the sole purpose of facilitating the servicing and the supervision
        of the servicing of the Mortgage Loans.

       

      The
        sale
        of each Mortgage Loan in a Mortgage Loan Package 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 and periodic inspection reports as required by Section 4.13. To
        the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche or such other reliable means
        of
        recreating original documents, including but not limited to, optical imagery
        techniques so long as the Company complies with the requirements of 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 a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

       

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this agreement or the Mortgage Loans unless the books and records
        show such person as the owner of the Mortgage Loan. The Purchaser may, subject
        to the terms of this Agreement, sell and transfer one or more of the Mortgage
        Loans, 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 and an assignment and assumption of this Agreement in the form of
        Exhibit
        G
        hereto
        executed by the transferee shall have been delivered to the Company, and
        (ii)
        with respect to each Mortgage Loan Package, in no event shall there be more
        than
        five 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 shall release the previous
        Purchaser from its obligations hereunder with respect to the Mortgage Loans
        sold
        or transferred. Purchaser shall not to transfer to any assignee any pool
        of
        Mortgage Loans with a aggregate outstanding principal balance of less than
        $10,000,000 without the consent of the Company; provided, however, if the
        Company fails to consent to the transfer of a pool of Mortgage Loans as
        contemplated in this sentence, Purchaser shall have the right to purchase
        the
        servicing rights associated with such Mortgage Loans at a price to mutually
        agreed to by Purchaser and Company, exercising good faith.

       

      
        	Section
                2.03  	
                 Delivery
                  of Documents.

              

      

       

      On
        or
        before the date which is agreed upon by the Purchaser and the Company in
        the
        related Confirmation, the Company shall deliver and release to the Custodian
        those Mortgage Loan Documents as required by this Agreement with respect
        to each
        Mortgage Loan in the related Mortgage Loan Package a list of which is attached
        to the related Assignment and Conveyance.

       

      On
        or
        prior to the related Closing Date, the Custodian shall certify its receipt
        of
        all such Mortgage Loan Documents 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 Company shall be responsible
        for maintaining the Custodial Agreement for the benefit of the Purchaser.
        Purchaser shall pay all fees and expenses of the Custodian.

       

      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
        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 180
        days
        of its submission for recordation.

       

      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 180
        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.

       

      On
        or
        prior to the date which is three Business Days prior to the related Closing
        Date, the Company shall deliver to the Purchaser the related Mortgage Loan
        Schedule.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES;

      REMEDIES
        AND BREACH

       

      
        	Section
                3.01  	
                Company
                  Representations and Warranties.

              

      

       

      The
        Company represents and warrants to the Purchaser that as of each Closing
        Date:

       

      (a)  Due
        Organization and Authority.
        The
        Company is a corporation duly organized, validly existing and in good standing
        under the laws of the State of New York and has all licenses necessary to
        carry
        on its business as now being conducted and is licensed, qualified and in
        good
        standing in each state where a Mortgaged Property is located if the laws
        of such
        state require licensing or qualification in order to conduct business of
        the
        type conducted by the Company, and in any event the Company is in compliance
        with the laws of any such state to the extent necessary to ensure the
        enforceability of the related Mortgage Loan and the servicing of such Mortgage
        Loan in accordance with the terms of this Agreement; the Company has the
        full
        corporate power and authority to execute and deliver this Agreement and to
        perform in accordance herewith; the execution, delivery and performance of
        this
        Agreement (including all instruments of transfer to be delivered pursuant
        to
        this Agreement) by the Company and the consummation of the transactions
        contemplated hereby have been duly and validly authorized; this Agreement
        evidences the valid, binding and enforceable obligation of the Company; and
        all
        requisite corporate action has been taken by the Company to make this Agreement
        valid and binding upon the Company in accordance with its terms;

       

      (b)  Ordinary
        Course of Business.
        The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Company, 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, conditions or provisions of the Company’s charter 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 an acceleration under any of the foregoing, 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, as calculated at
        the
        Servicing Fee Rate, 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 is not undertaken to
        hinder, delay or defraud any of the Company’s creditors;

       

      (g)  No
        Litigation Pending.
        There
        is no action, suit, proceeding or investigation pending or to the best of
        the
        Company’s knowledge threatened against the Company which, either in any one
        instance or in the aggregate, may result in any material adverse change in
        the
        business, operations, financial condition, properties or assets of the Company,
        or in any material impairment of the right or ability of the Company to carry
        on
        its business substantially as now conducted, or in any material liability
        on the
        part of the Company, or which would draw into question the validity of this
        Agreement or the Mortgage Loans or of any action taken or to be taken in
        connection with the obligations of the Company 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 the adjustable rate one- to four-family
        mortgage loans in the Company’s 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)  Pool
        Characteristics.
        With
        respect to each Mortgage Loan Package, the Mortgage Loan characteristics
        set
        forth on Exhibit 2 to the related Assignment and Conveyance are true and
        complete.

       

      (k)  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;

       

      (l)  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;

       

      (m)  Financial
        Statements.
        There
        has been no change in the business, operations, financial condition, properties
        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;

       

      (n)  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 connection with
        the
        sale of the Mortgage Loans;

       

      (o)  Origination.
        The
        Company’s decision to originate any mortgage loan or to deny any mortgage loan
        application is an independent decision based upon Company’s Underwriting
        Guidelines, and is in no way made as a result of Purchaser’s decision to
        purchase, or not to purchase, or the price Purchaser may offer to pay for,
        any
        such mortgage loan, if originated; and

       

      (p)  MERS.
        The
        Company 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 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 each Mortgage Loan Schedule is complete, true and
        correct in all material respects;

       

      (b)  Payments
        Current.
        All
        payments required to be made up to the related Closing Date for the Mortgage
        Loan under the terms of the Mortgage Note have been made and credited. No
        payment required under the Mortgage Loan has been more than 30 days delinquent
        at any time in the twelve months prior to the related Closing Date. The first
        Monthly Payment shall be made with respect to the Mortgage Loan on its Due
        Date
        or within the grace period, all in accordance with the terms of the related
        Mortgage Note;

       

      (c)  No
        Outstanding Charges.
        There
        are no defaults in complying with the terms of the Mortgages, 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. The Company 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 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 greater, 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 is part of the Mortgage Loan
        File
        delivered to the Custodian and the terms of which are reflected in the related
        Mortgage Loan Schedule;

       

      (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, and no Mortgagor was a debtor
        in
        any state or federal bankruptcy or insolvency proceeding at the time the
        Mortgage Loan was originated;

       

      (f)  Hazard
        Insurance.
        Pursuant to the terms of the Mortgage, all buildings or other improvements
        upon
        the Mortgaged Property are insured by a generally acceptable insurer 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 4.10. If upon
        origination of the Mortgage Loan, the Mortgaged Property was 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)
        a flood insurance policy meeting the requirements of the current guidelines
        of
        the Federal Flood Insurance Administration is in effect which policy conforms
        to
        the requirements of Section 4.10. 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 the 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. Where
        required by state law or regulation, the Mortgagor has been given an opportunity
        to choose the carrier of the required hazard insurance, provided the policy
        is
        not a “master” or “blanket” hazard insurance policy covering the common
        facilities of a planned unit development. 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 engaged in, and has no knowledge of the Mortgagor’s or any Subservicer’s
        having engaged in, any act or omission which would impair the coverage of
        any
        such policy, the benefits of the endorsement provided for herein, or the
        validity and binding effect of either, including without limitation, no unlawful
        fee, unlawful commission, unlawful kickback or other unlawful compensation
        or
        value of any kind has been or will be received, retained or realized by any
        attorney, firm or other person or entity, and no such unlawful items have
        been
        received, retained or realized by the Company;

       

      (g)  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 protection, equal credit opportunity or disclosure 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;

       

      (h)  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.
        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;

       

      (i)  Location
        and Type of Mortgaged Property.
        The
        Mortgaged Property is a fee simple property located in the state identified
        in
        the related Mortgage Loan Schedule and consists of a parcel of real property
        with a detached single family residence erected thereon, or an individual
        condominium unit in a low-rise condominium project, or an individual unit
        in a
        planned unit development, provided, however, that any condominium project
        or
        planned unit development shall conform with the Company’s Underwriting
        Guidelines regarding such dwellings, and no residence or dwelling is a mobile
        home or a manufactured dwelling. No portion of the Mortgaged Property is
        used
        for commercial purposes; 

       

      (j)  Valid
        First Lien.
        The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings and improvements on the Mortgaged
        Property, 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 to otherwise considered in the appraisal made for the originator
        of the Mortgage Loan or (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. The Mortgaged Property was not, as of the date
        of
        origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed
        to
        secured debt or other security instrument creating a lien subordinate to
        the
        lien of the Mortgage;

       

      (k)  Validity
        of Mortgage Documents.
        The
        Mortgage Note and the Mortgage 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 and any other related
        agreement had legal capacity to enter into the Mortgage Loan and to execute
        and
        deliver the Mortgage Note and the Mortgage and any other related agreement,
        and
        the Mortgage Note and the Mortgage have been duly and properly executed by
        such
        parties. No fraud was committed by the Company, or to the Company's knowledge
        by
        any other person including the Mortgagor, in connection with the origination
        or
        servicing of the Mortgage Loan. The Company has reviewed all of the documents
        constituting the Servicing File and has made such inquiries as it deems
        necessary to make and confirm the accuracy of the representations set forth
        herein; 

       

      (l)  Full
        Disbursement of Proceeds.
        The
        Mortgage Loan has been closed and 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 improvement
        and as to disbursements of any escrow funds therefor have been complied with.
        All costs, fees and expenses incurred in making or closing the Mortgage Loan
        and
        the recording of the Mortgage were paid, and the Mortgagor is not entitled
        to
        any refund of any amounts paid or due under the Mortgage Note or
        Mortgage;

       

      (m)  Ownership.
        The
        Company is the sole owner of record and holder of the Mortgage Loan. The
        Mortgage Loan is not assigned or pledged, and the Company has good and
        marketable title thereto, and has full right to transfer and sell the Mortgage
        Loan therein to the Purchaser free and clear of any encumbrance, equity,
        participation interest, lien, pledge, charge, claim or security interest,
        and
        has full right and authority subject to no interest or participation of,
        or
        agreement with, any other party, to sell and assign each Mortgage Loan pursuant
        to this Agreement;

       

      (n)  Doing
        Business.
        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;

       

      (o)  LTV,
        PMI Policy.
        Any
        Mortgage Loan with an LTV over 80% has a PMI Policy insuring, as to payment
        defaults, the excess LTV over 71% (or such other percentage as stated in
        the
        related Confirmation) of the Appraised Value until the LTV of such Mortgage
        Loan
        is reduced to 80%. All provisions of such PMI Policy have been and are being
        complied with, such policy is in full force and effect, and all premiums
        due
        thereunder have been paid. 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 PMI Policy obligates
        the
        Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and
        charges in connection therewith; provided, that, with respect to LPMI Loans,
        the
        Company is obligated thereunder to maintain the 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 Mortgage Loan Schedule is net of any insurance
        premium excluded any premium for the LPMI Policy;

       

      (p)  Title
        Insurance.
        The
        Mortgage Loan is covered by either (i) an attorney’s opinion of title and
        abstract of title the form and substance of which is acceptable to mortgage
        lending institutions making mortgage loans in the area where the Mortgaged
        Property is located or (ii) 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 (or to the extent that a Mortgage Note provides for negative amortization,
        the maximum amount of negative amortization in accordance with the Mortgage),
        and against any loss by reason of the invalidity or unenforceability of the
        lien
        resulting from the provisions of the Mortgage providing for adjustment in
        the
        Mortgage Interest Rate and Monthly Payment, subject only to the exceptions
        contained in clauses (1), (2) and (3) of paragraph (j) of this Section 3.02.
        Where required by state law or regulation, the Mortgagor has been given the
        opportunity to choose the carrier of the required mortgage title insurance.
        Additionally, such lender’s title insurance policy affirmatively insures ingress
        and egress, and against encroachments by or upon the Mortgaged Property or
        any
        interest therein. 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 including without limitation, no
        unlawful fee, commission, kickback or other unlawful compensation or value
        of
        any kind has been or will be received, retained or realized by any attorney,
        firm or other person or entity, and no such unlawful items have been received,
        retained or realized by the Company;

       

      (q)  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;

       

      (r)  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;

       

      (s)  Location
        of Improvements; No Encroachments.
        All
        improvements which were considered in determining the Appraised Value of
        the
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property and no improvements on adjoining properties
        encroach upon the Mortgaged Property. No improvement located on or being
        part of
        the Mortgaged Property is in violation of any applicable zoning law or
        regulation;

       

      (t)  Origination;
        Payment Terms.
        The
        Mortgage Loan was originated by either i) the Company, which is a FNMA-approved,
        FHLMC-approved and HUD-approved mortgage banker, or ii) an entity that is
        a
        FNMA-approved, FHLMC-approved and HUD-approved mortgage banker, or a savings
        and
        loan association, a savings bank, a commercial bank or similar banking
        institution which is supervised and examined by a Federal or state authority.
        The interest rate on the related Mortgage Note is adjusted annually in the
        case
        of Treasury Rate Mortgage Loans and LIBOR Mortgage Loans on each Interest
        Rate
        Adjustment Date to equal the Index plus the Gross Margin, subject to the
        Initial
        Rate Cap, Periodic Rate Cap and the Lifetime Mortgage Interest Rate Cap as
        set
        forth in the Mortgage Note. The Mortgage Interest Rate for a 5/1 ARM Mortgage
        Loan and a 3/1 ARM Mortgage Loan is adjusted annually commencing from and
        after
        the sixtieth Monthly Payment and the thirty-sixth Monthly Payment, respectively,
        in the same manner as a Treasury Rate Mortgage Loan and LIBOR Mortgage Loan,
        provided, however, that the Periodic Rate Cap does not apply to the initial
        Interest Rate Adjustment Date for such 5/1 ARM Mortgage Loan (the Initial
        Rate
        Cap does apply). The Mortgage Note is payable each month in monthly installments
        of principal and interest, with interest in arrears, and requires Monthly
        Payments sufficient to amortize the original principal balance of the Mortgage
        Loan over a term of no more than 30 years. Each Convertible Mortgage Loan
        contains a provision whereby the Mortgagor is permitted to convert the Mortgage
        Loan to a fixed-rate mortgage loan at any time between the first and fifth
        anniversary of the origination of the Mortgage Loan. No Mortgage Loan has
        a
        provision for negative amortization; 

       

      (u)  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. Upon default by a
        Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale of, the
        Mortgaged Property pursuant to the proper procedures, the holder of the Mortgage
        Loan will be able to deliver good and merchantable title to the Mortgaged
        Property. 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;

       

      (v)  Conformance
        with Underwriting Guidelines.
        The
        Mortgage Loan was underwritten in accordance with the Company’s Underwriting
        Guidelines in effect at the time the Mortgage Loan was originated.;

       

      (w)  Occupancy
        of the Mortgaged Property.
        As of
        the related Closing Date the Mortgaged Property is lawfully occupied under
        applicable law. All inspections, licenses and certificates required to be
        made
        or issued with respect to all occupied portions of the Mortgaged Property
        and,
        with respect to the use and occupancy of the same, including but not limited
        to
        certificates of occupancy and fire underwriting certificates, have been made
        or
        obtained from the appropriate authorities. The Mortgagor represented at the
        time
        of origination of the Mortgage Loan that the Mortgagor would occupy the
        Mortgaged Property as the Mortgagor’s primary residence;

       

      (x)  No
        Additional Collateral.
        The
        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 (j) 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 Purchasers 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, 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)  Delivery
        of Mortgage Documents.
        The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered for the Mortgage Loan by the Company under this
        Agreement as set forth in Exhibit
        C
        attached
        hereto have been delivered to the Custodian. The Company is in possession
        of a
        complete, true and accurate Mortgage File in compliance with Exhibit
        B,
        except
        for such documents the originals of which have been delivered to the
        Custodian;

       

      (bb)  Condominiums/Planned
        Unit Developments.
        If the
        Mortgaged Property is a condominium unit or a planned unit development (other
        than a de minimus planned unit development) such condominium or planned unit
        development project meets Company’s Underwriting Guidelines with respect to such
        condominium or planned unit development;

       

      (cc)  Transfer
        of Mortgage Loans.
        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)  Due
        on
        Sale.
        The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the Mortgagor thereunder;

       

      (ee)  No
        Buydown Provisions; No Graduated Payments or Contingent
        Interests.
        The
        Mortgage Loan does not contain provisions pursuant to which Monthly Payments
        are
        paid or partially paid with funds deposited in any separate account established
        by the Company, the Mortgagor or anyone on behalf of the Mortgagor, or paid
        by
        any source other than the Mortgagor nor does it contain any other similar
        provisions currently in effect which may constitute a “buydown” provision. 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;

       

      (ff)  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. The lien of the Mortgage securing the consolidated principal
        amount is expressly insured as having first lien priority by a title insurance
        policy, an endorsement to the policy insuring the mortgagee’s consolidated
        interest or by other title evidence acceptable to Fannie Mae and Freddie
        Mac.
        The consolidated principal amount does not exceed the original principal
        amount
        of the Mortgage Loan;

       

      (gg)  Mortgaged
        Property Undamaged.
        There
        is no proceeding pending or, to the best of the Company’s knowledge, threatened
        for the total or partial condemnation of the Mortgaged Property. 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; and

       

      (hh)  Collection
        Practices; Escrow Deposits.
        The
        origination, servicing and collection practices used with respect to the
        Mortgage Loan have been in accordance with Accepted Servicing Practices,
        and
        have been in all respects in compliance with all applicable laws and
        regulations. 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. An escrow of funds is not prohibited by applicable
        law
        and has been established in an amount sufficient to pay for every item which
        remains unpaid and which has been assessed but is not yet due and payable.
        No
        escrow deposits or Escrow Payments or other charges or payments due the Company
        have been capitalized under the Mortgage or the 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;

       

      (ii)  Appraisal.
        The
        Mortgage File contains an appraisal of the related Mortgage Property signed
        prior to the approval of the Mortgage Loan application by a qualified 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 the appraisal and appraiser both satisfy the requirements of Fannie
        Mae, Freddie Mac or 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;

       

      (jj)  Soldiers’
        and Sailors’ 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 Soldiers’ and Sailors’
Civil Relief Act of 1940;

       

      (kk)  Environmental
        Matters.
        The
        Mortgaged Property is free from any and all toxic or hazardous substances
        and
        there exists no violation of any local, state or federal environmental law,
        rule
        or regulation. To the best of the Company’s knowledge, 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 consisting a prerequisite to use and enjoyment of said
        property; 

       

      (ll)  No
        Construction Loans.
        No
        Mortgage Loan was made in connection with (i) the construction or rehabilitation
        of a Mortgaged Property or (ii) facilitating the trade-in or exchange of
        a
        Mortgaged Property;

       

      (mm)  Insurance.
        The
        Company has caused or will cause to be performed any and all acts required
        to
        preserve the rights and remedies of the Purchaser in any insurance policies
        applicable to the Mortgage Loans including, without limitation, any necessary
        notifications of insurers, assignments of policies or interests therein,
        and
        establishments of coinsured, joint loss payee and mortgagee rights in favor
        of
        the Purchaser; No action, inaction, or event has occurred and no state of
        fact
        exists or has existed that has resulted or will result in the exclusion from,
        denial of, or defense to coverage under any applicable pool insurance policy,
        special hazard insurance policy, PMI Policy or bankruptcy bond, irrespective
        of
        the cause of such failure of coverage. In connection with the placement of
        any
        such insurance, no commission, fee, or other compensation has been or will
        be
        received by the Company or any designee of the Company or any corporation
        in
        which the Company or any officer, director, or employee had a financial interest
        at the time of placement of such insurance;

       

      (nn)  Regarding
        the Mortgagor.
        The
        Mortgagor is one or more natural persons and/or trustees for an Illinois
        land
        trust or a trustee under a “living trust” and such “living trust” is in
        compliance with Fannie Mae guidelines for such trusts.

       

      (oo)  Predatory
        Lending Regulations; High Cost Loans.
        None of
        the Mortgage Loans are classified as (a) “high cost” loans under the Home
        Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,” or
“predatory” loans under any other applicable state, federal or local
        law.

       

      (pp)  Simple
        Interest Mortgage Loans.
        None of
        the Mortgage Loans are simple interest Mortgage Loans.

       

      (qq)   Single
        Premium Credit Life Insurance.
        None of
        the proceeds of the Mortgage Loan were used to finance single-premium credit
        life insurance policies.

       

      (rr)  Tax
        Service Contract
        The
        Company has obtained a life of loan, transferable real estate Tax Service
        Contract on each Mortgage Loan and such contract is assignable without penalty,
        premium or cost to the Purchaser;

       

      (ss)  Flood
        Certification Contract.
        The
        Company has obtained a life of loan, transferable flood certification contract
        with a Approved Flood Certification Provider for each Mortgage Loan and such
        contract is assignable without penalty, premium or cost to the
        Purchaser;

       

      (tt)  FICO
        Scores.
        Each
        Mortgage Loan has a non-zero FICO score; 

       

      (uu)  Prepayment
        Fee.
        With
        respect to each Mortgage Loan that has a prepayment fee feature, each such
        prepayment fee is enforceable and will be enforced by the Company, and each
        prepayment penalty in 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 in the related Mortgage Loan Schedule, with respect to each Mortgage
        Loan
        that contains a prepayment fee, such prepayment fee 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;
        and

       

      (vv)  Recordation.
        Each
        original Mortgage was recorded and, except for those Mortgage Loans subject
        to
        the MERS identification system, all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded
        in the
        appropriate jurisdictions wherein such recordation is necessary to perfect
        the
        lien thereof as against creditors of the Company, or is in the process of
        being
        recorded;

       

      (ww)  Leaseholds.If
        the
        Mortgaged Property is subject to a ground lease or any other type of leasehold
        interest, the ground lease or other leasehold interest exceeds the remaining
        term of the related Mortgage Loan.

       

      
        	Section
                3.03  	
                Remedies
                  for Breach of Representations and Warranties.

              

      

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the
        Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
        and
        shall inure to the benefit of the Purchaser, notwithstanding any restrictive
        or
        qualified endorsement on any Mortgage Note or Assignment of Mortgage or the
        examination or failure to examine any Mortgage File. Upon discovery by either
        the Company or the Purchaser of 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 (in the
        case
        of any of the foregoing, a “Breach”),
        the
        party discovering such Breach shall give prompt written notice to the other.
        

       

      With
        respect to those representations and warranties which are made to the best
        of
        the Company’s knowledge, if it is discovered by the Company or the Purchaser
        that the substance of such representation and warranty is inaccurate and
        such
        inaccuracy materially and adversely affects the value of the related Mortgage
        Loan or the interest of the Purchaser (or which materially and adversely
        affects
        the value of a Mortgage Loan or the interests of the Purchaser in the related
        Mortgage Loan in the case of a representation and warranty relating to a
        particular Mortgage Loan), notwithstanding the Company’s lack of knowledge with
        respect to the substance of such representation and warranty, such inaccuracy
        shall be deemed a breach of the applicable representation and
        warranty.

       

      Within
        60
        days of the earlier of either discovery by or notice to the Company of any
        Breach of a representation or warranty, 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 and subject to Section
        3.06, 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 60 days of the earlier of either
        discovery by or notice to the Company of such Breach, all of the Mortgage
        Loans
        shall, at the Purchaser’s option and subject to Section 3.06, 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, 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. 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. 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. For the month of substitution, 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.

       

      Any
        cause
        of action against the Company relating to or arising out of the Breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) discovery of such Breach by the Purchaser or notice
        thereof by the Company to the Purchaser, (ii) failure by the Company to cure
        such Breach or repurchase such Mortgage Loan as specified above, and (iii)
        demand upon the Company by the Purchaser for compliance with this
        Agreement.

       

      
        	Section
                3.04  	
                Indemnification.

              

      

       

      The
        Company agrees to indemnify the Purchaser and hold it 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
        Purchaser may sustain in any way related any assertion based on, grounded
        upon
        resulting from a Breach of any of the Company’s representations and warranties
        contained herein. In addition to the obligations of the Company set forth
        in
        this Section 3.04, the Purchaser may pursue any and all remedies otherwise
        available at law or in equity, including, but not limited to, the right to
        seek
        damages. The provisions of this Section 3.04 shall survive termination of
        this
        Agreement.

       

      It
        is
        understood and agreed that the obligations of the Company set forth in Sections
        3.03 and 3.04 to cure, substitute for or repurchase a defective Mortgage
        Loan
        and to indemnify the Purchaser constitute the sole remedies of the Purchaser
        respecting a Breach of the foregoing representations and
        warranties.

       

      
        	Section
                3.05  	
                Repurchase
                  Upon Conversion.

              

      

      

      In
        the
        event the Mortgagor under any Convertible Mortgage Loan elects to convert
        said
        Mortgage Loan to a fixed rate mortgage loan, as provided in the related Mortgage
        Note, then the Company shall repurchase the related Mortgage Loan in the
        month
        the conversion takes place and in the manner prescribed in Section 3.04 at
        the
        Repurchase Price.

       

      
        	Section
                3.06  	
                Restrictions
                  and Requirements Applicable in the
                  Event

              

      

       

      that
        a
        Mortgage Loan is Acquired by a REMIC

       

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, the following provisions shall be applicable
        to
        such Mortgage Loan:

       

      
        	(A)  	
                Repurchase
                  of Mortgage Loans.

              

      

       

      With
        respect to any Mortgage Loan that is not in default or as to which no default
        is
        imminent, no repurchase or substitution pursuant to Subsection 3.03, 3.05,
        3.07
        or 7.02 shall be made, unless, if so required by the applicable REMIC Documents
        the Company has obtained an Opinion of Counsel to the effect that such
        repurchase 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.

       

      
        	(B)  	
                General
                  Servicing Obligations.

              

      

       

      The
        Company shall sell any REO Property within two years after its acquisition
        by
        the REMIC unless (i) the Company applies for an extension of such two-year
        period from the Internal Revenue Service pursuant to the REMIC Provisions
        and
        Code Section 856(e)(3), in which event such REO Property shall be sold within
        the applicable extension period, or (ii) the Company obtains for the Purchaser
        an Opinion of Counsel, addressed to the Purchaser and the Company, to the
        effect
        that the holding by the REMIC of such REO Property subsequent to such two
        year
        period will not result in the imposition of taxes on “prohibited transactions”
as defined in Section 860F of the Code or cause the REMIC to fail to qualify
        as
        a REMIC under the REMIC Provisions or comparable provisions of relevant state
        laws at any time. The Company shall manage, conserve, protect and operate
        each
        REO Property for the Purchaser solely for the purpose of its prompt disposition
        and sale in a manner which does not cause such REO Property to fail to qualify
        as “foreclosure property” within the meaning of Section 860G(a)(8) or result in
        the receipt by the REMIC of any “income from non-permitted assets” within the
        meaning of Section 860F(a)(2)(B) of the Code or any “net income from foreclosure
        property” which is subject to taxation under Section 860G(a)(1) of the Code.
        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 Purchaser, rent the same, or any part
        thereof, as the Company deems to be in the best interest of the Company and
        the
        Purchaser for the period prior to the sale of such REO Property; provided,
        however, that any rent received or accrued with respect to such REO Property
        qualifies as “rents from real property” as defined in Section 856(d) of the
        Code.

       

      
        	(C)  	
                Additional
                  Covenants.

              

      

       

      In
        addition to the provision set forth in this Section 3.06, if a REMIC election
        is
        made with respect to the arrangement under which any of the Mortgage Loans
        or
        REO Properties are held, then, with respect to such Mortgage Loans and/or
        REO
        Properties, and notwithstanding the terms of this Agreement, the Company
        shall
        not take any action, cause the REMIC to take any action or fail to take (or
        fail
        to cause to be taken) any action that, under the REMIC Provisions, if taken
        or
        not taken, as the case may be, could (i) endanger the status of the REMIC
        as a
        REMIC or (ii) result in the imposition of a tax upon the REMIC (including
        but
        not limited to the tax on “prohibited transactions” as defined in Section
        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 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.

       

      If
        a
        REMIC election is made with respect to the arrangement under which any Mortgage
        Loans or REO Properties are held, the Company shall amend this Agreement
        such
        that it will meet all Rating Agency requirements.

       

      
        	Section
                3.07  	
                Review
                  of Mortgage Loans

              

      

       

      From
        the
        related Closing Date until the date 15 days after the related Closing Date,
        the
        Purchaser shall have the right to review the Mortgage Files and obtain BPOs
        and
        other property evaluations on the Mortgaged Properties relating to the Mortgage
        Loans purchased on the related Closing Date, with the results of such BPO
        or
        property evaluation reviews to be communicated to the Company for a period
        up to
        15 days after the related Closing Date. In addition, the Purchaser shall
        have
        the right to reject any Mortgage Loan which in the Purchaser’s sole
        determination (i) fails to conform to the Underwriting Guidelines, (ii) the
        value of the Mortgaged Property pursuant to any BPO or property evaluation
        varies by more than plus or minus 15% from the lesser of (A) the original
        appraised value of the Mortgage Property or (B) the purchase price of the
        Mortgaged Property as of the date of origination (a “Value
        Issue”),
        (iii)
        the Mortgage Loan is underwritten without verification of the Borrower’s income
        and assets and there is no credit report and credit score or (iv) the Purchaser
        deems the Mortgage Loan not to be an acceptable credit risk. The Company
        shall
        repurchase the rejected Mortgage Loan in the manner prescribed in Section
        3.03
        upon receipt of notice from the Purchaser of the rejection of such Mortgage
        Loan; provided, that, in the event that the Purchaser rejects a Mortgage
        Loan
        due to a Value Issue, the Company may submit to the Purchaser an additional
        property evaluation for purposes of demonstrating that the Mortgage Loan
        does
        not have a Value Issue. If the Purchaser and the Company fail to resolve
        such
        Value Issue within two weeks of the Purchaser presenting such Value Issue
        to the
        Company, then Company shall have the right to promptly (a) substitute such
        Mortgage Loan with a Qualified Substitute Mortgage Loan meeting all the terms
        hereof, or (b) repurchase such Mortgage Loan in the manner prescribed in
        Section
        3.03. Any rejected Mortgage Loan shall be removed from the terms of this
        Agreement. The Company shall make available all files required by Purchaser
        in
        order to complete its review, including capturing all CRA/HMDA required data
        fields. Any review performed by the Purchaser prior to the related Closing
        Date
        does not limit the Purchaser’s rights or the Company’s obligations under this
        section. To the extent that the Purchaser’s review discloses that the Mortgage
        Loans do not conform to the Underwriting Guidelines or the terms set forth
        in
        the Purchaser Price and Terms Letter, the Purchaser may in its sole discretion
        increase its due diligence review and obtain additional BPO’s or other property
        evaluations. The additional review may be for any reason including but not
        limited to credit quality, property valuations, and data integrity.

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

       

      
        	Section
                4.01  	
                Company
                  to Act as Servicer.

              

      

       

      The
        Company shall service and administer the Mortgage Loans and shall have full
        power and authority, acting alone, 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.

       

      (a)  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 Purchasers,
        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 of any material
        term of
        any Mortgage Loan including any modifications that would change the Mortgage
        Interest Rate change the Index, Lifetime Mortgage Interest Rate Cap, Initial
        Rate Cap or Gross Margin of any Mortgage Loan, defer or 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 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 Purchasers, 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
        Mortgage Loans may be subserviced by the Subservicer on behalf of the Company
        provided that the Subservicer is a Fannie Mae-approved lender or a Freddie
        Mac
        seller/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 Freddie Mac, or which would require notification
        to
        Fannie Mae or Freddie Mac. 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.

       

      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 9.04, 10.01 or 11.02, 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 as soon as is reasonably
        possible. 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.

       

      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  	
                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, provided that, prior to commencing
        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 10 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 to be conducted
        by a qualified inspector. 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
        (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 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 date hereof 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 “Countrywide Home Loans, Inc. in trust
        for EMC Mortgage Corporation, as purchaser of Residential Adjustable Rate
        Mortgage Loans and various Mortgagors”. The Custodial Account shall be
        established with a Qualified Depository acceptable to the Purchaser. Any
        funds
        deposited in the Custodial Account shall at all times be fully insured to
        the
        full extent permitted under applicable law. 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 certification in
        the
        form of Exhibit
        D-1
        hereto,
        in the case of an account established with the Company, or by a letter agreement
        in the form of Exhibit
        D-2
        hereto,
        in the case of an account held by a depository other than the Company. A
        copy of
        such certification or letter agreement shall be furnished to the Purchaser
        and,
        upon request, to any subsequent Purchaser.

       

      The
        Company shall deposit in the Custodial Account within two Business Days of
        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 or with respect to each LPMI Loan, in the amount
        of
        the LPMI Fee):

       

      (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, Section 4.11, Section 4.14 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, 4.09, 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, 3.05 or 3.07 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 in full or in part, the Prepayment Interest
        Shortfall Amount, if any, for the month of distribution. Such deposit shall
        be
        made from the Company’s own funds, without reimbursement therefor up to a
        maximum amount per month of the Servicing Fee actually received for such
        month
        for the Mortgage Loans;

       

      (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;
        and

       

      (x)  any
        amounts received with respect to or related to any REO Property and all REO
        Disposition Proceeds pursuant to Section 4.16.

       

      The
        foregoing requirements for deposit into the Custodial Account shall be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of late payment charges 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, 3.05, 3.07 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 where the Company is required to repurchase a Mortgage Loan
        pursuant to Section 3.03, 3.05, 3.07 or 6.02, in which case the Company’s right
        to such reimbursement shall be subsequent to the payment to the Purchasers
        of
        the Repurchase Price pursuant to such sections and all other amounts required
        to
        be paid to the Purchasers with respect to such Mortgage Loan;

       

      (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 9.01; 

       

      (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
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

       

      (viii)  to
        withdraw funds deposited in error.

       

      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, “Countrywide
        Home Loans, Inc., in trust for the EMC Mortgage Corporation, as purchaser
        of
        Residential Adjustable Rate Mortgage Loans and various Mortgagors”. The Escrow
        Accounts shall be established with a Qualified Depository, in a manner which
        shall provide maximum available insurance thereunder. 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 certification
        in the
        form of Exhibit
        E-1
        hereto,
        in the case of an account established with the Company, or by a letter agreement
        in the form of Exhibit
        E-2
        hereto,
        in the case of an account held by a depository other than the Company. A
        copy of
        such certification shall be furnished to the Purchaser and, upon request,
        to any
        subsequent Purchaser.

       

      The
        Company shall deposit in the Escrow Account or Accounts within two Business
        Days
        of 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; and

       

      (ii)  all
        amounts representing Insurance Proceeds or Condemnation Proceeds which are
        to be
        applied to the restoration or repair of any Mortgaged Property.

       

      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
        clear
        and terminate the Escrow Account on the termination of this Agreement;
        and

       

      (viii)  to
        withdraw funds deposited in error.

       

      
        	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. To the extent that a 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
        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 or the Escrow Account to a different
        Qualified Depository from time to time. Upon any such transfer, the Company
        shall promptly notify the Purchaser and deliver to the Purchaser a Custodial
        Account Certification or Escrow Account Certification (as applicable) in
        the
        form of Exhibit D-1 or E-1 to this agreement.

       

      The
        Company shall bear any expenses, losses or damages sustained by the Purchaser
        because the Custodial Account and/or the Escrow Account are not demand deposit
        accounts.

       

      Amounts
        on deposit in the Custodial Account and the Escrow Account may at the option
        of
        the Company be invested in Eligible Investments; provided that in the event
        that
        amounts on deposit in the Custodial Account or the Escrow Account exceed
        the
        amount fully insured by the FDIC (the “Insured
        Amount”)
        the
        Company shall be obligated to invest the excess amount over the Insured Amount
        in Eligible Investments on the same Business Day as such excess amount becomes
        present in the Custodial Account or the Escrow Account. Any such Eligible
        Investment shall mature no later than the Determination Date next following
        the
        date of such Eligible Investment, provided, however, that if such Eligible
        Investment is an obligation of a Qualified Depository (other than the Company)
        that maintains the Custodial Account or the Escrow Account, then such Eligible
        Investment may mature on such Remittance Date. Any such Eligible Investment
        shall be made in the name of the Company in trust for the benefit of the
        Purchaser. All income on or gain realized from any such Eligible Investment
        shall be for the benefit of the Company and may be withdrawn at any time
        by the
        Company. Any losses incurred in respect of any such investment shall be
        deposited in the Custodial Account or the Escrow Account, by the Company
        out of
        its own funds immediately as realized.

       

      
        	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 a generally
        acceptable insurer rated A:VI or better in the current Best’s Key Rating Guide
        (“Best’s”)
        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) the replacement value of the
        improvements securing such Mortgage Loan and (ii) the greater of (a) the
        outstanding principal balance of the Mortgage Loan and (b) an amount such
        that
        the proceeds thereof shall be sufficient to prevent the Mortgagor or the
        loss
        payee from becoming a co-insurer.

       

      If
        a
        Mortgaged Property is located in an area identified in the Federal Register
        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 rated A:VI or
        better
        in Best’s in an amount representing coverage equal to the lesser of (i) the
        minimum amount required, under the terms of coverage, to compensate for any
        damage or loss on a replacement cost basis (or the unpaid balance of the
        mortgage if replacement cost coverage is not available for the type of building
        insured) and (ii) the maximum amount of insurance which is available under
        the
        Flood Disaster Protection Act of 1973, as amended. If at any time during
        the
        term of the Mortgage Loan, the Company determines in accordance with applicable
        law and pursuant to the 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.

       

      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.

       

      The
        Company shall cause to be maintained on each Mortgaged Property earthquake
        or
        such other or additional insurance as may be required pursuant to such
        applicable laws and regulations as shall at any time be in force and as shall
        require such additional insurance, or pursuant to the requirements of any
        private mortgage guaranty insurer, or as may be required to conform with
        Accepted Servicing Practices.

       

      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 desirability of protection of the Mortgaged
        Property.

       

      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 rated A:VI or better in Best’s and are licensed to do business in
        the jurisdiction in which the Mortgaged Property is located. The Company
        shall
        determine that such policies provide sufficient risk coverage and amounts,
        that
        they insure the property owner, and that they properly describe the property
        address. The Company shall furnish to the Mortgagor a formal notice of
        expiration of any such insurance in sufficient time for the Mortgagor to
        arrange
        for renewal coverage by the expiration date.

       

      Pursuant
        to Section 4.04, any amounts collected by the Company under any such policies
        (other than amounts to be deposited in the Escrow Account and applied to
        the
        restoration or repair of the related Mortgaged Property, or property acquired
        in
        liquidation of the Mortgage Loan, or to be released to the Mortgagor, in
        accordance with the Company’s normal servicing procedures as specified in
        Section 4.14) shall be deposited in the Custodial Account subject to withdrawal
        pursuant to Section 4.05.

       

      
        	Section
                4.11  	
                Maintenance
                  of Mortgage Impairment Insurance.

              

      

       

      In
        the
        event that the Company shall obtain and maintain a blanket policy insuring
        against losses arising from fire and hazards covered under extended coverage
        on
        all of the Mortgage Loans, then, to the extent such policy 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. 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
        deposited from the Company’s funds, without reimbursement therefor. Upon request
        of any Purchaser, the Company shall cause to be delivered to such Purchaser
        a
        certified true copy of such policy and a statement from the insurer thereunder
        that such policy shall in no event be terminated or materially modified without
        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, embezzle-ment, 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 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.

              

      

       

      The
        Company shall inspect the Mortgaged Property as often as deemed necessary
        by the
        Company to assure itself that the value of the Mortgaged Property is being
        preserved. In addition, 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
        written report of each such inspection.

       

      
        	Section
                4.14  	
                Restoration
                  of Mortgaged Property.

              

      

       

      The
        Company need not obtain the approval of the Purchaser prior to releasing
        any
        Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
        to
        the restoration or repair of the Mortgaged Property if such release is in
        accordance with Accepted Servicing Practices. 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 Custodial 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 and LPMI Policy; Claims.

              

      

       

      (a)
        With
        respect to each Mortgage Loan with a LTV in excess of 95%, the Company
        shall:

       

      (i)
        with
        respect to Mortgage Loans which are not LPMI Loans, in accordance with state
        and
        federal laws and without any cost to the Purchaser, maintain or cause the
        Mortgagor to maintain in full force and effect a PMI Policy with a minimum
        of
        35% coverage insuring that portion of the Mortgage Loan in excess of 68%
        (or
        such other percentage as stated in the related Acknowledgment Agreement)
        of
        value, and shall pay or shall cause the Mortgagor to pay the premium thereon
        on
        a timely basis, until the LTV of such Mortgage Loan is reduced to 80%. In
        the
        event that such PMI Policy shall be terminated, 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, at substantially
        the same fee level. If the insurer shall cease to be a Qualified Insurer,
        the
        Company shall determine whether recoveries under the PMI Policy are jeopardized
        for reasons related to the financial condition of such insurer, it being
        understood that the Company shall in no event have any responsibility or
        liability for any failure to recover under the PMI Policy for such reason.
        If
        the Company determines that recoveries are so jeopardized, it shall notify
        the
        Purchaser and the Mortgagor, if required, and obtain from another Qualified
        Insurer a replacement insurance policy. The Company shall not take any action
        which would result in noncoverage under any applicable PMI Policy of any
        loss
        which, but for the actions of the Company would have been covered thereunder.
        In
        connection with any assumption or substitution agreement entered into or
        to be
        entered into pursuant to Section 4.01, the Company shall promptly notify
        the
        insurer under the related PMI Policy, if any, of such assumption or substitution
        of liability in accordance with the terms of such PMI Policy and shall take
        all
        actions which may be required by such insurer as a condition to the continuation
        of coverage under such PMI Policy. If such PMI Policy is terminated as a
        result
        of such assumption or substitution of liability, the Company shall obtain
        a
        replacement PMI Policy as provided above.

       

      (ii)
        with
        respect to LPMI Loans, maintain in full force and effect an LPMI Policy insuring
        that portion of the Mortgage Loan with a minimum of 35% coverage insuring
        that
        portion of the Mortgage Loan in excess of 68% (or such other percentage as
        stated in the related Acknowledgment Agreement) of value, and from time to
        time,
        withdraw the LPMI Fee with respect to such LPMI Loan from the Custodial Account
        in order to pay the premium thereon on a timely basis, until the LTV of such
        Mortgage Loan is reduced to 80%. In the event that the interest payments
        made
        with respect to any LPMI Loan are less than the LPMI Fee, the Company shall
        advance from its own funds the amount of any such shortfall in the LPMI Fee,
        in
        payment of the premium on the related LPMI Policy. Any such advance shall
        be a
        Servicing Advance subject to reimbursement pursuant to the provisions on
        Section
        2.05. In the event that such LPMI Policy shall be terminated, the Company
        shall
        obtain from another Qualified Insurer a comparable replacement policy, with
        a
        total coverage equal to the remaining coverage of such terminated LPMI Policy,
        at substantially the same fee level. If the insurer shall cease to be a
        Qualified Insurer, the Company shall determine whether recoveries under the
        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 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 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 LPMI Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        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. If such
        LPMI
        Policy is terminated as a result of such assumption or substitution of
        liability, the Company shall obtain a replacement LPMI Policy as provided
        above.

       

      (b) 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 or LPMI Policy in a timely fashion in accordance with the terms
        of
        such PMI Policy or LPMI Policy and, in this regard, to take such action as
        shall
        be necessary to permit recovery under any PMI Policy or LPMI Policy respecting
        a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any PMI Policy or LPMI Policy shall be deposited in the Custodial
        Account, subject to withdrawal pursuant to Section 4.05.

       

      (c) Purchaser,
        in its sole discretion, at any time, may (i) either obtain an additional
        PMI
        Policy on any Mortgage Loan which already has a PMI Policy in place, or (ii)
        obtain a PMI Policy for any Mortgage Loan which does not already have a PMI
        Policy in place. In any event, the Company agrees to administer such PMI
        Policies in accordance with the Agreement or any Reconstitution
        Agreement.

       

      
        	Section
                4.16  	
                Title,
                  Management and Disposition of REO Property.

              

      

       

      In
        the
        event that title to any Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser, or in the event the Purchaser is not authorized or
        permitted to hold title to real property in the state where the REO Property
        is
        located, or would be adversely affected under the “doing business” or tax laws
        of such state by so holding title, the deed or certificate of sale shall
        be
        taken in the name of such Person or Persons as shall be consistent with an
        Opinion of Counsel obtained by the Company from any attorney duly licensed
        to
        practice law in the state where the REO Property is located. The Person or
        Persons holding such title other than the Purchaser shall acknowledge in
        writing
        that such title is being held as nominee for the Purchaser.

       

      The
        Company shall manage, conserve, protect and operate each REO Property for
        the
        Purchaser solely for the purpose of its prompt disposition and sale. The
        Company, either itself or through an agent selected by the Company, shall
        manage, conserve, protect and operate the REO Property in the same manner
        that
        it manages, conserves, protects and operates other foreclosed property for
        its
        own account, and in the same manner that similar property in the same locality
        as the REO Property is managed. The Company shall attempt to sell the same
        (and
        may temporarily rent the same for a period not greater than one year, except
        as
        otherwise provided below) on such terms and conditions as the Company deems
        to
        be in the best interest of the Purchaser.

       

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless (i) (A) 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 the Company shall report monthly to the Purchaser as to
        the
        progress being made in selling such REO Property. 

       

      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, and 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, a Subservicer, or the Company itself. The
        REO
        management fee shall be an amount that is reasonable and customary in the
        area
        where the Mortgaged Property is located. The Company shall make monthly
        distributions on each Remittance Date to the Purchasers of the net cash flow
        from the REO Property (which shall equal the revenues from such REO Property
        net
        of the expenses described in this Section 4.16 and of any reserves reasonably
        required from time to time to be maintained to satisfy anticipated liabilities
        for such expenses).

       

      
        	Section
                4.17  	
                Real
                  Estate Owned Reports.

              

      

       

      Together
        with the statement furnished pursuant to Section 5.02, the Company shall
        furnish
        to the Purchaser on or before the Remittance Date each month a statement
        with
        respect to any REO Property covering the operation of such REO Property for
        the
        previous month and the Company’s efforts in connection with the sale of such REO
        Property and any rental of such REO Property incidental to the sale thereof
        for
        the previous month. That statement shall be accompanied by such other
        information as the Purchaser shall reasonably request.

       

      
        	Section
                4.18  	
                Liquidation
                  Reports.

              

      

       

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        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.

       

      
        	Section
                4.20  	
                Notification
                  of Adjustments.

              

      

       

      With
        respect to each Mortgage Loan, the Company shall adjust the Mortgage Interest
        Rate on the related Interest Rate Adjustment Date and shall adjust the Monthly
        Payment on the related Payment Adjustment Date in compliance with the
        requirements of applicable law and the related Mortgage and Mortgage Note.
        If,
        pursuant to the terms of the Mortgage Note, another index is selected for
        determining the Mortgage Interest Rate, the same index will be used with
        respect
        to each Mortgage Note which requires a new index to be selected, provided
        that
        such selection does not conflict with the terms of the related 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 and the Monthly Payment adjustments.
        The
        Company shall promptly upon written request thereof, deliver to the Purchaser
        such notifications and any additional applicable data regarding such adjustments
        and the methods used to calculate and implement such adjustments. Upon the
        discovery by the Company, or the Purchaser that the Company has failed to
        adjust
        a Mortgage Interest Rate or a Monthly Payment pursuant to the terms of the
        related Mortgage Note and Mortgage, the Company shall immediately deposit
        in the
        Custodial Account from its own funds the amount of any interest loss caused
        the
        Purchaser thereby.

       

      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),
        and 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, 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 second Business
        Day following 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 be deposited in the Custodial Account by the Company
        on
        the date such late payment is made and shall cover the period commencing
        with
        the day following such second Business Day and ending with the Business Day
        on
        which such payment is made, both inclusive. Such interest shall be remitted
        along with the distribution payable on the next succeeding Remittance Date.
        The
        payment by the 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 10th
        day of
        each calendar month, the Company shall furnish to the Purchaser a Monthly
        Remittance Advice, with a trial balance report attached thereto, in the form
        of
Exhibit
        F
        annexed
        hereto electronic medium mutually acceptable to the parties as to the preceding
        calendar month and the Due Period in the month of remittance

       

      In
        addition, not more than 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. Nothing in this Section 5.02 shall be deemed
        to
        require the Company to prepare any federal income tax return on Internal
        Revenue
        Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax
        Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
        Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
        forms,
        to be filed on behalf of any REMIC under the REMIC Provisions.

       

      
        	Section
                5.03  	
                Monthly
                  Advances by Company.

              

      

       

      On
        the
        Business Day immediately preceding each Remittance Date, either (a) the Company
        shall deposit in the Custodial Account from its own funds or (b) if funds
        are on
        deposit in the Custodial Account which are not required to be remitted on
        the
        related Remittance Date, the Company may make an appropriate entry in its
        records that such funds shall be applied toward the related Monthly Advance
        (provided, that any funds so applied shall be replaced by the Company no
        later
        than the Business Day immediately preceding the next Remittance Date), in
        each
        case, in an aggregate 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. 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 Insurance Proceeds and Condemnation
        Proceeds) with respect to the Mortgage Loan. 

       

      In
        no
        event shall the Company be obligated to make an advance under this section
        5.03
        if at the time of such advance it deems such advance to be non-recoverable.
        The
        Company shall promptly deliver an officer’s certificate to the Purchaser upon
        determining that any advance is non-recoverable. In the event that upon
        liquidation of the Mortgage Loan, the Liquidation Proceeds are insufficient
        to
        reimburse the Company for any Monthly Advances, the Company shall notify
        the
        related Purchaser of such shortfall by registered mail with sufficient
        supporting documentation and shall have the right to deduct such shortfall
        from
        the next remittance to be paid to the related Purchaser.

       

      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, 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 or LPMI 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, a portion of such fee, up to an amount equal to one percent (1.0%)
        of
        the outstanding principal balance of the related Mortgage Loan, will be retained
        by the Company as additional servicing compensation, and any portion thereof
        in
        excess one percent (1.0%) shall be deposited in the Custodial Account for
        the
        benefit of the Purchaser. In connection with any such assumption or substitution
        of liability, neither the Mortgage Interest Rate borne by the related Mortgage
        Note, the term of the Mortgage Loan, the Index, the Lifetime Mortgage Interest
        Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan,
        nor the
        outstanding principal amount of the Mortgage Loan shall be changed.

       

      To
        the
        extent that any Mortgage Loan is assumable, the Company shall inquire diligently
        into the creditworthiness of the proposed transferee, and shall use the
        underwriting criteria for approving the credit of the proposed transferee
        which
        are used by Fannie Mae with respect to underwriting mortgage loans of the
        same
        type as the Mortgage Loans. If the credit of the proposed transferee does
        not
        meet such underwriting criteria, the Company diligently shall, to the extent
        permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate
        the maturity of the Mortgage Loan.

       

      
        	Section
                6.02  	
                Satisfaction
                  of Mortgages and Release of Mortgage Files.

              

      

       

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company 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. In connection with any such prepayment in full, the Company
        shall comply with all applicable laws regarding satisfaction, release or
        reconveyance with respect to the Mortgage.

       

      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 same unpaid principal
        balance and for the period respecting which any related interest payment
        on a
        Mortgage Loan is computed. The Servicing Fee shall be payable only at the
        time
        of and with respect to those Mortgage Loans for which payment is in fact
        made of
        the entire amount of the Monthly Payment. The obligation of the Purchaser
        to pay
        the Servicing Fee is limited to, and payable solely from, the interest portion
        of such Monthly Payments collected by the Company.

       

      Additional
        servicing compensation in the form of assumption fees, to the extent provided
        in
        Section 6.01, and late payment charges and Prepayment Penalties, 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.
        Notwithstanding anything in this Agreement to the contrary, in the event
        of a
        Principal Prepayment in full, the Company shall not waive, and shall not
        permit
        the waiver of, any Prepayment Penalty or portion thereof required by the
        terms
        of the related Mortgage Note unless (i) the Company determines that such
        waiver
        would maximize recovery of Liquidations Proceeds for such Mortgage Loan,
        taking
        into account the value of such Prepayment Penalty, or (ii) (A) the
        enforeceability therefore is limited (1) by bankruptcy, insolvency, moratorium,
        receivership, or other similar law relating to creditors’ rights generally or
        (2) due to acceleration in connection with a foreclosure or other involuntary
        payment or (B) the enforceability is otherwise limited or prohibited by
        applicable law.

       

      
        	Section
                6.04  	
                Annual
                  Statement as to Compliance.

              

      

       

      The
        Company shall deliver to the Purchaser, on or before May 31 each year beginning
        May 31, 2003, an Officer’s 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 officer’s supervision, and (ii)
        the Company has complied fully with the provisions of Article II and Article
        IV,
        and (iii) 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.

       

      
        	Section
                6.05  	
                Annual
                  Independent Public Accountants’ Servicing Report.

              

      

       

      On
        or
        before May 31st of each year beginning May 31, 2003, the Company, at its
        expense, shall cause a firm of independent public accountants which is a
        member
        of the American Institute of Certified Public Accountants to furnish a statement
        to each Purchaser to the effect that such firm has examined certain documents
        and records relating to the servicing of the Mortgage Loans and this Agreement
        and that such firm is of the opinion that the provisions of Article II and
        Article IV 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.

       

      
        	Section
                6.06  	
                Right
                  to Examine Company Records.

              

      

       

      The
        Purchaser 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.

       

      ARTICLE
        VII

       

      AGENCY
        TRANSFER; PASS-THROUGH TRANSFER

       

      
        	Section
                7.01  	
                Removal
                  of Mortgage Loans from Inclusion Under this Agreement Upon an Agency
                  Transfer, or a Pass-Through Transfer on One or More Reconstitution
                  Dates.

              

      

       

      The
        Purchaser and the Company agree that with respect to any Pass-Through Transfer,
        Whole Loan Transfer or Agency Transfers, as applicable, the Company shall
        cooperate with the Purchaser in effecting such transfers and shall negotiate
        in
        good faith and execute any Reconstitution Agreement required to effectuate
        the
        foregoing; provided that, such Reconstitution Agreement shall not materially
        increase the Company’s obligations or liabilities hereunder, nor diminish any of
        the Company’s rights, and provide to any master servicer or the trustee, as
        applicable, and/or the Purchaser any and all publicly available information
        and
        appropriate verification of information which may be reasonably available
        to the
        Company, whether through letters of its auditors and counsel or otherwise,
        as
        the Purchaser, trustee or a master servicer shall reasonable request as to
        the
        related Mortgage Loans. Purchaser shall reimburse Company for any and all
        costs
        or expenses incurred by Company (i) in obtaining “accountant comfort letters”
with respect to information supplied in response to Purchaser requests, (ii)
        in
        connection with any due diligence performed in connection with a Pass-Through
        or
        Whole Loan Transfer or (iii) making the Mortgage Loan Documents or Servicing
        Files available to parties participating in a Pass-Through or Whole Loan
        Transfer, including without limitation, shipping costs. Such information
        may be
        included in any disclosure document prepared in connection with the Pass-Through
        Transfer, Whole Loan Transfer or Agency Transfer, as applicable; provided,
        however, that Company shall indemnify the Purchaser against any liability
        arising from any material omissions or misstatements in any information supplied
        by the Company and included in a disclosure document; and provided, further,
        that the Purchaser shall indemnify the Company against any liability arising
        from any information included in a disclosure document that was not supplied
        by
        the Company. The Company shall execute any Reconstitution Agreements required
        within a reasonable period of time after receipt of such agreements which
        time
        shall be sufficient for the Company and the Company’s counsel to review such
        agreements. Company shall use its Best Efforts to complete such review within
        ten (10) Business Days after mutual agreement as to the terms thereof, but
        such
        time shall not exceed fifteen (15) Business Days after mutual agreement as
        to
        the terms thereof.

       

      The
        Company shall not be required to restate any representations and warranties
        as
        of the date of any Pass-Through
        Transfer, Whole Loan Transfer or Agency Transfers other than the representations
        and warranties set forth in Section 3.01 (provided, that the Company shall
        not
        be required to restate the representation and warranty set forth in Section
        3.01(j)).

       

      In
        the
        event of any Agency Transfer, Pass-Through or Whole Loan Transfer, the Company
        shall have no obligation to pay any custodial fees charged by the
        Agency.

       

      
        	Section
                7.02  	
                Purchaser’s
                  Repurchase and Indemnification Obligations.

              

      

       

      Upon
        receipt by the Company of notice from Fannie Mae, Freddie Mac or the trustee
        of
        a breach of any Purchaser representation or warranty contained in any
        Reconstitution Agreement or a request by Fannie Mae, Freddie Mac or the trustee,
        as the case may be, for the repurchase of any Mortgage Loan transferred to
        Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
        pursuant to a Pass-Through Transfer, the Company shall promptly notify the
        Purchaser of same and shall, at the direction of the Purchaser, use its best
        efforts to cure and correct any such breach and to satisfy the requests or
        concerns of Fannie Mae, Freddie Mac, or the trustee related to such deficiencies
        of the related Mortgage Loans transferred to Fannie Mae, Freddie Mac, or
        the
        trustee.

       

      The
        Purchaser shall repurchase from the Company any Mortgage Loan transferred
        to
        Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
        pursuant to a Pass-Through Transfer with respect to which the Company has
        been
        required by Fannie Mae, Freddie Mac, or the trustee to repurchase due to
        a
        breach of a representation or warranty made by the Purchaser with respect
        to the
        Mortgage Loans, or the servicing thereof prior to the transfer date to Fannie
        Mae, Freddie Mac, or the trustee in any Reconstitution Agreement and not
        due to
        a breach of the Company’s representations or obligations thereunder or pursuant
        to this Agreement. The repurchase price to be paid by the Purchaser to the
        Company shall equal that repurchase price paid by the Company to Fannie Mae,
        Freddie Mac, or the third party purchaser plus all reasonable costs and expenses
        borne by the Company in connection with the cure of said breach of a
        representation or warranty made by the Purchaser and in connection with the
        repurchase of such Mortgage Loan from Fannie Mae, Freddie Mac, or the trustee,
        including, but not limited to, reasonable and necessary attorneys’
fees.

       

      At
        the
        time of repurchase, the Custodian and the Company shall arrange for the
        reassignment of the repurchased Mortgage Loan to the Purchaser according
        to the
        Purchaser’s instructions and the delivery to the Custodian of any documents held
        by Fannie Mae, Freddie Mac, or the trustee with respect to the repurchased
        Mortgage Loan pursuant to the related Reconstitution Agreement. In the event
        of
        a repurchase, the Company shall, simultaneously with such reassignment, give
        written notice to the Purchaser that such repurchase has taken place, and
        amend
        the related Mortgage Loan Schedule to reflect the addition of the repurchased
        Mortgage Loan to this Agreement. In connection with any such addition, the
        Company and the Purchaser shall be deemed to have made as to such repurchased
        Mortgage Loan the representations and warranties set forth in this
        Agreement.

       

      ARTICLE
        VIII

       

      COMPANY
        TO COOPERATE

       

      
        	Section
                8.01  	
                Provision
                  of Information.

              

      

       

      During
        the term of this Agreement and provided such request will cause the Company
        to
        violate any applicable law or statute, 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, whether or not provided for herein, as shall be necessary, reasonable,
        or
        appropriate with respect to the Purchaser, any regulatory requirement pertaining
        to the Purchaser or the purposes of this Agreement. All such reports, documents
        or information shall be provided by and in accordance with all reasonable
        instructions and directions which the Purchaser may give. Purchaser shall
        pay
        any costs related to any special reports.

       

      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
                8.02  	
                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 five 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). If it has not already done so, the Company shall furnish
        promptly to the Purchaser copies of the statement specified above. Unless
        requested the Purchaser, the Company shall not be required to deliver any
        documents which are publicly available on EDGAR.

       

      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 or those of any Subservicer for the purpose
        of satisfying such prospective Purchaser that the Company and any Subservicer
        have the ability to service the Mortgage Loans as provided in this
        Agreement.

       

      ARTICLE
        IX

       

      THE
        COMPANY

       

      
        	Section
                9.01  	
                Indemnification;
                  Third Party Claims.

              

      

       

      The
        Company shall indemnify the Purchaser and hold it harmless against any and
        all
        claims, losses, damages, penalties, fines, and forfeitures, including, but
        not
        limited to 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 (a) perform its duties and service
        the
        Mortgage Loans in strict compliance with the terms of this Agreement or any
        Reconstitution Agreement entered into pursuant to Section 7.01, and/or (b)
        comply with applicable law. The Company immediately shall notify the Purchaser
        if a claim is made by a third party with respect to this Agreement or any
        Reconstitution Agreement or the Mortgage Loans, shall promptly notify Fannie
        Mae, Freddie Mac, or the trustee with respect to any claim made by a third
        party
        with respect to any Reconstitution Agreement, 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 in the amount of $5,000 or less, 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 (a) service and administer the Mortgage Loans
        in
        strict compliance with the terms of this Agreement or any Reconstitution
        Agreement, and/or (b) comply with applicable law.

       

      
        	Section
                9.02  	
                Merger
                  or Consolidation of the Company.

              

      

       

      The
        Company shall keep in full effect its existence, rights and franchises as
        a
        corporation, and shall obtain and preserve its qualification to do business
        as a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement
        or any
        of the Mortgage Loans and to perform its duties under this
        Agreement.

       

      Any
        person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company,
        shall
        be the successor of the Company hereunder, without the execution or filing
        of
        any paper or any further act on the part of any of the parties hereto, anything
        herein to the contrary notwithstanding, provided, however, that the successor
        or
        surviving Person shall be an institution (i) having a net worth of not less
        than
        $25,000,000, (ii) whose deposits are insured by the FDIC through the BIF
        or the
        SAIF, and (iii) which is a Fannie Mae-approved company in good
        standing.

       

      
        	Section
                9.03  	
                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 liability which would otherwise be imposed by reason of any breach of
        the
        terms and conditions of 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
                9.04  	
                Limitation
                  on Resignation and Assignment by Company.

              

      

       

      The
        Purchaser has entered into this Agreement with the Company and subsequent
        Purchasers will purchase the Mortgage Loans in reliance upon the independent
        status of the Company, and the representations as to the adequacy of its
        servicing facilities, 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 hereunder or
        delegate its rights or duties hereunder or any portion hereof (to other than
        a
        Subservicer) or sell or otherwise dispose of all or substantially all of
        its
        property or assets without the prior written consent of the Purchaser, which
        consent shall be granted or withheld in the sole discretion of the Purchaser;
        provided, however, that the Company may assign its right and obligations
        hereunder to any entity that is directly or indirectly owned or controlled
        by
        the Company and the Company guarantees the performance by such entity of
        all
        obligations hereunder.

       

      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 9.04, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof (to other
        than
        a Subservicer) 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
        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
        three 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 which continues unremedied for a period of 30 days after the date
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Company by the Purchaser; or

       

      (iii)  failure
        by the Company to maintain its license to do business in any jurisdiction
        where
        the Mortgage Property is located if such license is necessary for the Company
        to
        legally service the related Mortgage Loan; or

       

      (iv)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, including bankruptcy, marshaling of assets and liabilities
        or similar proceedings, or for the winding-up or liquidation of its affairs,
        shall have been entered against the Company and such decree or order shall
        have
        remained in force undischarged or unstayed for a period of 60 days;
        or

       

      (v)  the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings of or relating to the Company or of or
        relating to all or substantially all of its 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 for three Business Days; or

       

      (vii)  the
        Company ceases to meet the qualifications of a Fannie Mae lender or servicer;
        or

       

      (viii)  the
        Company fails to maintain a minimum net worth of $25,000,000; or

       

      (ix)  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 (to other than a Subservicer) in violation
        of
        Section 9.04.

       

      In
        each
        and every such case, so long as an Event of Default shall not have been
        remedied, in addition to whatsoever 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 Mortgage Files, and do or cause to be done all other acts
        or
        things necessary or appropriate to effect the purposes of such notice of
        termination, including but not limited to the transfer and endorsement or
        assignment of the Mortgage Loans and related documents, at the Company’s sole
        expense. The Company shall cooperate with the Purchaser and such successor
        in
        effecting the termination of the Company’s responsibilities and rights
        hereunder, including without limitation, the transfer to such successor for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans.

       

      
        	Section
                10.02  	
                Waiver
                  of Defaults.

              

      

       

      By
        a
        written notice, the 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.

       

      In
        the
        event the Purchaser terminates the Company without cause with respect to
        some or
        all of the Mortgage Loans, the Purchaser shall be required to pay to the
        Company
        a Termination Fee in an amount equal to 2.0% of the outstanding principal
        balance of the terminated Mortgage Loans as of the date of such
        termination.

       

      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 9.04, 10.01, 11.01 (ii) or pursuant to Section 11.02
        after
        the 90 day period has expired, 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
        clauses (i) through (iii) of Section 9.02 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 Sections 3.03, 3.04,
        3.05
        and 3.07, it being understood and agreed that the provisions of such Sections
        3.01, 3.02, 3.03, 3.04, 3.05 and 3.07 shall be applicable to the Company
        notwithstanding any such sale, assignment, resignation or termination of
        the
        Company, or the termination of this Agreement.

       

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        wherein the successor shall make the representations and warranties set forth
        in
        Section 3.01, except for subsections (f), (h), (i) and (k) thereof, whereupon
        such successor shall become fully vested with all the rights, powers, duties,
        responsibilities, obligations and liabilities of the Company, with like effect
        as if originally named as a party to this Agreement. Any termination or
        resignation of the Company or termination of this Agreement pursuant to Section
        9.04, 10.01, 11.01 or 11.02 shall not affect any claims that any Purchaser
        may
        have against the Company arising out of the Company’s actions or failure to act
        prior to any such termination or resignation.

       

      The
        Company shall deliver promptly to the successor servicer the Funds in the
        Custodial Account and Escrow Account and all Mortgage Files and related
        documents and statements held by it hereunder and the Company shall account
        for
        all funds and shall execute and deliver such instruments and do such other
        things as may reasonably be required to more fully and definitively vest
        in the
        successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company.

       

      Upon
        a
        successor’s acceptance of appointment as such, the Company shall notify by mail
        the Purchaser of such appointment in accordance with the procedures set forth
        in
        Section 12.05.

       

      
        	Section
                12.02  	
                Amendment.

              

      

       

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        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.

       

      
        	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:

       

      Countrywide
        Home Loans, Inc.,

      4500
        Park
        Grenada

      Calabasas,
        CA 91302

      Attention:
        David Spector

       

      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 Drive, Suite 200

      Irving,
        Texas 75014-1358

      Attention:
        Ralene Ruyle

       

      
        	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 accordance with Section
        14
        of the Purchase Agreement.

       

      
        	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 and Assumption Agreement substantially
        in
        the form of Exhibit
        G
        hereto.
        Upon such assignment of rights and assumption of obligations, the assignee
        or
        designee shall accede to the rights and obligations hereunder of the Purchaser
        with respect to such Mortgage Loans and the Purchaser as assignor shall be
        released from all obligations hereunder with respect to such Mortgage Loans
        from
        and after the date of such assignment and assumption. All references to the
        Purchaser in this Agreement shall be deemed to include its assignee or
        designee.

       

      
        	Section
                12.11  	
                No
                  Personal Solicitation.

              

      

      

      From
        and
        after the related Closing Date, the Company hereby agrees that it will not
        take
        any action or permit or cause any action to be taken by any of its agents
        or
        affiliates, or by any independent contractors or independent mortgage brokerage
        companies on the Company’s behalf, to personally, by telephone or mail, solicit
        the Mortgagor under any Mortgage Loan for the purpose of refinancing such
        Mortgage Loan; provided, that the Company may solicit any Mortgagor for whom
        the
        Company has received a request for verification of mortgage, a request for
        demand for payoff, a mortgagor initiated written or verbal communication
        indicating a desire to prepay the related Mortgage Loan, or the mortgagor
        initiates a title search, provided further, it is understood and agreed that
        promotions undertaken by the Company or any of its affiliates which (i) concern
        optional insurance products or other additional projects, (ii) are directed
        to
        the general public at large, including, without limitation, mass mailings
        based
        on commercially acquired mailing lists, newspaper, radio and television
        advertisements, (iii) are directed to mortgagors who have a specific type
        of
        mortgage (i.e., balloon Mortgage Loans, LIBOR Mortgage Loans, etc.) or (iv)
        directed to those mortgagors whose mortgages fall within specific interest
        rate
        ranges shall not constitute solicitation under this Section 12.11 nor is
        the
        Company prohibited from responding to unsolicited requests or inquiries made
        by
        a Mortgagor or an agent of a Mortgagor. Notwithstanding the foregoing, the
        following solicitations, if undertaken by the Company or any affiliate of
        the
        Company, shall not be prohibited under this Section 12.11: (i) solicitations
        that are directed to the general public at large, including, without limitation,
        mass mailings based on commercially acquired mailing lists and newspaper,
        radio,
        television and other mass media advertisements; (ii) borrower messages included
        on, and statement inserts provided with, the monthly statements sent to
        Mortgagors; provided, however, that similar messages and inserts are sent
        to the
        borrowers of other mortgage loans serviced by the Company.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      IN
        WITNESS WHEREOF,
        the
        Company and the Purchaser have caused their names to be signed hereto by
        their
        respective officers thereunto duly authorized as of the day and year first
        above
        written.

       

       

      
        	
                EMC
                  MORTGAGE CORPORATION

              
	 	 
	
                By:

              	 
	
                Name:

              	
                Ralene
                  Ruyle

              
	
                Title:

              	
                President

              
	 
	 
	
                COUNTRYWIDE
                  HOME LOANS, INC.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

       

      On
        the __
        day of ________, 200_ before me, a Notary Public in and for said State,
        personally appeared ________, known to me to be Vice President of EMC Mortgage
        Corporation, the federal savings association 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 ______________

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

       

      On
        the __
        day of _______, 200_ before me, a Notary Public in and for said State,
        personally appeared __________, known to me to be ______________ of Countrywide
        Home Loans, Inc. 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

       

      MORTGAGE
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      CONTENTS
        OF EACH MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        and
        any prospective Purchaser, and which shall be retained by the Company in
        the
        Servicing File or delivered to the Custodian pursuant to Section 2.01 and
        2.03
        of the Seller’s Warranties and 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: “Countrywide Home Loans, Inc., 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: “Countrywide Home
                  Loans, Inc., formerly known 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. 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.

              

      

       

      
        	4.  	
                The
                  originals 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, delivered in blank. If the
                  Mortgage
                  Loan was acquired by the Company in a merger, the Assignment of
                  Mortgage
                  must be made by “Countrywide Home Loans, Inc., 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 “Countrywide Home Loans, Inc., formerly known as
                  [previous name].”

              

      

       

      
        	6.  	
                Originals
                  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
                  original mortgagee policy of title insurance or attorney’s opinion of
                  title and abstract of title.

              

      

       

      
        	8.  	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

       

      
        	9.  	
                The
                  original hazard insurance policy and, if required by law, flood
                  insurance
                  policy, in accordance with Section 4.10 of the
                  Agreement.

              

      

       

      
        	10.  	
                Residential
                  loan application.

              

      

       

      
        	11.  	
                Mortgage
                  Loan closing statement.

              

      

       

      
        	12.  	
                Verification
                  of employment and income.

              

      

       

      
        	13.  	
                Verification
                  of acceptable evidence of source and amount of
                  downpayment.

              

      

       

      
        	14.  	
                Credit
                  report on the Mortgagor.

              

      

       

      
        	15.  	
                Residential
                  appraisal report.

              

      

       

      
        	16.  	
                Photograph
                  of the Mortgaged Property.

              

      

       

      
        	17.  	
                Survey
                  of the Mortgaged Property.

              

      

       

      
        	18.  	
                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.

              

      

       

      
        	19.  	
                All
                  required disclosure statements.

              

      

       

      
        	20.  	
                If
                  available, termite report, structural engineer’s report, water potability
                  and septic certification.

              

      

       

      
        	21.  	
                Sales
                  contract.

              

      

       

      
        	22.  	
                Tax
                  receipts, insurance premium receipts, ledger sheets, payment history
                  from
                  date of origination, 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.

              

      

       

      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 180
        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
        C

      

      MORTGAGE
        LOAN DOCUMENTS

       

      The
        Mortgage Loan Documents for each Mortgage Loan shall include each of the
        following items, which shall be delivered to the Custodian pursuant to Section
        2.01 of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
        annexed (the “Agreement”):

       

      (a)  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. To the extent that there is no room on
        the
        face of the Mortgage Note for endorsements, the endorsement may be contained
        on
        an allonge, if state law so allows. If the Mortgage Loan was acquired by
        the
        Company in a merger, the endorsement must be by “Countrywide Home Loans, Inc.,
        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
        endorsement must be by “Countrywide Home Loans, Inc., formerly known as
        [previous name]”;

       

      (b)  the
        original of any guarantee executed in connection with the Mortgage
        Note;

       

      (c)  the
        original Mortgage with evidence of recording thereon, and the original recorded
        power of attorney, if the Mortgage was executed pursuant to a power of attorney,
        with evidence of recording thereon;

       

      (d)  the
        originals of all assumption, modification, consolidation or extension
        agreements, with evidence of recording thereon;

       

      (e)  the
        original Assignment of Mortgage for each Mortgage Loan, in form and substance
        acceptable for recording, delivered in blank, or the original Assignment
        of
        Mortgage in recordable form into MERS. If the Mortgage Loan was acquired
        by the
        Company in a merger, the Assignment of Mortgage must be made by “Countrywide
        Home Loans, Inc., 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 “Countrywide Home Loans,
        Inc., formerly known as [previous name];”

       

      (f)  the
        originals of all intervening assignments of mortgage with evidence of recording
        thereon, including warehousing assignments, if any;

       

      (g)  the
        original mortgagee title insurance policy;

       

      (h)  such
        other documents as the Purchaser may require.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D-1

       

      CUSTODIAL
        ACCOUNT CERTIFICATION

       

      _____________________,
        200_

       

      Countrywide
        Home Loans, Inc. hereby certifies that it has established the account described
        below as a Custodial Account pursuant to Section 4.04 of the Seller’s Warranties
        and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
        Rate Mortgage Loans.

       

      Title
        of
        Account: Countrywide
        Home Loans, Inc. in trust for the Purchaser

       

      Account
        Number: _______________

       

      Address
        of office or branch

       

      of
        the
        Company at

      which
        Account is maintained:

      
        	 
	 
	 
	 

      

       

      

      
        	
                Countrywide
                  Home Loans, Inc.

                Company

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D-2

       

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

       

      _________________,
        200_

       

      To: __________________________________

       

      __________________________________

       

      __________________________________

      (the
        “Depository”)

       

      As
        Company under the Seller’s Warranties and Servicing Agreement, dated as of
        September 1, 2002, Residential 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
“[Servicer] in trust for the Purchaser - Residential Adjustable Rate Mortgage
        Loans.” All deposits in the account shall be subject to withdrawal therefrom by
        order signed by the Company. You may refuse any deposit which would result
        in
        violation of the requirement that the account be fully insured as described
        below. This letter is submitted to you in duplicate. Please execute and return
        one original to us.

       

      

      
        	
                [COUNTRYWIDE
                  HOME LOANS, INC.]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

       

      

      

      

       

      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 by the Federal Deposit Insurance Corporation through the Bank Insurance
        Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

       

       

      
        	 
	
                Depository
                  

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E-1

      

      ESCROW
        ACCOUNT CERTIFICATION

       

      __________________,
        200_

       

      Countrywide
        Home Loans, Inc. hereby certifies that it has established the account described
        below as an Escrow Account pursuant to Section 4.06 of the Seller’s Warranties
        and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
        Rate Mortgage Loans.

       

      Title
        of
        Account: “Countrywide
        Home Loans, Inc. in trust for the Purchaser and various
        Mortgagors.”

       

      Account
        Number: _______________

       

      Address
        of office or branch

       

      of
        the
        Company at

      which
        Account is maintained:

      
        
          	 
	 
	 
	 

        

         

        

        
          	
                  [COUNTRYWIDE
                    HOME LOANS, INC.]

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        E-2

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

       

      ___________________,
        200_

       

      To: _________________________________

       

      _________________________________

       

      _________________________________

      (the
        “Depository”)

       

      As
        Company under the Seller’s Warranties and Servicing Agreement, dated as of
        September 1, 2002 Residential Adjustable Rate Mortgage Loans (the “Agreement”),
        we hereby authorize and request you to establish an account, as an Escrow
        Account pursuant to Section 4.07 of the Agreement, to be designated as
“[Servicer], in trust for the Purchaser - Residential Adjustable Rate Mortgage
        Loans.” All deposits in the account shall be subject to withdrawal therefrom by
        order signed by the Company. You may refuse any deposit which would result
        in
        violation of the requirement that the account be fully insured as described
        below. This letter is submitted to you in duplicate. Please execute and return
        one original to us.

       

      

        

        
          	
                  [COUNTRYWIDE
                    HOME LOANS, INC.]

                
	 	 
	
                  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 by the Federal Deposit Insurance Corporation through the Bank Insurance
        Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

      
        	 
	
                Depository
                  

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F

       

      MONTHLY
        REMITTANCE ADVICE

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        G

       

      ASSIGNMENT
        AND ASSUMPTION

       

      _________________,
        200_

       

      ASSIGNMENT
        AND ASSUMPTION, dated __________, between __________________________________,
        a
        ___________________ corporation having an office at __________________
        (“Assignor”) and _________________________________, a __________________
        corporation having an office at __________________ (“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 that certain
        Seller’s Warranties and Servicing Agreement, Residential Adjustable Rate
        Mortgage Loans (the “Seller’s Warranties and Servicing Agreement”), dated as of
        September 1, 2002, by and between EMC Mortgage Corporation (the “Purchaser”),
        and Countrywide Home Loans, Inc. (the “Company”), and the Mortgage Loans
        delivered thereunder by the Company to the Assignor.

       

      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 of 1933 (the “33 Act”) or which would render the
        disposition of the Mortgage Loans a violation of Section 5 of the 33 Act
        or
        require registration pursuant thereto.

       

      3.  The
        Assignee warrants and represents to, and covenants with, the Assignor and
        the
        Company 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 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 the Mortgage Loans by means
        of any
        general advertising or general solicitation within the meaning of Rule 502(c)
        of
        U.S. Securities and Exchange Commission Regulation D, promulgated under the
        1933
        Act;

       

      e.  The
        Assignee considers itself a substantial, sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Mortgage
        Loans;

       

      f.  The
        Assignee has been furnished with all informa-tion 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 Agreement
        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 are:

       

      
         

        
          	 
	 
	 

        

         

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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:

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        H

       

      UNDERWRITING
        GUIDELINES

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        I

       

      ACKNOWLEDGMENT
        AGREEMENT

       

      On
        this
        ____ day of ____________, 200_, EMC Mortgage Corporation, (the “Purchaser”) as
        the Purchaser under that certain Seller’s Warranties and Servicing Agreement
        dated as of September 1, 2002, (the “Agreement”), does hereby contract with
        Countrywide Home Loans Inc. (the “Company”) as Company under the Agreement, for
        the servicing responsibilities related to the Mortgage Loans listed on the
        related Mortgage Loan Schedule attached hereto. The Company hereby accepts
        the
        servicing responsibilities transferred hereby and on the date hereof assumes
        all
        servicing responsibilities related to the Mortgage Loans identified on the
        related Mortgage Loan Schedule all in accordance with the Agreement. The
        contents of each Servicing File required to be delivered to service the Mortgage
        Loans pursuant to the Agreement have been or shall be delivered to the Company
        by the Purchaser in accordance with the terms of the Agreement.

       

      With
        respect to the Mortgage Loans made subject to the Agreement hereby, the related
        Closing Date shall be ___________________. 

       

      All
        other
        terms and conditions of this transaction shall be governed by the
        Agreement.

       

      Capitalized
        terms used herein and not otherwise defined shall have the meanings set forth
        in
        the Agreement.

       

      This
        Acknowledgment 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.

       

      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.

       

       

      
        	
                PURCHASER:
                  

                EMC
                  MORTGAGE CORPORATION 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                SELLER:
                  

                COUNTRYWIDE
                  HOME LOANS, INC. 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        AMENDMENT
          NUMBER ONE

        to
          the

        SELLER’S
          WARRANTIES AND SERVICING AGREEMENT

        dated
          as
          of September 1,
          2002

        by
          and
          between

        COUNTRYWIDE
          HOME LOANS, INC.

        Company,

        and

        EMC
          MORTGAGE CORPORATION

        Purchaser

         

        This
          AMENDMENT NUMBER ONE is made this 1st day of January, 2003, by and between
          COUNTRYWIDE HOME LOANS, INC., having an address at 4500 Park Granada, Calabasas,
          California 91302 (the “Company”) and EMC MORTGAGE CORPORATION, having an address
          at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
          75014-1358(the “Purchaser”), to the Seller’s Warranties and Servicing Agreement,
          dated as of September 1,2002, by and between the Company and the Purchaser
          (the
“Agreement”).

         

        RECITALS

         

        WHEREAS,
          the Company and the Purchaser have agreed to amend the Agreement as set
          forth
          herein.

         

        NOW
          THEREFORE, for good and valuable consideration, the receipt and sufficiency
          of
          which are hereby acknowledged, and for the mutual covenants herein contained,
          the parties hereto hereby agree as follows:

         

        SECTION
          1.  Amendments.
          Effective as of January 1, 2003, the Agreement is hereby modified by making
          the
          following additions, deletions or modifications:

         

        
          	A)  	
                  All
                    references to “Residential Adjustable Rate Mortgage Loans” are hereby
                    deleted in their entirety and replaced with “Residential Fixed and
                    Adjustable Rate Mortgage Loans” in the following sections: (i) the cover
                    page, (ii) Section 4.04, (iii) Section 4.06, (iv) Exhibit D-1,
                    (v) Exhibit
                    D-2, (vi) Exhibit E-1, (vii) Exhibit E-2, and (viii) Exhibit
                    G.

                

        

         

        
          	B)  	
                  The
                    references to “adjustable rate” are hereby deleted and replaced with
                    “fixed and adjustable rate” in the following sections: (i) the
                    introductory sentence of the Agreement, and (ii) Section
                    3.01(i).

                

        

         

        
          	C)  	
                  The
                    definition of “Convertible Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	D)  	
                  The
                    definition of “5/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	E)  	
                  The
                    definition of “Gross Margin” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

        Gross
          Margin:
          With
          respect to each adjustable rate Mortgage Loan, the fixed percentage amount
          set
          forth on the related Mortgage Note, which amount is added to the Index
          in
          accordance with the terms of the related Mortgage Note to determine on
          each
          Interest Rate Adjustment Date, the Mortgage Interest Rate for such Mortgage
          Loan.

         

        
          	F)  	
                  The
                    definition of “Index” is hereby modified by deleting it in its entirety
                    and replacing it with the
                    following:

                

        

         

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          related Mortgage Loan Schedule and set forth in the related Mortgage Note
          for
          the purpose of calculating the Mortgage Interest Rate thereon.

         

        
          	G)  	
                  The
                    definition of “Initial Rate Cap” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

        Initial
          Rate Cap:
          With
          respect to each adjustable rate Mortgage Loan and the initial Interest
          Rate
          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
          adjustable rate Mortgage Loan may increase or decrease from the Mortgage
          Interest Rate in effect immediately prior to such Interest Rate Adjustment
          Date.

         

        
          	H)  	
                  The
                    definition of “LIBOR Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	I)  	
                  The
                    definition of “Lifetime Mortgage Interest Rate Cap” is hereby modified by
                    deleting it in its entirety and replacing it with the
                    following:

                

        

         

        Lifetime
          Mortgage Interest Rate Cap:
          With
          respect to each adjustable rate Mortgage Loan, the absolute maximum Mortgage
          Interest Rate payable, above which the Mortgage Interest Rate cannot be
          adjusted. 

         

        
          	J)  	
                  The
                    definition of “Mortgage Interest Rate” is hereby modified by deleting it
                    in its entirety and replacing it with the
                    following:

                

        

         

        Mortgage
          Interest Rate:
          The
          annual rate at which Interest accrues on any Mortgage Loan, and with respect
          to
          adjustable rate Mortgage Loans, the annual rate at which Interest accrues
          as
          adjusted from time to time in accordance with the provisions of the related
          Mortgage Note and in compliance with the related Initial Rate Cap, Lifetime
          Mortgage Interest Rate Cap and Periodic Rate Cap, if any, of the related
          Mortgage Note.

         

        
          	K)  	
                  The
                    definition of “Mortgage Loan” is hereby modified by deleting it in its
                    entirety and replacing it with the
                    following:

                

        

         

        Mortgage
          Loan:
          An
          individual fixed or adjustable rate 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 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.

         

        
          	L)  	
                  The
                    definition of “Non-Convertible Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	M)  	
                  The
                    definition of “Servicing Fee Rate” is hereby modified by deleting it in
                    its entirety and replacing it with the
                    following:

                

        

         

        Servicing
          Fee Rate:
          (i)
          0.25% per annum with respect to fixed rate Mortgage Loans and certain adjustable
          rate Mortgage Loans as specified on the Mortgage Loan Schedule, (ii) 0.375%
          per
          annum with respect to certain adjustable rate Mortgage Loans as specified
          on the
          Mortgage Loan Schedule, and (iii) 0.25% with respect to certain adjustable
          rate
          Mortgage Loans for the period prior to the initial Interest Rate Adjustment
          Date
          and 0.375% for the period following the initial Interest Rate Adjustment
          Date as
          specified in the Mortgage Loan Schedule.

         

        
          	N)  	
                  The
                    definition of “7/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	O)  	
                  The
                    definition of “10/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	P)  	
                  The
                    definition of “3/1 ARM Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	Q)  	
                  The
                    definition of “Treasury Rate Mortgage Loan” is hereby deleted in its
                    entirety.

                

        

         

        
          	R)  	
                  Section
                    3.01(c) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (c)

                	
                  No
                    Conflicts; No Default.
                    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, conditions
                    or
                    provisions of the Company’s charter 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 an acceleration
                    under any of the foregoing, 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. The
                    Company is
                    not in default, and has received no notice of default, under
                    this
                    Agreement;

                

        

         

        
          	S)  	
                  Section
                    3.01(d) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (d)

                	
                  Ability
                    to Service.
                    The Company is an approved seller/servicer of conventional residential
                    mortgage loans for the United States Department of Housing and
                    Urban
                    Development (“HUD”), Fannie Mae, Freddie Mac, or any successor thereto,
                    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 HUD, 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 HUD, Fannie
                    Mae or
                    Freddie Mac eligibility requirements or which would require notification
                    to either HUD, Fannie Mae or Freddie
                    Mac;

                

        

         

        
          	T)  	
                  The
                    following shall be inserted as the last sentence of Section
                    3.02(f):

                

        

         

        “To
          the
          best of Company’s knowledge, the Mortgaged Property is free of material damage
          ;”

         

        
          	U)  	
                  The
                    first sentence of Section 3.02(k) is hereby modified by deleting
                    the
                    sentence in its entirety and replacing it with the
                    following:

                

        

         

        
          	 	
                  (k)

                	
                  Validity
                    of Mortgage Documents.
                    The Mortgage Note and the Mortgage are genuine, on forms generally
                    acceptable to Fannie Mae and Freddie Mac, and each is the legal,
                    valid and
                    binding obligation of the maker thereof enforceable in accordance
                    with its
                    terms.

                

        

         

        
          	V)  	
                  The
                    following shall be inserted as the last sentence of Section
                    3.02(m):

                

        

         

        “Upon
          recordation of the Mortgage Note, Purchaser or its designee will be the
          owner of
          record of the Mortgage and the indebtedness evidenced by the Mortgage Note.
          Upon
          the sale of the Mortgage Loans, Purchaser will own such Mortgage Loans
          free and
          clear of any encumbrance, equity, participation interest, pledge, change,
          claim
          or security interest.”

         

        
          	W)  	
                  Section
                    3.02(t) is hereby modified by deleting the subpart in its entirety
                    and
                    replacing it with the following:

                

        

         

        
          	 	
                  (t)

                	
                  Origination;
                    Payment Terms.
                    The Mortgage Loan was originated by either i) the Company, which
                    is a
                    FNMA-approved, FHLMC-approved and HUD-approved mortgage banker,
                    or ii) an
                    entity that is a FNMA-approved, FHLMC-approved and HUD-approved
                    mortgage
                    banker, or a savings and loan association, a savings bank, a
                    commercial
                    bank or similar banking institution which is supervised and examined
                    by a
                    Federal or state authority. The Mortgage Interest Rate for an
                    adjustable
                    rate Mortgage Loan is adjusted as set forth in the related Mortgage
                    Note.
                    The Mortgage Note is payable each month in monthly installments
                    of
                    principal and interest, with interest in arrears, and requires
                    Monthly
                    Payments sufficient to amortize the original principal balance
                    of the
                    Mortgage Loan over a term of no more than 30 years. Each convertible
                    Mortgage Loan contains a provision whereby the Mortgagor is permitted
                    to
                    convert the Mortgage Loan to a fixed-rate mortgage loan. No Mortgage
                    Loan
                    has a provision for negative
                    amortization;

                

        

         

        
          	X)  	
                  Section
                    3.05 is hereby modified by deleting the section in its entirety
                    and
                    replacing it with the following:

                

        

         

        Section
          3.05 Repurchase
          Upon Conversion.
          

         

        In
          the
          event the Mortgagor under any convertible Mortgage Loan elects to convert
          said
          Mortgage Loan to a fixed rate mortgage loan, as provided in the related
          Mortgage
          Note, then the Company shall repurchase the related Mortgage Loan in the
          month
          the conversion takes place and in the manner prescribed in Section 3.04
          at the
          Repurchase Price.

         

        
          	Y)  	
                  The
                    following shall be inserted as the last sentence of Section
                    9.01:

                

        

         

        “All
          indemnification provisions of this Agreement, including but not limited
          to those
          set forth in this Section 9.01, shall survive the termination of this
          Agreement.” 

         

        SECTION
          2.  Defined
          Terms.
          Any
          terms capitalized but not otherwise defined herein shall have the respective
          meanings set forth in the Agreement.

         

        SECTION
          3.  Governing
          Law.
          THIS
          AMENDMENT NUMBER ONE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
          THE STATE
          OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
          LAW)
          AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL
          BE
          DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS
          DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTION 5-1401 OF THE NEW YORK
          GENERAL OBLIGATIONS LAW).

         

        SECTION
          4.  Counterparts.
          This
          Amendment Number One may be executed by each of the parties hereto on any
          number
          of separate counterparts, each of which shall be an original and all of
          which
          taken together shall constitute one and the same instrument.

         

        SECTION
          5.  Limited
          Effect.
          Except
          as amended hereby, the Agreement shall continue in full force and effect
          in
          accordance with its terms. Reference to this Amendment Number One need
          not be
          made in the Agreement or any other instrument or document executed in connection
          therewith, or in any certificate, letter or communication issued or made
          pursuant to, or with respect to, the Agreement, any reference in any of
          such
          items to the Agreement being sufficient to refer to the Agreement as amended
          hereby.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Company and the Purchaser have caused this Amendment
          Number
          One to be executed and delivered by their duly authorized officers as of
          the day
          and year first above written.

         

        
          	 	 	 
	 	COUNTRYWIDE
                  HOME
                  LOANS, INC.
	 	(Company)
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	EMC
                    MORTGAGE
                    CORPORATION
	 	(Purchaser)
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      
        This
          AMENDMENT No. 2 (the “Amendment”) is made this 1st
          day of
          September, 2004, by and between EMC Mortgage Corporation (the “Purchaser”) and
          Countrywide Home Loans, Inc. (the “Company”), to the Seller’s Warranties and
          Servicing Agreement dated as of September 1, 2002 (the “SWS Agreement”), by and
          between the Purchaser and the Company.

         

        WHEREAS,
          the Purchaser and the Company desire to amend the SWS Agreement as set
          forth
          herein.

         

        NOW,
          THEREFORE, for good and valuable consideration, the receipt and sufficiency
          of
          which are hereby acknowledged, the parties hereto hereby agrees as
          follows:

         

        SECTION
          1.           Defined
          Terms.
          Unless
          otherwise amended by the terms of this Amendment, terms used in this Amendment
          shall have the meanings assigned in the SWS Agreement.

         

        SECTION
          2.           Amendment.
          Effective as of September 1, 2004 the SWS Agreement is hereby amended as
          follows:

         

        (a)           The
          following definition of Qualified Depository is modified by adding the
          word
“fully” to it and now reads as follows:

         

        Qualified
          Depository:
          A
          depository the accounts of which are fully insured by the FDIC through
          BIF or
          SAIF or the debt obligations of which are rated AA (or the equivalent rating
          category) or better by a national recognized statistical rating
          organization.

         

        (b)           The
          following definition is added to Article I of the SWS Agreement:

         

        Master
          Servicer:
          Wells
          Fargo Bank, National Association, or its successors in interest.

         

        (c)           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, California, Texas, Maryland or Minnesota, or (iii) a day on which
          banks in the States of New York, California, Texas, Maryland or Minnesota
          are
          authorized or obligated by law or executive order to be closed.

         

        (d)           Clause
          (d) of Section 3.01 of the SWS Agreement is deleted in its entirety and
          replaced
          with the following:

         

        (d)           Ability
          to Service.
          The
          Company is an approved 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 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)           Section
          3.02(oo) of the SWS Agreement is hereby deleted in its entirety and replaced
          with the following:

         

        
          	 	
                  (oo)

                	
                  No
                    HOEPA or “High Cost” Loans.
                    No Mortgage Loan is 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 a
                    law imposing
                    heightened regulatory scrutiny or additional legal liability
                    for
                    residential mortgage loans having high interest rates, points
                    and/or fees)
                    or any other statute or regulation providing assignee liability
                    to holders
                    of such mortgage loans.

                

        

         

        (f)           
          The
          following representations and warranties are added to Section 3.02 of the
          SWS
          Agreement:

         

        
          	 	
                  (xx)

                	
                  No
                    Mortgage Loan originated on or after October 1, 2002 through
                    March 6, 2003
                    is secured by Mortgaged Property located in the State of
                    Georgia;

                

        

         

        
          	 	
                  (yy)

                	
                  No
                    Mortgage Loan originated on or after March 7, 2003 is a “high cost home
                    loan” as defined under the Georgia Fair Lending
                    Act;

                

        

         

        
          	 	
                  (zz)

                	
                  With
                    respect to each Mortgage Loan, accurate and complete information
                    regarding
                    the borrower credit files related to such Mortgage Loan has been
                    furnished
                    on a monthly basis to credit reporting agencies in compliance
                    with the
                    provisions of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and
                    the applicable implementing
                    regulations.

                

        

         

        (g)           The
          following shall be added as the second sentence of the third paragraph
          of
          Section 4.01 of the SWS Agreement:

         

        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, 15 U.S.C. § 1681 et seq.,
          and the applicable implementing regulations, on a monthly basis.

         

        (h)           Section
          6.04 of the SWS Agreement is 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, 2005 an Officer’s Certificate 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 servicing
          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. (“Annual Statement of
          Compliance”)

         

        (i)           Section
          6.05 of the SWS Agreement is 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 with March 15, 2005, 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 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 II and Article IV of this Agreement 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. (“Annual Independent
          Public Accountant’s Servicing Report”)

         

        (j)           The
          following is added as Section 6.07 of the SWS Agreement:

         

        Section
          6.07     Annual
          Certification.

         

        (a)           For
          so
          long as (1) the Mortgage Loans are being master serviced by the Master
          Servicer
          and (2) the Master Servicer is required by Section 302 of the Sarbanes-Oxley
          Act
          of 2002 to provide an annual certification, by March 15th of each year,
          beginning with March 15, 2005 (or if not a Business Day, the immediately
          preceding Business Day), 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 last day of the period
          covered by such statements or reports;

         

        (ii)          Based
          on
          my knowledge, the servicing information required to be provided to the
          Master
          Servicer by the Company under this Servicing Agreement has been provided
          to the
          Master Servicer;

         

        (iii)         I
          am
          responsible for reviewing the activities performed by the Company under
          the
          Servicing Agreement and based upon my knowledge and the review required
          by this
          Servicing 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 Servicer has, as of the last day
          of the
          period covered by the Annual Statement of Compliance, fulfilled its obligations
          under this Servicing 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 Servicing
          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 Section 6.07 or the negligence, bad faith or willful
          misconduct of the Company in connection therewith. If the indemnification
          provided for herein is unavailable in whole or in part for any reason,
          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 Company, in connection with a breach of the Company’s obligations
          under this Section 6.07 or the Company’s negligence, bad faith or willful
          misconduct in connection therewith.

         

        (k)           Section
          10.01 is hereby modified by adding the word “or” at the end of clause (ix)
          thereof and inserting the following as clause (x):

         

        (x)           failure
          by the Company to duly perform, within the required time period, its obligations
          under Section 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 Servicing Agreement or by any master servicer responsible
          for
          master servicing the Mortgage Loans pursuant to a securitization of such
          Mortgage Loans.

         

        (l)           Section
          12.03 of the SWS 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
          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.

         

        SECTION
          3.      Effect
          of Amendment.
          Upon
          execution of this Amendment, the SWS Agreement shall be, and be deemed
          to be,
          modified and amended in accordance herewith and the respective rights,
          limitations, obligations, duties, liabilities and immunities of the Purchaser
          and the Company shall hereafter be determined, exercised and enforced subject
          in
          all respects to such modifications and amendments, and all the terms and
          conditions of this Amendment shall be deemed to be part of the terms and
          conditions of the SWS Agreement for any and all purposes. Except as modified
          and
          expressly amended by this Amendment, the SWS Agreement is in all respects
          ratified and confirmed, and all the terms, provisions and conditions thereof
          shall be and remain in full force and effect.

         

        SECTION
          4.      Binding
          Effect.
          The
          provisions of this Amendment shall be binding upon and inure to the benefit
          of
          the respective successors and assigns of the parties hereto, and all such
          provisions shall inure to the benefit of the Purchaser and the
          Company.

         

        SECTION
          5.      Severability
          of Provisions.
          If any
          one or more of the provisions or terms of this Amendment shall be for any
          reason
          whatsoever held invalid, then such provisions or terms shall be deemed
          severable
          from the remaining provisions or terms of this Amendment and shall in no
          way
          affect the validity or enforceability of the other provisions or terms
          of this
          Amendment.

         

        SECTION
          6.       Section
          Headings.
          The
          section headings herein are for convenience of reference only, and shall
          not
          limit or otherwise affect the meaning hereof.

         

        SECTION
          7.      Execution
          in Counterparts. This
          Amendment may be executed by the parties hereto in several counterparts,
          each of
          which shall be executed by the parties hereto and be deemed an original
          and all
          of which shall constitute together by one and the same agreement.

         

        SECTION
          8.      Governing
          Law. THIS
          AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
          NEW
          YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS,
          RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
          WITH THE LAWS OF THE STATE OF NEW YORK.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Amendment to the SWS Agreement
          to
          be executed by their respective officers thereunto duly authorized as of
          the day
          and year first above written.

         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                  

                
	 	Title:	
                  

                
	 	 	
                  
 

        

         

        
          	 	 	 
	 	COUNTRYWIDE
                  HOME
                  LOANS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                  

                
	 	Title:	
                  

                
	 	
                	
                  
 

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        EXECUTION
          VERSION

        AMENDMENT
          REG AB

        TO
          THE
          MASTER MORTGAGE LOAN PURCHASEAND SERVICING AGREEMENT

        

         

        This
          is
          Amendment Reg AB (“Amendment
          Reg AB”),
          dated
          as of January 1, 2006, by and between EMC Mortgage Corporation (the
“Purchaser”), and
          Countrywide Home Loans, Inc. (the “Company”)
          to
          that certain Seller’s Warranties and Servicing Agreement dated as of September
          1, 2002 by and between the Company and the Purchaser (as amended, modified
          or
          supplemented, the “Existing
          Agreement”).

         

        W
          I T N E
          S S E T H

         

        WHEREAS,
          the Company and the Purchaser have agreed, subject to the terms and conditions
          of this Amendment Reg AB that the Existing Agreement be amended to reflect
          agreed upon revisions to the terms of the Existing Agreement.

         

        Accordingly,
          the Company and the Purchaser hereby agree, in consideration of the mutual
          premises and mutual obligations set forth herein, that the Existing Agreement
          is
          hereby amended as follows:

        

        1. Capitalized
          terms used herein but not otherwise defined shall have the meanings set
          forth in
          the Existing Agreement. The Existing Agreement is hereby amended by adding
          the
          following definitions in their proper alphabetical order:

        

        Commission:
          The
          United States Securities and Exchange Commission.

        

        Company
          Information:
          As
          defined in Section 2(g)(i)(A)(1).

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

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

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were either
          (x)
          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 or (y) individually re-underwritten
          by the Company to the Designated Guidelines at the time such Mortgage Loans
          were
          acquired by the Company; (ii) 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
          (iii)
          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 either Persons from which it purchased mortgage loans properly
          applied the underwriting criteria designated by the Company or the Mortgage
          Loans purchased by the Company substantially comply with the Designated
          Guidelines.

        

        Reconstitution:
          Any
          Securitization Transaction or Whole Loan Transfer.

        

        Reconstitution
          Agreement:
          An
          agreement or agreements entered into by the Company and the Purchaser and/or
          certain third parties in connection with a Reconstitution with respect
          to any or
          all of the Mortgage Loans serviced under the Agreement.

        

        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 subject to Regulation AB 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, rated
          or
          unrated mortgage-backed securities or (2) an issuance of publicly offered,
          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(c)(iii).

        

        Servicing
          Criteria:
          The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
          amended from time to time.

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105 of Regulation AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a
          Subservicer.

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB;
          provided, however, that the term “Subservicer” shall not include any master
          servicer other than the Company, 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 engaged at the request of a Depositor, Purchaser,
          or
          investor in a Securitization Transaction.

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        Whole
          Loan Transfer:
          Any
          sale or transfer of some or all of the Mortgage Loans, other than a
          Securitization Transaction.

        

        2. The
          Purchaser and the Company agree that the Existing Agreement is hereby amended
          by
          adding the following provisions:

        

        (a) Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser and the Company acknowledge and agree that the purpose of Article
          2 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
          thereunder. Although Regulation AB is applicable by its terms only to offerings
          of asset-backed securities that are registered under the Securities Act,
          the
          parties acknowledges that investors in privately offered securities may
          require
          that the Purchaser or any Depositor provide comparable disclosure in
          unregistered offerings. The parties agree over time to negotiate in good
          faith
          with respect to the provision of comparable disclosure in private offerings.
          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. The Company agrees to negotiate in good faith
          with the
          Purchaser or any Depositor with regard to any reasonable requests 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 to permit the Purchaser or
          such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, and any parties or items identified
          in
          writing by the Purchaser, including, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans necessary
          in
          order to effect such compliance, in the Purchaser’s or Depositor’s reasonable
          determination. 

        

        The
          Purchaser agrees that it will cooperate with the Company and provide sufficient
          and timely notice of any information requirements pertaining to a Securitization
          Transaction. The Purchaser will make all reasonable efforts to limit requests
          for information, reports or any other materials to items the Purchaser
          reasonably believes is required for compliance with Regulation AB, and
          shall not
          request information which is not required for such compliance.

        

        (b) Additional
          Representations and Warranties of the Company.

        

        (i) 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(c) that, except as disclosed in writing to the
          Purchaser or such Depositor prior to such date: (i)
          the Company is not aware and has not received notice that any default,
          early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Company; (ii)
the
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; (iii) no
          material noncompliance
          with the applicable servicing criteria with respect to other securitizations
          of
          residential mortgage loans involving the Company as servicer
          has been disclosed or reported by the Company; (iv) no material
          changes to the Company’s policies or procedures with respect to the servicing
          function it will perform under this Agreement and any Reconstitution Agreement
          for mortgage loans of a type similar to the Mortgage Loans
          have occurred during the three-year period immediately preceding the related
          Securitization Transaction; (v) there are no aspects of the Company’s financial
          condition that could have a material adverse effect on the performance
          by
the
          Company of its servicing obligations under this Agreement or any Reconstitution
          Agreement;
          (vi) there are no material
          legal or governmental proceedings pending (or known to be contemplated)
          against
          the Company, any Subservicer or any Third-Party Originator;
          and (vii) there are no affiliations, relationships or transactions relating
          to
          the Company, any Subservicer or any Third-Party Originator with respect
          to any
          Securitization Transaction and any party thereto identified by the related
          Depositor of a type described in Item 1119 of Regulation AB.

        

        (ii) If
          so requested by the Purchaser or any Depositor on any date following
the
          date
          on which information is first provided to the Purchaser or any Depositor
          under
          Section 2(c),
          the Company shall, within five Business Days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          paragraph (i) of this Section or, if any such representation and warranty
          is not
          accurate as of the date of such request, provide reasonably adequate disclosure
          of the pertinent facts, in writing, to the requesting party.

        

        (c) Information
          to Be Provided by the Company.

        

        In
          connection with any Securitization Transaction the Company shall (1) within
          five
          Business Days following request by the Purchaser or any Depositor, provide
          to
          the Purchaser and such Depositor (or, as applicable, cause each Third-Party
          Originator and each Subservicer to provide), in writing reasonably required
          for
          compliance with Regulation AB, the information and materials specified
          in
          paragraphs (i), (ii), (iii) and (vi) of this Section 2(c), and (2) as promptly
          as practicable following notice to or discovery by the Company, provide
          to the
          Purchaser and any Depositor (as required by Regulation AB) the information
          specified in paragraph (iv) of this Section.

        

        (i) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          such
          information regarding (x) the Company, as originator of the Mortgage Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent,
          if
          applicable), or (y) as applicable, each Third-Party Originator, and (z)
          as
          applicable, each Subservicer, as is requested for the purpose of compliance
          with
          Items 1103(a)(1), 1105 (subject to paragraph (b) below), 1110, 1117 and
          1119 of
          Regulation AB. Such information shall include, at a minimum:

        

        (A) the
          originator’s form of organization;

        

        (B) to
          the
          extent material, 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; if
          material,
          information regarding the size and composition of the originator’s origination
          portfolio; and information that may be material to an analysis of the
          performance of the Mortgage Loans, including the originators’ credit-granting or
          underwriting criteria for mortgage loans of similar type(s) as the Mortgage
          Loans and such other information as the Purchaser or any Depositor may
          reasonably request for the purpose of compliance with Item 1110(b)(2) of
          Regulation AB;

        

        (C) a
          brief
          description of any material legal or governmental proceedings pending (or
          known
          to be contemplated by a governmental authority) against the Company, each
          Third-Party Originator, if applicable, and each Subservicer; and 

        

        (D) a
          description of any affiliation or relationship between the Company, each
          Third-Party Originator, if applicable, 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 or in the related
          Reconstitution Agreement within five Business Days in advance of such
          Securitization Transaction:

        

        
          	 	
                  (1)

                	
                  the
                    sponsor;

                
	 	
                  (2)

                	
                  the
                    depositor;

                
	 	
                  (3)

                	
                  the
                    issuing entity;

                
	 	
                  (4)

                	
                  any
                    servicer;

                
	 	
                  (5)

                	
                  any
                    trustee;

                
	 	
                  (6)

                	
                  any
                    originator;

                
	 	
                  (7)

                	
                  any
                    significant obligor;

                
	 	
                  (8)

                	
                  any
                    enhancement or support provider; and

                
	 	
                  (9)

                	
                  any
                    other material transaction party.

                

        

        

        (ii) If
          so
          requested by the Purchaser or any Depositor, and required by Regulation
          AB or as
          otherwise agreed upon by the Company, the Purchaser and/or the Depositor,
          the
          Company shall provide (or, as applicable, cause each Third-Party Originator
          to
          provide) Static Pool Information with respect to the mortgage loans (of
          a
          similar type as the Mortgage Loans, as reasonably identified by the Purchaser
          as
          provided below) originated by (a) the Company, if the Company is an originator
          of Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified
          Correspondent, if applicable), and/or (b) as applicable, each Third-Party
          Originator. Such Static Pool Information shall be prepared by the Company
          (or,
          if applicable, the 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, as applicable) 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.

        

        Promptly
          following notice or discovery of a material error (as determined in Company’s
          sole discretion), in Static Pool Information provided pursuant to the
          immediately preceding paragraph (including an omission to include therein
          information required to be provided pursuant to such paragraph), the Company
          shall provide corrected Static Pool Information to the Purchaser or any
          Depositor, as applicable, in the same format in which Static Pool Information
          was previously provided to such party by the Company.

        

        If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide), at the expense
          of the
          requesting party (to the extent of any additional incremental expense associated
          with delivery pursuant to this Agreement), agreed-upon procedures letters
          of
          certified public accountants 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, if applicable, 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 shall be limited to
          any
          Sponsor, any Depositor, any broker dealer acting as underwriter, placement
          agent
          or initial purchaser with respect to a Securitization Transaction or any
          other
          party that is reasonably and customarily entitled to receive such statements
          and
          letters in 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
          reasonably 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 reasonably requested for the
          purpose of compliance with Item 1108 of Regulation AB. Such information
          shall
          include, at a minimum:

        

        (A) the
          Servicer’s form of organization;

         

        (B) a
          description of how long the Servicer has been servicing residential mortgage
          loans; a general discussion of the Servicer’s experience in servicing assets of
          any type as well as a more detailed discussion of the Servicer’s experience in,
          and procedures for, the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Servicer’s portfolio of residential mortgage loans of a type
          similar to the Mortgage Loans and information on factors related to the
          Servicer
          that may be material, in the reasonable determination 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) 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, if applicable, any Third-Party Originator to)
          (a)
          provide notice within two (2) Business Days to the Purchaser, any Master
          Servicer and any Depositor in writing of (1) any merger, consolidation
          or sale
          of substantially all of the assets of the Company, (2) the Company’s entry into
          an agreement with a Subservicer to perform or assist in the performance
          of any
          of the Company’s obligations under the Agreement or any Reconstitution Agreement
          that qualifies as an “entry into a material definitive agreement” under Item
          1.01 of the form 8-K, and (b) provide prompt notice to the Purchaser, the
          Master
          Servicer and the Depositor of (1) any Event of Default under the terms
          of the
          Agreement or any Reconstitution Agreement to the extent not known by such
          Purchaser, Master Servicer or Depositor, and (2) any material litigation
          or
          governmental proceedings involving the Company, any Subservicer or any
          Third
          Party Originator.

        

        (v) To
          the
          extent the Purchaser or any Depositor does not itself have an affiliation
          or
          relationship required to be disclosed under Item 1119 of Regulation AB
          that
          develops following the closing date of a Securitization Transaction, the
          Company
          shall provide to the Purchaser and any Depositor a description of any such
          affiliation or relationship involving the Company, any Subservicer or any
          Third-Party Originator no later than 15 calendar days prior to the date
          the
          Depositor is required to file its Form 10-K disclosing such affiliation
          or
          relationship. For purposes of the foregoing, the Company (1) shall be entitled
          to assume that the parties to the Securitization Transaction with whom
          affiliations or relations must be disclosed are the same as on the closing
          date
          if it provides a written request (which may be by e-mail) to the Depositor
          or
          Master Servicer, as applicable, requesting such confirmation and either
          obtains
          such confirmation or receives no response within three (3) Business Days,
          (2)
          shall not be obligated to disclose any affiliations or relationships that
          may
          develop after the closing date for the Securitization Transaction with
          any
          parties not identified to the Company pursuant to clause (D) of paragraph
          (i) of
          this Section 2(c), and (3) shall be entitled to rely upon any written
          identification of parties provided by the Depositor, the Purchaser or any
          master
          servicer.

        

        

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

        

        (vi) 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, the Company shall, to the extent
          the
          Company 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 Mortgage Loan 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 Mortgage Loan representations or warranties or transaction
          covenants
          under the Existing Agreement, as amended herein (Item 1121(a)(12) of Regulation
          AB): and 

         

        (c) information
          regarding any Mortgage Loan 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).

        

        (vii) In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, if reasonably requested
          by the Purchaser or any Depositor, the Company shall provide such information
          which is available to the Company, regarding the servicing of the Mortgage
          Loans
          as is reasonably required to facilitate preparation of distribution reports
          in
          accordance with Item 1121 of Regulation AB.

        

        (d) Servicer
          Compliance Statement.

        

        On
          or
          before March 5 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 (i) a review of the Company’s servicing activities
          during the immediately preceding calendar year (or applicable portion thereof)
          and of its performance under the servicing provisions of this Agreement
          and any
          applicable Reconstitution Agreement during such period has been made under
          such
          officer’s supervision, and (ii) to the best of such officers’ knowledge, based
          on such review, the Company has fulfilled all of its servicing 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.

        

        (e) Report
          on Assessment of Compliance and Attestation.

        

        (i) On
          or
          before March 5 of each calendar year, commencing in 2007, the Company
          shall:

        

        (A) deliver
          to the Purchaser and any Depositor a report regarding the Company’s assessment
          of compliance with the Servicing Criteria during the immediately preceding
          calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange
          Act and
          Item 1122 of Regulation AB. Such report shall be addressed to the Purchaser
          and
          such Depositor and signed by an authorized officer of the Company, and
          shall
          address each of the applicable Servicing Criteria specified on a certification
          substantially in the form of Exhibit A hereto (wherein “investor” shall mean the
          Master Servicer) delivered to the Purchaser concurrently with the execution
          of
          this Agreement;

        

        (B) deliver
          to the Purchaser 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;

        

        (C) if
          required by Regulation AB, cause each Subservicer and each Subcontractor
          determined by the Company pursuant to Section 2(f)(ii) to be “participating in
          the servicing function” within the meaning of Item 1122 of Regulation AB (each,
          a “Participating Entity”), to deliver to the Purchaser and any Depositor an
          assessment of compliance and accountants’ attestation as and when provided in
          paragraphs (A) and (B) of this Section 2(e)(i); and

        

        (D) deliver
          or, if required by Regulation AB, cause each Subservicer and Subcontractor
          described in Section 2(e)(i)(C) above to deliver to the Purchaser, Depositor
          or
          any other Person that will be responsible for signing the certification
          (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the
          Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
          on
          behalf of an asset-backed issuer with respect to a Securitization Transaction
          a
          certification, signed by the appropriate officer of the Company, in the
          form
          attached hereto as Exhibit B; provided that such certification delivered
          by the
          Company may not be filed as an exhibit to, or included in, any filing with
          the
          Commission.

        

        The
          Company acknowledges that the party identified in clause (i)(D) above may
          rely
          on the certification provided by the Company pursuant to such clause in
          signing
          a Sarbanes Certification and filing such with the Commission. Neither the
          Purchaser nor any Depositor will request deliver of a certification under
          clause
          (D) above unless the Purchaser, Depositor or any other Person is required
          under
          the Exchange Act to file an annual report on Form 10-K with respect to
          an
          issuing entity whose asset pool includes Mortgage Loans.

        

        (ii) Each
          assessment of compliance provided by a Subservicer pursuant to Section
          2(e)(i)(A) shall address each of the applicable Servicing Criteria specified
          on
          a certification substantially in the form of Exhibit A 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 Participating Entity
          pursuant to Section 2(e)(i)(C) need not address any elements of the Servicing
          Criteria other than those specified by the Company pursuant to Section
          2(f).

        

        (iii) If
          reasonably requested by the Purchaser or any Depositor, the Company shall
          provide to the Purchaser, any Master Servicer or any Depositor, evidence
          of the
          authorization of the person signing any certification or statement pursuant
          to
          Section 2(d) or 2(e) of this Agreement.

        

        (f) Use
          of
          Subservicers and Subcontractors.

        

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any related Reconstitution Agreement unless the Company complies with
          the
          provisions of paragraph (i) of this Subsection (f). 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 related Reconstitution Agreement unless the Company complies with
          the
          provisions of paragraph (ii) of this Subsection (f).

        

        (i) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser or
          any
          Depositor to the utilization of any Subservicer. If required by Regulation
          AB,
          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(b), 2(c)(iii), 2(c)(v),
          2(d),
          and 2(e) of this Agreement , and to provide the information required with
          respect to such Subservicer under Section 2(c)(iv) of this Agreement. The
          Company shall be responsible for obtaining from each Subservicer and delivering
          to the Purchaser and any Depositor any servicer compliance statement required
          to
          be delivered by such Subservicer under Section 2(d), any assessment of
          compliance and attestation required to be delivered by such Subservicer
          under
          Section 2(e) and any certification required to be delivered to the Person
          that
          will be responsible for signing the Sarbanes Certification under Section
          2(e) as
          and when required to be delivered.

        

        (ii) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser or
          any
          Depositor to the utilization of any Subcontractor. If required by Regulation
          AB,
          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 of the role and function of each
          Subcontractor utilized by the Company or any Subservicer, specifying (A)
          the
          identity of each such Subcontractor, (B) which (if any) of such Subcontractors
          are Participating Entities, and (C) which elements of the Servicing Criteria
          will be addressed in assessments of compliance provided by each Participating
          Entity identified pursuant to clause (B) of this paragraph.

        

        The
          Company shall cause any such Participating Entity used by the Company (or
          by any
          Subservicer) for the benefit of the Purchaser and any Depositor to comply
          with
          the provisions of Section 2(e) of this Agreement. The Company shall be
          responsible for obtaining from each Participating Entity and delivering
          to the
          Purchaser and any Depositor any assessment of compliance and attestation
          and
          certificate required to be delivered by such Participating Entity under
          Section
          2(e), in each case as and when required to be delivered.

        

        (g) Indemnification;
          Remedies.
          

        

        (i) The
          Company
          shall
          indemnify the Purchaser and each of the following parties participating
          in a Securitization Transaction: each
          sponsor and issuing entity; each Person responsible for the 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 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 and employees 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:

        

        (A)(1) any
          untrue statement of a material fact contained or alleged to be contained
          in
any
          written information, written report, certification or other material
          provided
under
          this Amendment Reg AB
          by or on
          behalf of the Company,
          or provided under this Amendment Reg AB by or on behalf of any Subservicer,
          Participating Entity or, if applicable, Third-Party Originator (collectively,
          the “Company Information”),
          or (2)
          the omission or alleged omission to state in the Company Information a
          material
          fact required to be stated in the Company Information or necessary in order
          to
          make the statements therein, in the light of the circumstances under which
          they
          were made, not misleading; provided,
          by way of clarification,
          that
          clause (2) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

        

        (B) any
          failure by the Company, any Subservicer, any Participating Entity or any
          Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Amendment Reg
          AB,
          including any failure by the Company to identify pursuant to Section 2(f)(ii)
          any Participating Entity; or

        

        (C) any
          breach by the Company of a representation or warranty set forth in Section
          2(b)(i) or in a writing furnished pursuant to Section 2(b)(ii) and made
          as of a
          date prior to the closing date of the related Securitization Transaction,
          to the
          extent that such breach is not cured by such closing date, or any breach
          by the
          Company of a representation or warranty in a writing furnished pursuant
          to
          Section 2(b)(ii) to the extent made as of a date subsequent to such closing
          date.

        

        In
          the
          case of any failure of performance described in clause (i)(B) of this Section,
          the Company shall promptly reimburse the Purchaser, any Depositor, as
          applicable, and each Person responsible for the 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 Participating Entity or any Third-Party
          Originator.

        

        (ii) (A) Any
          failure by the Company, any Subservicer, any Participating Entity or any
          Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Amendment Reg
          AB ,
          which continues unremedied for three Business Days after receipt by the
          Company
          and the applicable Subservicer, Subcontractor, or Third-Party Originator
          of
          written notice of such failure from the Purchaser or Depositor shall, except
          as
          provided in clause (B) of this paragraph, 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
          related thereto without payment (notwithstanding anything in this Agreement
          or
          any applicable Reconstitution Agreement related thereto 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,
          however
          it is
          understood that the Company shall retain any rights pursuant to which it
          may be
          entitled to receive reimbursement for unreimbursed Monthly Advances and
          Servicing Advances made by the Company under this Agreement and/or any
          applicable Reconstitution Agreement. Notwithstanding anything to the contrary
          set forth herein, to the extent that any provision of this Agreement and/or
          any
          applicable Reconstitution Agreement expressly provides for the survival
          of
          certain rights or obligations following termination of the Company as servicer,
          such provision shall be given effect.

        

        (B) Any
          failure by the Company, any Subservicer or any Participating Entity to
          deliver any information, report, certification or accountants’ letter required
          under Regulation AB when and as required under Section 2(d) or 2(e), including
          any failure by the Company to identify a Participating Entity, which continues
          unremedied for ten calendar days after the date on which such information,
          report, certification or accountants’ letter was required to be delivered shall
          constitute an Event of Default with respect to the Company under this Agreement
          and any applicable Reconstitution Agreement, and shall entitle the Purchaser
          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 to the contrary) of any compensation to the Company; provided, however
          it is
          understood that the Company shall retain any rights pursuant to which it
          may be
          entitled to receive reimbursement for unreimbursed Monthly Advances and
          Servicing Advances made by the Company under this Agreement and/or any
          applicable Reconstitution Agreement. Notwithstanding anything to the contrary
          set forth herein, 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.

        

        (C) The
          Company shall promptly reimburse the Purchaser (or any affected 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 Company, the Purchaser or any Depositor may have under other
          provisions of this Agreement and/or any applicable Reconstitution Agreement
          or
          otherwise, whether in equity or at law, such as an action for damages,
          specific
          performance or injunctive relief.

        

        (iii) The
          Purchaser agrees to indemnify and hold harmless the Company, any Subservicer,
          any Participating Entity, and, if applicable, any Third-Party Originator,
          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 and employees of each
          of the
          foregoing 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
          any
          untrue statement or alleged untrue statement of any material fact contained
          in
          any filing with the Commission with respect to a Securitization Transaction
          or
          the omission or alleged omission to state in any filing with the Commission
          with
          respect to a Securitization Transaction
          a
          material fact required to be stated or necessary to be stated in order
          to make
          the statements therein, in the light of the circumstances under which they
          were
          made, not misleading,
          in each
          case to the extent, but only to the extent, that such untrue statement,
          alleged
          untrue statement, omission, or alleged omission relates to any filing with
          the
          Commission with respect to a Securitization Transaction other than the
          Company
          Information.

        

        (iv) If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless the indemnified party, then the indemnifying party 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 uncured 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 indemnifying party on the
          other.

        

        (v) This
          indemnification shall survive the termination of this Amendment Reg AB
          or the
          termination of any party to this Amendment Reg AB.

        

        3.  Notwithstanding
          any other provision of this Amendment Reg AB, the Company shall seek the
          consent
          of the Purchaser for the utilization of all Subservicers and Participating
          Entities, when required by and in accordance with the terms of the Existing
          Agreement.

         

        4.  The
          Existing Agreement is hereby amended by adding the Exhibits attached hereto
          as
          Exhibit A and Exhibit B to the end thereto. References in this Amendment
          Reg AB
          to “this Agreement” or words of similar import (including indirect references to
          the Agreement) shall be deemed to be references to the Existing Agreement
          as
          amended by this Amendment Reg AB. Except as expressly amended and modified
          by
          this Amendment Reg AB, the Agreement shall continue to be, and shall remain,
          in
          full force and effect in accordance with its terms. In the event of a conflict
          between this Amendment Reg AB and any other document or agreement, including
          without limitation the Existing Agreement, this Amendment Reg AB shall
          control.

         

        5. All
          notification pursuant to Section 2(c)(iv) 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

        

        All
          notification pursuant to Section 2(c)(iv)(4) 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

        

        All
          notifications to any Master Servicer, to the extent such “Master Servicer” is
          Wells Fargo, should be sent to:

        

        UPS/FedEx
          Delivery: 

        

        9062
          Old
          Annapolis Road

        Columbia,
          MD 21045

        Attention:
          Corporate Trust Group, [Insert Deal Name]

        

        USPS
          Delivery: 

        

        P.O.
          Box
          98

        Columbia,
          MD 21046

        Attention:
          Corporate Trust Group, [Insert Deal Name]

         

        6. This
          Amendment Reg AB shall be governed by and construed in accordance with
          the laws
          of the State of New York without reference to its conflict of laws provisions
          (other than Section 5-1401 of the General Obligation Law), and the obligations,
          rights and remedies of the parties hereunder shall be determined accordance
          with
          such laws.

         

        7. This
          Amendment Reg AB may be executed in one or more counterparts and by different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          constitute one and the same agreement. This Amendment Reg AB will become
          effective as of the date first mentioned above. This
          Amendment Reg AB shall bind and inure to the benefit of and be enforceable
          by
          the Company and the Purchaser and the respective permitted successors and
          assigns of the Company and the successors and assigns of the
          Purchaser.

         

         

        

         

        [Signature
          Page Follows]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused their names to be signed hereto
          by
          their respective officers thereunto duly authorized as of the day and year
          first
          above written.

         

        
          	
                  EMC
                    MORTGAGE CORPORATION

                   

                  Purchaser

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	 
	 
	
                  COUNTRYWIDE
                    HOME LOANS, INC.

                   

                  Company

                
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

         

        

         

         

        

         

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          A

        

        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 applicable 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.

                	
                  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
          B

         

        FORM
          OF
          ANNUAL CERTIFICATION

         

        
          	Re:  	
                  The
                    [ ] agreement dated as of [ ],
                    200[ ] (the “Agreement”), among [IDENTIFY
                    PARTIES]

                

        

         

        I,
          ________________________________, the _______________________ of Countrywide
          Home Loans, Inc., certify to [the Purchaser], [the Depositor], [Master
          Servicer], [Securities Administrator] or [Trustee], and its 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] or [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] or [Trustee];

         

        (4) I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement; and

         

        

        [Intentionally
          Left Blank]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        (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 each Subservicer and Participating Entity
          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
      Q-2

     

    FIFTH
      THIRD SERVICING AGREEMENT 

     

     

     

    
      

      

      

      

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      FIFTH
        THIRD MORTGAGE COMPANY

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of September 1, 2002

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

       

      
        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01 

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01 

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02 

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03 

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04 

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05 

                	
                  Books
                    and Records

                
	
                  Section
                    2.06 

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07 

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08 

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09 

                	
                  [Reserved}

                
	
                  Section
                    2.10 

                	
                  Modification
                    of Obligations

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01 

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02 

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution

                
	
                  Section
                    3.04 

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01 

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02 

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03 

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04 

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05 

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06 

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07 

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08 

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09 

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10 

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11 

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12 

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13 

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14 

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01 

                	
                  Distributions

                
	
                  Section
                    5.02 

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03 

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04 

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01 

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02 

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03 

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04 

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05 

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06 

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01 

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01 

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02 

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03 

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04 

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05 

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01 

                	
                  Events
                    of Default

                
	
                  Section
                    9.02 

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01 

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01 

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02 

                	
                  Amendment

                
	
                  Section
                    11.03 

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04 

                	
                  Governing
                    Law

                
	
                  Section
                    11.05 

                	
                  Notices

                
	
                  Section
                    11.06 

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07 

                	
                  Exhibits

                
	
                  Section
                    11.08 

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09 

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10 

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11 

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12 

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13 

                	
                  No
                    Partnership

                
	
                  Section
                    11.14 

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15 

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16 

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17 

                	
                  Closing

                
	
                  Section
                    11.18 

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  EXHIBITS

                	 
	
                  A
                    

                	
                  Contents
                    of Mortgage File

                
	
                  B
                    

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C
                    

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D
                    

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E
                    

                	
                  Form
                    of Trial Balance

                
	
                  F
                    

                	
                  [reserved]

                
	
                  G
                    

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H
                    

                	
                  Company’s
                    Underwriting Matrix

                
	
                  I
                    

                	
                  Form
                    of Term Sheet

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of September 1, 2002
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038
        (the "Purchaser"), and Fifth
        Third Mortgage Company, with offices located at 38 Fountain Square, MD 1com
        56,
        Cincinnati, Ohio 45202 (the
        "Company").

      

      W I T N E&am
p;am
        p;#1 60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

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

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or in the State of Ohio, or (iii) a day on which banks in the State
        of
        New York or in the State of Ohio are authorized or obligated by law or executive
        order to be closed.

      

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        Fifth
        Third Mortgage Company, their successors in interest and assigns, as permitted
        by this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "[_____________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
        in an Eligible Account, in the name of the Person that is the "Purchaser"
        with
        respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        Fifth
        Third Mortgage Company, or an institution having (i) the highest short-term
        debt
        rating, and one of the two highest long-term debt ratings of each Rating
        Agency;
        or (ii) with respect to any Custodial Account, an unsecured long-term debt
        rating of at least one of the two highest unsecured long-term debt ratings
        of
        each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "__________________, in trust for the [Purchaser],
        Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
        be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

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

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles,

      consistently
        applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lender
        Primary Mortgage Insurance Policy:
        Any
        Primary Mortgage Insurance Policy for which premiums are paid by the Company.
        

      

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6) the
          original months to maturity of the Mortgage Loan;

      

      

      (7) the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code indicating the documentation style (i.e. full, alternative, etc.);

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and the name of the related insurance carrier;

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      
        (24)
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof; and

      

      (27) the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, its successors and assigns.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal
        Balance
        of such Mortgage Loan on the repurchase date, plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase, plus, (iii) third party
        expenses incurred in connection with the transfer of the Mortgage Loan being
        repurchased; less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans. In the event of any conflict, inconsistency or discrepancy
        between any of the provisions of this Agreement and any of the servicing
        provisions of the related Term Sheet, the provisions of the related Term
        Sheet
        shall control and be binding upon the Purchaser and the Company. 

      

      

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files;
        Maintenance of Servicing Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without charge to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred, except
        with
        respect to any liabilities, claims and/or obligations that arose as a result
        of
        the Purchaser’s ownership of the Mortgage Loans during its period of
        ownership.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 180 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 180 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If delivery is not completed
        within
        180 days solely due to delays in making such delivery by reason of the fact
        that
        such documents shall not have been returned by the appropriate recording
        office,
        the Company shall continue to use its best efforts to effect delivery as
        soon as
        possible thereafter, provided that if such documents are not delivered by
        the
        360th day from the date of the related Closing Date, upon the Purchaser’s
        request, the Company shall repurchase the related Mortgage Loans at the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 [Reserved.]

      

      

      Section
        2.10  Modification
        of Obligations.
        Purchaser may, without any notice to Company, extend, compromise, renew,
        release, change, modify, adjust or alter, by operation of law or otherwise,
        any
        of the obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan without releasing or otherwise affecting the obligations of Company
        under
        this Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual
        Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual Interest Paid to Date of their related
        Cut-off Date (or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been more than
        1X30
        days delinquent at any time during the twelve (12) months prior to the month
        of
        the related Closing Date. For purposes of this paragraph, a Mortgage Loan
        will
        be deemed delinquent if any payment due thereunder was not paid by the Mortgagor
        in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy , Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; none of the
        Mortgage Loans are classified as a (a) a “high cost” loan under the Home
        Ownership and Equity Protection Act of 1994 or (b) a “high cost”, “threshold”,
        or “predatory” loan under any other applicable state, federal or local law; the
        Company maintains, and shall maintain, evidence of such compliance as required
        by applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting matrix attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh)  In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage. The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. 

      

      Unless
        otherwise indicated on the related Mortgage Loan Schedule, none of the Mortgage
        Loans are subject to “lender-paid” mortgage insurance. Any Mortgage Loan subject
        to a Lender Primary Mortgage Insurance Policy obligates the Company to maintain
        the Lender Primary Mortgage Insurance Policy and to pay all premiums and
        charges
        in connection therewith. Coverage with respect to each Lender Primary Mortgage
        Insurance Policy is that set forth in the related Confirmation. All provisions
        of such Lender Primary Mortgage Insurance Policy have been and are being
        complied with, such policy is in full force and effect. No action, inaction,
        or
        event has occurred and no state of facts exists that has, or will result
        in the
        exclusion from, denial of, or defense to coverage. No action has been taken
        or
        failed to be taken, on or prior to the Closing Date which has resulted or
        will
        result in an exclusion from, denial of, or defense to coverage under any
        Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, to
        foreclose upon or otherwise comparably convert the ownership of properties
        securing such of the Mortgage Loans as come into and continue in default
        and as
        to which no satisfactory arrangements can be made for collection of delinquent
        payments pursuant to Section 4.01. Foreclosure or comparable proceedings
        shall
        be initiated within ninety (90) days of default for Mortgaged Properties
        for
        which no satisfactory arrangements can be made for collection of delinquent
        payments, subject to state and federal law and regulation. The Company shall
        use
        its best efforts to realize upon defaulted Mortgage Loans in such manner
        as will
        maximize the receipt of principal and interest by the Purchaser, taking into
        account, among other things, the timing of foreclosure proceedings. The
        foregoing is subject to the provisions that, in any case in which a Mortgaged
        Property shall have suffered damage, the Company shall not be required to
        expend
        its own funds toward the restoration of such property unless it shall determine
        in its discretion (i) that such restoration will increase the proceeds of
        liquidation of the related Mortgage Loan to the Purchaser after reimbursement
        to
        itself for such expenses, and (ii) that such expenses will be recoverable
        by the
        Company through Insurance Proceeds or Liquidation Proceeds from the related
        Mortgaged Property, as contemplated in Section 4.05. Company shall obtain
        prior
        approval of Purchaser as to repair or restoration expenses in excess of ten
        thousand dollars ($10,000). The Company shall notify the Purchaser in writing
        of
        the commencement of foreclosure proceedings and not less than 5 days prior
        to
        the acceptance or rejection of any offer of reinstatement. The Company shall
        be
        responsible for all costs and expenses incurred by it in any such proceedings
        or
        functions; provided, however, that it shall be entitled to reimbursement
        thereof
        from the related property, as contemplated in Section 4.05. Notwithstanding
        anything to the contrary contained herein, in connection with a foreclosure
        or
        acceptance of a deed in lieu of foreclosure, in the event the Company has
        reasonable cause to believe that a Mortgaged Property is contaminated by
        hazardous or toxic substances or wastes, or if the Purchaser otherwise requests
        an environmental inspection or review of such Mortgaged Property, such an
        inspection or review is to be conducted by a qualified inspector at the
        Purchaser's expense. Upon completion of the inspection, the Company shall
        promptly provide the Purchaser with a written report of the environmental
        inspection. After reviewing the environmental inspection report, the Purchaser
        shall determine how the Company shall proceed with respect to the Mortgaged
        Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in
        Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds deposited in the Custodial
        Account, which shall be deposited within 24 hours of receipt, shall at all
        times
        be insured by the FDIC up to the FDIC insurance limits, or must be invested
        in
        Permitted Investments for the benefit of the Purchaser. Funds deposited in
        the
        Custodial Account may be drawn on by the Company in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a letter
        agreement in the form shown in Exhibit B hereto. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        the
        request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

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

      

      (ii)
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with respect to each full or partial Principal Prepayment, any Prepayment
        Interest Shortfalls, to the extent of the Company’s aggregate Servicing Fee
        received with respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii)to
        remove funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

       

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii)
        all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

       

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii)
        to
        refund to the Mortgagor any funds as may be determined to be
        overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
        to
        clear and terminate the Escrow Account on the termination of this Agreement.
        As
        part of its servicing duties, the Company shall pay to the Mortgagors interest
        on funds in Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges;
        Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy and, in this regard, to take such action as shall be necessary
        to permit recovery under any Primary Mortgage Insurance Policy or Lender
        Primary
        Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance
        Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

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

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

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

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

       

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged Property has been conveyed
        or is
        proposed to be conveyed, pursuant to which such person becomes liable under
        the
        Mortgage Note and, to the extent permitted by applicable state law, the
        Mortgagor remains liable thereon. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage
        Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial Account or the Mortgage File or such document
        has
        been delivered to an attorney, or to a public trustee or other public official
        as required by law, for purposes of initiating or pursuing legal action or
        other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company has delivered to the Purchaser a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery. Upon receipt of a certificate of a Servicing Officer stating
        that
        such Mortgage Loan was liquidated, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2003, an Officers'
        Certificate stating, as to each signatory thereof, that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officers' supervision, and
        (ii) to
        the best of such officers' knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        of
        cure provisions thereof. Copies of such statement shall be provided by the
        Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants'
        Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2003 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        federal government, FDIC, OTS, or any other similar regulations.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

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

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, which consent shall not be unreasonable withheld, then
        the
        Purchaser shall have the right to terminate this Agreement, without any payment
        of any penalty or damages and without any liability whatsoever to the Company
        (other than with respect to accrued but unpaid Servicing Fees and Servicing
        Advances remaining unpaid) or any third party. 

      

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of two
        (2) Business Days; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

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

      

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

      

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

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

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

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)          
         if
        to the
        Company:

       

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        Stephen
        Johnson

      Telecopier
        No.: 513-534-4194

      

      With
        a
        copy to: 

      

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        David
        Powell

      Telecopier
        No.: 513-358-8697

      

      With
        a
        copy to:

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        Therese
        Paul

      

      (ii)         
         if to the Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steve Trombetta

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
        the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
        accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
        references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
        a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
        the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
        the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
        headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans. In no event shall there
        be
        more than four (4) Persons with the status of “Purchaser” per pool of Mortgage
        Loans under this Agreement.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to this Agreement shall inure to the benefit
        of
        and be binding upon the Company and the Purchaser and their respective
        successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company. This
        Section 11.16 shall also not be deemed to preclude the Company or any of
        its
        affiliates from soliciting any Mortgagor based upon relationships or data
        other
        than with respect to the related Mortgage Loan and any of the related Mortgage
        Loan Documents.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution"), which in no event shall there be more
        than
        four (4) Reconstitutions per pool of Mortgage Loans, of some or all of the
        Mortgage Loans then subject to this Agreement, without recourse,
        to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant (including updating or “bringing down” any representations or
        warranties with respect to the Mortgage Loans if such Reconstitution Date
        is in
        the same calendar month as the related Closing Date). In connection with
        each
        Pass-Through Transfer, the Company agrees to provide reasonable and customary
        indemnification to the Purchaser and its affilates for disclosure contained
        in
        any offering document relating to the Company or its affilates, the Mortgage
        Loans and the underwriting standards of the Mortgage Loans. The Purchaser
        shall
        be responsible for the costs relating to the delivery of such information.
        

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:  

              	 
	 	Title:	 

      

       

      
         

        
          	 	 	 
	 	FIFTH
                  THIRD MORTGAGE COMPANY
	 	
                  Company

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow company,
        or an opinion of title, if applicable.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2001

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 2001 Adjustable Rate Mortgage Loans (the
        "Agreement"), we hereby authorize and request you to establish an account,
        as a
        Custodial Account pursuant to Section 4.04 of the Agreement, to be designated
        as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

      

      [__________________________]

       

      By:____________________________

       

      Name:__________________________

       

      Title:_________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

         

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2001

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"),
        we hereby authorize and request you to establish an account, as an Escrow
        Account pursuant to Section 4.06 of the Agreement, to be designated as
        "[__________________________], in trust for the [Purchaser], Owner of Adjustable
        Rate Mortgage Loans, and various Mortgagors." All deposits in the account
        shall
        be subject to withdrawal therefrom by order signed by the Company. This letter
        is submitted to you in duplicate. Please execute and return one original
        to
        us.

       

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

      

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

         

         

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c)
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d)
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e)
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Section
          3.01
          and Section 3.02 of the Purchase Agreement to be untrue in any material
          respect;
          provided, however, that if the date hereof is not in the same calendar
          month as
          the Closing Date, the Company makes no statements with regard to the
          representations and warranties made by the Company in Section 3.02 of the
          Purchase Agreement.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      (a)         
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        (b)       
            In
          the
          case of Assignor,

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)         
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

       

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        to
        the extent such proceeds are not to be applied to the restoration of the
        related
        Mortgaged Property or released to the Mortgagor in accordance with Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 	
                  Assignor

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            
              	 	 	 
	 	 
	 	
                      Assignee

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      Name:  

                    	 
	 	Title:	 

            

             

             

            
              
                	 	 	 
	 	 
	 	
                        Company

                      
	 
 	 
 	 
 
	 	By:  	 
	 	
                        Name:  

                      	 
	 	Title:	 

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

ATTACHMENT
              1

          

        

      

      

      ASSIGNED
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING MATRIX

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between Fifth Third Mortgage
        Company, an Ohio corporation, located at 38 Fountain Square, MD 1com 56,
        Cincinnati, Ohio 45202 (the
        “Company”) and EMC Mortgage Corporation, a Delaware corporation, located at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the
        "Purchaser") is made pursuant to the terms and conditions of that certain
        Purchase, Warranties and Servicing Agreement (the "Agreement") dated as of
        September 1, 2002, between the Company and the Purchaser, the provisions
        of
        which are incorporated herein as if set forth in full herein, as such terms
        and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.
            Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
         

        
          	 	 	 
	 	FIFTH
                  THIRD
                  MORTGAGE COMPANY
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION

                  
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        AMENDMENT
          NUMBER ONE

        to
          the

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        Dated
          as
          of April 1, 2006

        

        among

        

        EMC
          MORTGAGE CORPORATION, 

        as
          Purchaser

        

        and

        

        FIFTH
          THIRD MORTGAGE COMPANY,

        as
          Company

        

        This
          AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
          1st
          day of
          April, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
          as
          purchaser (the “Purchaser”) and Fifth Third Mortgage Company, as company (the
“Company”) in connection with the Purchase, Warranties and Servicing Agreement,
          dated as of September 1, 2002, between the above mentioned parties (the
          “Agreement”). This Amendment is made pursuant to Section 11.02 of the
          Agreement.

        

        RECITALS

         

        WHEREAS,
           the
          parties hereto have entered into the Agreement; 

        

        WHEREAS,
          the Agreement provides that the parties thereto may enter into an amendment
          to
          the Agreement;

        

        WHEREAS,
          the parties hereto desire to amend the Agreement as set forth in this Amendment;
          and

        

        NOW,
          THEREFORE, in consideration of the premises and for other good and valuable
          consideration, the receipt and sufficiency of which is hereby acknowledged,
          the
          parties hereto agree as follows:

        

        1. Capitalized
          terms used herein and not defined herein shall have the meanings assigned
          to
          such terms in the Agreement. 

        

        2. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by adding
          the
          following definitions to Section 1.01: 

        

        Commission
          or SEC:
          The
          Securities and Exchange Commission.

         

        Delinquency
          Recognition Policies:
          The
          generally accepted industry standard that defines the proper means of reporting
          delinquency status (such as MBA versus OTS methodology) and the processing
          standard for addressing residential mortgage loans of the same type as
          the
          Mortgage Loans at various stages throughout default (such as the Fannie
          Mae
          Guide or FHLMC Guide standards).

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

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

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

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

        

        Prepayment
          Charge:
          Any
          prepayment premium, penalty or charge payable by a Mortgagor in connection
          with
          any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
          related
          Mortgage Note.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

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

        

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

        

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

        

        Servicing
          Criteria:
          As of
          any date of determination, the “servicing criteria” set forth in Item 1122(d) of
          Regulation AB, or any amendments thereto, a summary of the requirements
          of which
          as of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit
          N
          and the
          text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
          AB
          shall control (or those Servicing Criteria otherwise mutually agreed to
          by the
          Purchaser, the Company and any Person that will be responsible for signing
          any
          Sarbanes Certification with respect to a Securitization Transaction in
          response
          to evolving interpretations of Regulation AB and incorporated into a revised
          Exhibit
          N).

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a Subservicer.
          

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        3. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Subservicer in Section 1.01 and replacing
          it
          with the following:

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.
          Any subservicer shall meet the qualifications set forth in Section
          4.01.

        

        4. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Principal Prepayment in Section 1.01
          and
          replacing it with the following:

        

        Principal
          Prepayment: Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any Prepayment
          Charge and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment.

        

        5. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by
          revising Section 3.01(n) as follows (new text underlined):

        

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

        

        6. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(p):

        

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

        

        7. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(q):

        

        (q) If
          so
          requested by the Purchaser or any Depositor on any date, the Company shall,
          within five Business Days following such request, confirm in writing the
          accuracy of the representations and warranties set forth in Section 3.01(p)
          of
          this Section or, if any such representation and warranty is not accurate
          as of
          the date of such request, provide reasonably adequate disclosure of the
          pertinent facts, in writing, to the requesting party.

        

        8. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(r):

        

        (r) Notwithstanding
          anything to the contrary in the Agreement, the Company shall (or shall
          cause
          each Subservicer and Third-Party Originator to) (i) immediately notify
          the
          Purchaser, any Master Servicer and any Depositor in writing of (A) any
          material
          litigation or governmental proceedings pending against the Company, any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Pass-Through Transfer between
          the
          Company, any Subservicer or any Third-Party Originator and any of the parties
          specified in clause (7) of paragraph (p) of this Section (and any other
          parties
          identified in writing by the requesting party) with respect to such Pass-Through
          Transfer, (C)
          any
          Event of Default under the terms of this Agreement or any Reconstitution
          Agreement, (D) any merger, consolidation or sale of substantially all of
          the
          assets of the Company, and (E) the Company’s entry into an agreement with a
          Subservicer to perform or assist in the performance of any of the Company’s
          obligations under this Agreement or any Reconstitution Agreement and
          (ii)
          provide
          to the Purchaser and any Depositor a description of such proceedings,
          affiliations or relationships.

        

        Each
          such
          notice/update should be sent to EMC by e-mail to regABnotifications@bear.com.
          Additionally, all notifications pursuant to this Section 3.01(r), other
          than
          those pursuant to Section 3.01(r)(i)(A), should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 3.01(r)(i)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        9. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(s):

        

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

        

        10. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.02(xx):

        

        With
          respect to each Mortgage Loan, information regarding the borrower credit
          files
          related to such Mortgage Loan has been furnished to credit reporting agencies
          in
          compliance with the provisions of the Fair Credit Reporting Act and the
          applicable implementing regulations.

        

        11.
           Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following after the first sentence of Section 4.01:

        

        In
          addition, the Company shall furnish information regarding the borrower
          credit
          files related to such Mortgage Loan to credit reporting agencies in compliance
          with the provisions of the Fair Credit Reporting Act and the applicable
          implementing regulations.

        

        12. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          deleting in its entirety the last paragraph of Section 4.02 and replacing
          it
          with the following:

        

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

        

        13. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          revising the first paragraph of Section 4.03 by adding the following after
          the
          first sentence:

        

        In
          determining the delinquency status of any Mortgage Loan, the Company will
          use
          Delinquency Recognition Policies as described to and approved by the Purchaser,
          and shall revise these policies as requested by the Purchaser from time
          to
          time.

        

        14. Article
          V
          of the Agreement is hereby amended effective as of the date hereof by deleting
          Section 5.02 in its entirety and replacing it with the following:

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to principal (including a separate breakdown of any
          Principal Prepayment, including the date of such prepayment, and any prepayment
          penalties or premiums, along with a detailed report of interest on principal
          prepayment amounts remitted in accordance with Section 4.04);

        

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

        

        (iii) with
          respect to each Mortgage Loan, the amount of servicing compensation received
          by
          the Company during the prior distribution period;

        

        (iv) the
          Stated Principal Balance of each Mortgage Loan and the aggregate Stated
          Principal Balance of all Mortgage Loans as of the first day of the distribution
          period and the last day of the distribution period;

        

        (v) with
          respect to each Mortgage Loan, the current Mortgage Interest Rate;

        

        (vi) with
          respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
          Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
          received during the prior distribution period;

        

        (vii) with
          respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
          paid by the Company in accordance with Section 4.04(viii) during the prior
          distribution period; 

        

        (viii) the
          beginning and ending balances of the Custodial Account and Escrow
          Account;

        

        (ix) the
          number of Mortgage Loans as of the first day of the distribution period
          and the
          last day of the distribution period; 

        

        (x) with
          respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
          Loan (a) delinquent as grouped in the following intervals through final
          liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
          or
          more; (b) as to which foreclosure has commenced; and (c) as to which REO
          Property has been acquired;

        

        (xi) with
          respect to each Mortgage Loan, the amount and severity of any realized
          loss
          following liquidation of such Mortgage Loan; 

        

        (xii) with
          respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
          the
          amount of any Monthly Advances made by the Company during the prior distribution
          period; 

        

        (xiii) with
          respect to each Mortgage Loan, a description of any Servicing Advances
          made by
          the Company with respect to such Mortgage Loan including the amount, terms
          and
          general purpose of such Servicing Advances, and the aggregate amount of
          Servicing Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xiv) with
          respect to each Mortgage Loan, a description of any Nonrecoverable Advances
          made
          by the Company with respect to such Mortgage Loan including the amount,
          terms
          and general purpose of such Nonrecoverable Advances, and the aggregate
          amount of
          Nonrecoverable Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xv) with
          respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
          Advances and Nonrecoverable Advances reimbursed to the Company with respect
          to
          such Mortgage Loan during the prior distribution period pursuant to Section
          4.05, and the source of funds for such reimbursement, and the aggregate
          amount
          of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
          reimbursed to the Company for all Mortgage Loans during the prior distribution
          period pursuant to Section 4.05; 

        

        (xvi) with
          respect to any Mortgage Loan, a description of any material modifications,
          extensions or waivers to the terms, fees, penalties or payments of such
          Mortgage
          Loan during the prior distribution period or that have cumulatively become
          material over time;

        

        (xvii) a
          description of any material breach of a representation or warranty set
          forth in
          Section 3.01 or Section 3.02 herein or of any other breach of a covenant
          or
          condition contained herein and the status of any resolution of such
          breach;

        

        (xviii) with
          respect to each Mortgage Loan, the Stated Principal Balance of any substitute
          Mortgage Loan provided by the Company and the Stated Principal Balance
          of any
          Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
          with Section 3.03 herein;

        

        (xix) with
          respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
          Loan
          that has been repurchased by the Company in accordance with Section 3.03
          herein.

        

        In
          addition, the Company shall provide to the Purchaser such other information
          known or available to the Company that is necessary in order to provide
          the
          distribution and pool performance information as required under Item 1121
          of
          Regulation AB, as amended from time to time, as determined by the Purchaser
          in
          its sole discretion. The Company shall also provide a monthly report, in
          the
          form of Exhibit
          J
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          K
          with
          respect to defaulted mortgage loans and Exhibit
          Q,
          with
          respect to realized losses and gains, with each such report. 

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Company shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than sixty (60) days after the end of each calendar
          year, the
          Company shall furnish to each Person who was a Purchaser at any time during
          such
          calendar year an annual statement in accordance with the requirements of
          applicable federal income tax law as to the aggregate of remittances for
          the
          applicable portion of such year.

        

        15. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.04 in its entirety and replacing it with the
          following:

        

        Section
          6.04 Annual
          Statement as to Compliance; Annual Certification.

        

        (a) The
          Company will deliver to the Purchaser and any Master Servicer, not later
          than
          March 1 of each calendar year beginning in 2007, an Officers’ Certificate
          acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
          each signatory thereof, that (i) a review of the activities of the Company
          during the preceding calendar year and of performance under this Agreement
          or
          other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
          review, the Company has fulfilled all of its obligations under this Agreement
          or
          other applicable servicing agreement in all material respects throughout
          such
          year, or, if there has been a failure to fulfill any such obligation in
          any
          material respect, specifying each such failure known to such officer and
          the
          nature and status of cure provisions thereof. Such Annual Statement of
          Compliance shall contain no restrictions or limitations on its use. Copies
          of
          such statement shall be provided by the Company to the Purchaser upon request
          and by the Purchaser to any Person identified as a prospective purchaser
          of the
          Mortgage Loans. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall deliver an Annual Statement of Compliance of the Subservicer
          as
          described above as to each Subservicer as and when required with respect
          to the
          Company.

        

        (b) With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          by March 1 of each calendar year beginning in 2007, an officer of the Company
          shall execute and deliver an officer’s certificate (an “Annual Certification”)
          to the Purchaser, any Master Servicer and any related Depositor for the
          benefit
          of each such entity and such entity’s affiliates and the officers, directors and
          agents of any such entity and such entity’s affiliates, in the form attached
          hereto as Exhibit
          M.
          In the
          event that the Company has delegated any servicing responsibilities with
          respect
          to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
          Certification of the Subservicer as described above as to each Subservicer
          as
          and when required with respect to the Company.

        

        (c) If
          the
          Company cannot deliver the related Annual Statement of Compliance and Annual
          Certification by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Annual Statement of Compliance and Annual Certification,
          but in no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.04 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
          may,
          in addition to whatever rights the Purchaser may have under Sections 3.03
          and
          8.01 and at law or equity or to damages, including injunctive relief and
          specific performance, terminate all the rights and obligations of the Company
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Company for the same, as provided in Section 9.01.
          Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

         

        16. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.05 in its entirety and replacing it with the
          following:

        

        Section
          6.05 [Reserved]

        

        17. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.07:

        

        Section
          6.07 Assessment
          of Compliance with Servicing Criteria.

        

        On
          and
          after January 1, 2006, the Company shall service and administer, and shall
          cause
          each subservicer to servicer or administer, the Mortgage Loans in accordance
          with all applicable requirements of the Servicing Criteria.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          the Company shall deliver to the Purchaser or its designee, any Master
          Servicer
          and any Depositor on or before March 1 of each calendar year beginning
          in 2007,
          a report (an “Assessment of Compliance”) reasonably satisfactory to the
          Purchaser, any Master Servicer and any Depositor regarding the Company’s
          assessment of compliance with the Servicing Criteria during the preceding
          calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act
          and
          Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
          which as of the date hereof, require a report by an authorized officer
          of the
          Company that contains the following:

        

        (a) A
          statement by such officer of its responsibility for assessing compliance
          with
          the Servicing Criteria applicable to the Company;

        

        (b) A
          statement by such officer that such officer used the Servicing Criteria
          to
          assess compliance with the Servicing Criteria applicable to the
          Company;

        

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

        

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

        

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

        

        Such
          report at a minimum shall address each of the Servicing Criteria specified
          on a
          certification substantially in the form of Exhibit
          P
          hereto
          delivered to the Company concurrently with the execution of this
          Agreement.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          on or before March 1 of each calendar year beginning in 2007, the Company
          shall
          furnish to the Purchaser or its designee, any Master Servicer and any Depositor
          a report (an “Attestation Report”) by a registered public accounting firm that
          attests to, and reports on, the Assessment of Compliance made by the Company,
          as
          required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
          of
          Regulation AB or as otherwise required by the Master Servicer, which Attestation
          Report must be made in accordance with standards for attestation reports
          issued
          or adopted by the Public Company Accounting Oversight Board. 

        

        The
          Company shall cause each Subservicer, and each Subcontractor determined
          by the
          Company pursuant to Section 11.19 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Purchaser, any Master Servicer and any Depositor an assessment of compliance
          and
          accountants’ attestation as and when provided in Sections 6.07.

        

        If
          the
          Company cannot deliver the related Assessment of Compliance or Attestation
          Report by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Assessment of Compliance or Attestation Report,
          but in
          no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.07 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as described herein, and Purchaser
          may, in
          addition to whatever rights the Purchaser may have under Sections 3.03
          and 8.01
          and at law or equity or to damages, including injunctive relief and specific
          performance, terminate all the rights and obligations of the Company under
          this
          Agreement and in and to the Mortgage Loans and the proceeds thereof without
          compensating the Company for the same, as provided in Section 9.01. Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        18. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.08:

        

        Section
          6.08 Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser and the Company acknowledge and agree that a purpose of Sections
          3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
          compliance by the Purchaser and any Depositor with the provisions of Regulation
          AB and related rules and regulations of the Commission. None of the Purchaser,
          any Master Servicer or any Depositor shall exercise its right to request
          delivery of information or other performance under these provisions other
          than
          in good faith, or for purposes other than compliance with the Securities
          Act,
          the Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Company acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Purchaser or any Depositor in good faith for delivery
          of
          information under these provisions on the basis of evolving interpretations
          of
          Regulation AB. In connection with any Pass-Through Transfer, the Company
          shall
          cooperate fully with the Purchaser to deliver to the Purchaser (including
          any of
          its assignees or designees) and any Depositor, any and all statements,
          reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Purchaser or any Depositor to permit the Purchaser
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
          believed by the Purchaser or any Depositor to be necessary in order to
          effect
          such compliance.

        

        19. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          deleting the first sentence of the last paragraph of Section 9.01 and replacing
          it with the following (new text underlined):

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, or
          as
          otherwise stated herein,
          in
          which case, automatically and without notice) Company may, in addition
          to
          whatever rights the Purchaser may have under Sections 3.03 and 8.01 and
          at law
          or equity or to damages, including injunctive relief and specific performance,
          terminate all the rights and obligations of the Company (and
          if the Company is servicing any of the Mortgage Loans in a Securitization
          Transaction, appoint a successor servicer reasonably acceptable to any
          Master
          Servicer for such Securitization Transaction)
          under
          this Agreement and in and to the Mortgage Loans and the proceeds thereof
          without
          compensating the Company for the same.

         

        20. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following at the end of the last paragraph of Section 9.01:

        

        The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        21. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          restating Section 11.18 in its entirety as follows:

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser agree that with respect to some or all of the
          Mortgage
          Loans, on or after the related Closing Date, on one or more dates (each
          a
          "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
          effect
          a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
          then
          subject to this Agreement, without recourse, to:

        

        (a) one
          or
          more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

        

        (b) one
          or
          more trusts or other entities to be formed as part of one or more Pass-Through
          Transfers.

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
Exhibit
          D
          hereto,
          or, at Purchaser’s request, a seller's warranties and servicing agreement or a
          participation and servicing agreement or similar agreement in form and
          substance
          reasonably acceptable to the parties, and in connection with a Pass-Through
          Transfer, a pooling and servicing agreement in form and substance reasonably
          acceptable to the parties, (collectively the agreements referred to herein
          are
          designated, the “Reconstitution Agreements”). It is understood that any such
          Reconstitution Agreements will not contain any greater obligations on the
          part
          of Company than are contained in this Agreement. Notwithstanding anything
          to the
          contrary in this Section 11.18, the Company agrees that it is required
          to
          perform the obligations described in Exhibit
          L
          hereto.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          and any prospective purchaser with respect to all reasonable requests and
          due
          diligence procedures; (2) to execute, deliver and perform all Reconstitution
          Agreements required by the Purchaser; (3) to restate the representations
          and
          warranties set forth in this Agreement as of the settlement or closing
          date in
          connection with such Reconstitution (each, a "Reconstitution Date").

        

        In
          addition, the Company shall provide to such servicer or issuer, as the
          case may
          be, and any other participants in such Reconstitution: 

        

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

        

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

        

        (iii) within
          5
          Business Days after request by the Purchaser, the information with respect
          to
          the Company (as originator) and each Third-Party Originator of the Mortgage
          Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
          of the
          requirements of which has of the date hereof is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. If requested by the Purchaser, this will include information
          about
          the applicable credit-granting or underwriting criteria;

        

        (iv) within
          5
          Business Days after request by the Purchaser, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) Static Pool
          Information with respect to the mortgage loans (of a similar type as the
          Mortgage Loans, as reasonably identified by the Purchaser as provided below)
          originated by (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          and (c) of Regulation AB. To the extent that there is reasonably available
          to
          the Company (or Third-Party Originator) Static Pool Information with respect
          to
          more than one mortgage loan type, the Purchaser or any Depositor shall
          be
          entitled to specify whether some or all of such information shall be provided
          pursuant to this paragraph. The content of such Static Pool Information
          may be
          in the form customarily provided by the Company, and need not be customized
          for
          the Purchaser or any Depositor. Such Static Pool Information for each vintage
          origination year or prior securitized pool, as applicable, shall be presented
          in
          increments no less frequently than quarterly over the life of the mortgage
          loans
          included in the vintage origination year or prior securitized pool. The
          most
          recent periodic increment must be as of a date no later than 135 days prior
          to
          the date of the prospectus or other offering document in which the Static
          Pool
          Information is to be included or incorporated by reference. The Static
          Pool
          Information shall be provided in an electronic format that provides a permanent
          record of the information provided, such as a portable document format
          (pdf)
          file, or other such electronic format reasonably required by the Purchaser
          or
          the Depositor, as applicable;

        

        (v) within
          5
          Business Days after request by the Purchaser, information with respect
          to the
          Company (as servicer) as required by Item 1108(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall provide the information required pursuant to this clause
          with
          respect to the Subservicer;

        

        (vi) within
          5
          Business Days after request by the Purchaser, 

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Company (as originator and as servicer) and each
          other
          originator of the Mortgage Loans and each Subservicer as required by Item
          1117
          of Regulation AB, a summary of the requirements of which as of the date
          hereof
          is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion,

        (b)
          information regarding affiliations with respect to the Company (as originator
          and as servicer) and each other originator of the Mortgage Loans and each
          Subservicer as required by Item 1119(a) of Regulation AB, a summary of
          the
          requirements of which as of the date hereof is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion, and

        (c)
          information regarding relationships and transactions with respect to the
          Company
          (as originator and as servicer) and each other originator of the Mortgage
          Loans
          and each Subservicer as required by Item 1119(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion; 

        

        (vii) if
          so
          requested by the Purchaser, the Company shall provide (or, as applicable,
          cause
          each Third-Party Originator to provide), at the expense of the requesting
          party
          (to the extent of any additional incremental expense associated with delivery
          pursuant to this Agreement), such statements and agreed-upon procedures
          letters
          of certified public accountants reasonably acceptable to the Purchaser
          or
          Depositor, as applicable, pertaining to Static Pool Information relating
          to
          prior securitized pools for securitizations closed on or after January
          1, 2006
          or, in the case of Static Pool Information with respect to the Company’s or
          Third-Party Originator’s originations or purchases, to calendar months
          commencing January 1, 2006, or to any financial information included in
          any
          other disclosure provided under this Section 11.18, as the Purchaser or
          such
          Depositor shall reasonably request. Such statements and letters shall be
          addressed to and be for the benefit of such parties as the Purchaser or
          such
          Depositor shall designate, which may include, by way of example, any Sponsor,
          any Depositor and any broker dealer acting as underwriter, placement agent
          or
          initial purchaser with respect to a Pass-Through Transfer. Any such statement
          or
          letter may take the form of a standard, generally applicable document
          accompanied by a reliance letter authorizing reliance by the addressees
          designated by the Purchaser or such Depositor; 

        

        (viii)
          For the purpose of satisfying the reporting obligation under the Exchange
          Act
          with respect to any class of asset-backed securities, the Company shall
          (or
          shall cause each Subservicer and Third-Party Originator to) (i) provide
          prompt
          notice to the Purchaser, any Master Servicer and any Depositor in writing
          of (A)
          any material litigation or governmental proceedings involving the Company,
          any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Securitization Transaction
          between
          the Company, any Subservicer or any Third-Party Originator and any of the
          parties specified in clause (D) of paragraph (a) of this Section (and any
          other
          parties identified in writing by the requesting party) with respect to
          such
          Securitization Transaction, (C) any Event of Default under the terms of
          this
          Agreement or any Reconstitution Agreement, (D) any merger, consolidation
          or sale
          of substantially all of the assets of the Company, and (E) the Company’s entry
          into an agreement with a Subservicer to perform or assist in the performance
          of
          any of the Company’s obligations under this Agreement or any Reconstitution
          Agreement and (ii) provide to the Purchaser and any Depositor a description
          of
          such proceedings, affiliations or relationships; 

        

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

        

        (x)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

        

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

        

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

        

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

        

        (xi)
          The
          Company shall provide to the Purchaser, any Master Servicer and any Depositor,
          evidence of the authorization of the person signing any certification or
          statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

        

        In
          the
          event of a conflict or inconsistency between the terms of Exhibit
          O
          and the
          text of the applicable Item of Regulation AB as cited above, the text of
          Regulation AB, its adopting release and other public statements of the
          SEC shall
          control.

        

        The
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Pass-Through Transfer: each
          sponsor
          and issuing entity; each Person (including, but not limited to, any Master
          Servicer, if applicable) responsible for the preparation, execution or
          filing of
          any report required to be filed with the Commission with respect to such
          Pass-Through Transfer, or for execution of a certification pursuant to
          Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Pass-Through Transfer; each broker dealer acting as underwriter, placement
          agent
          or initial purchaser, each Person who controls any of such parties or the
          Depositor (within the meaning of Section 15 of the Securities Act and Section
          20
          of the Exchange Act); and the respective present and former directors,
          officers,
          employees, agents and affiliates of each of the foregoing and of the Depositor
          (each, an “Indemnified Party”), and shall hold each of them harmless from and
          against any claims, losses, damages, penalties, fines, forfeitures, legal
          fees
          and expenses and related costs, judgments, and any other costs, fees and
          expenses that any of them may sustain arising out of or based upon:

        

        (i)(A)
          any untrue statement of a material fact contained or alleged to be contained
          in
          any information, report, certification, data, accountants’ letter or other
          material provided under this Section 11.18 by or on behalf of the Company,
          or
          provided under this Section 11.18 by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided, by
          way of
          clarification, that clause (B) of this paragraph shall be construed solely
          by
          reference to the Company Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Company Information or any portion thereof is presented
          together
          with or separately from such other information;

        

        (ii)
          any
          breach by the Company of its obligations under this Section 11.18, including
          particularly any failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party Originator to deliver any information, report, certification,
          accountants’ letter or other material when and as required under this Section
          11.18, including any failure by the Company to identify pursuant to Section
          11.20 any Subcontractor “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB; 

        

        (iii)
          any
          breach by the Company of a representation or warranty set forth in Section
          3.01
          or in a writing furnished pursuant to Section 3.01(q) and made as of a
          date
          prior to the closing date of the related Pass-Through Transfer, to the
          extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          3.01(q) to the extent made as of a date subsequent to such closing date;
          or

         

        (iv) the
          negligence bad faith or willful misconduct of the Company in connection
          with its
          performance under this Section
          11.18.

          

          If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other. 

          

          In
          the
          case of any failure of performance described above, the Company shall promptly
          reimburse the Purchaser, any Depositor, as applicable, and each Person
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission with respect to such Securitization Transaction,
          or
          for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
          under the Exchange Act with respect to such Securitization Transaction,
          for all
          costs reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        22. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.19:

        

        Section
          11.19. Use
          of
          Subservicers and Subcontractors.

        

        (a) The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (b) of this Section. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (d) of this Section. 

        

        (b) The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
          of this
          Agreement to the same extent as if such Subservicer were the Company, and
          to
          provide the information required with respect to such Subservicer under
          Section
          3.01(r) of this Agreement. The Company shall be responsible for obtaining
          from
          each Subservicer and delivering to the Purchaser, any Master Servicer and
          any
          Depositor any Annual Statement of Compliance required to be delivered by
          such
          Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
          Report required to be delivered by such Subservicer under Section 6.07
          and any
          Annual Certification required under Section 6.04(b) as and when required
          to be
          delivered.

        

        (c) The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, any Master Servicer and such Depositor) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

        

        (d) As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any Assessment of Compliance
          and
          Attestation Report and the other certificates required to be delivered
          by such
          Subservicer and such Subcontractor under Section 6.07, in each case as
          and when
          required to be delivered.

        

        23. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.20:

        

        Section
          11.20. Third
          Party Beneficiary.

        

        For
          purposes of this Agreement, each Master Servicer shall be considered a
          third party beneficiary to this Agreement, entitled to all the rights and
          benefits hereof as if it were a direct party to this
          Agreement.

        

        24. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          J:

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          J

        

        REPORTING
          DATA FOR MONTHLY REPORT

        

        
          	
                  Standard
                    File Layout - Master Servicing

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	 	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	 	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	 	 	 	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	 	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        25. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          K:

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          K

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        ·  ASUM-Approved
          Assumption

         

        ·  BAP-Borrower
          Assistance Program

         

        ·  CO-
          Charge
          Off

         

        ·  DIL-
          Deed-in-Lieu

         

        ·  FFA-
          Formal
          Forbearance Agreement

         

        ·  MOD-
          Loan
          Modification

         

        ·  PRE-
          Pre-Sale

         

        ·  SS-
          Short
          Sale

         

        ·  MISC-Anything
          else approved by the PMI or Pool Insurer

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        ·  Damaged

         

        ·  Excellent

         

        ·  Fair

         

        ·  Gone

         

        ·  Good

         

        ·  Poor

         

        ·  Special
          Hazard

         

        ·  Unknown

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

        

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

        

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        

          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

        

        

        26. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          L:

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          L

        

        COMPANY’S
          OBLIGATIONS IN CONNECTION 

        WITH
          A
          RECONSTITUTION

        

        • The
          Company shall (i) possess the ability to service to a securitization documents;
          (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
          liquidation of an REO Property), (iii) make compensating interest payments
          on
          payoffs and curtailments and (iv) remit and report to a Master Servicer
          in
          format acceptable to such Master Servicer by the 10th calendar day of each
          month.

        

        • The
          Company shall provide an acceptable annual certification (officer’s certificate)
          to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
          as well
          as any other annual certifications required under the securitization documents
          (i.e. the annual statement as to compliance/annual independent certified
          public
          accountants’ servicing report due by March 1 of each year).

        

        • The
          Company shall allow for the Purchaser, the Master Servicer or their designee
          to
          perform a review of audited financials and net worth of the
          Company.

        

        • The
          Company shall provide a Uniform Single Attestation Program certificate
          and
          Management Assertion as requested by the Master Servicer or the
          Purchaser.

        

        • The
          Company shall provide information on each Custodial Account as requested
          by the
          Master Servicer or the Purchaser, and each Custodial Accounts shall comply
          with
          the requirements for such accounts as set forth in the securitization
          documents.

        

        • The
          Company shall maintain its servicing system in accordance with the requirements
          of the Master Servicer.

        

        27. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          M:

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          M

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        Re:       
           The
          [ ]
          agreement dated as of [ l,
          200[ ]
          (the “Agreement”), among [IDENTIFY PARTIES]

        

        I,
          ____________________________, the _______________________ of [NAME OF COMPANY]
          (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Securities Administrator] [Trustee], and their officers, with
          the
          knowledge and intent that they will rely upon this certification,
          that:

        

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, officer’s certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Securities Administrator]
          [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

        

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

        

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

        

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

        

        The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master Servicer]. Any
          material
          instances of noncompliance described in such reports have been disclosed
          to the
          [Depositor] [Master Servicer]. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

        

        28. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          N:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          N

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit
          N
          is
          provided for convenience of reference only. In the event of a conflict
          or
          inconsistency between the terms of this Exhibit
          N
          and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control. 

        

        Item
          1122(d)

         

        
          	(a)  	
                  General
                    servicing considerations.

                

        

         

        (1)  Policies
          and procedures are instituted to monitor any performance or other triggers
          and
          events of default in accordance with the transaction agreements.

         

        (2)  If
          any
          material servicing activities are outsourced to third parties, policies
          and
          procedures are instituted to monitor the third party’s performance and
          compliance with such servicing activities.

         

        (3)  Any
          requirements in the transaction agreements to maintain a back-up servicer
          for
          the mortgage loans are maintained.

         

        (4)  A
          fidelity bond and errors and omissions policy is in effect on the party
          participating in the servicing function throughout the reporting period
          in the
          amount of coverage required by and otherwise in accordance with the terms
          of the
          transaction agreements.

         

        
          	(b)  	
                  Cash
                    collection and administration.

                

        

         

        (1)  Payments
          on mortgage loans are deposited into the appropriate custodial bank accounts
          and
          related bank clearing accounts no more than two business days following
          receipt,
          or such other number of days specified in the transaction
          agreements.

         

        (2)  Disbursements
          made via wire transfer on behalf of an obligor or
          to an
          investor are made only by authorized personnel.

         

        (3)  Advances
          of funds or guarantees regarding collections, cash flows or distributions,
          and
          any interest or other fees charged for such advances, are made, reviewed
          and
          approved as specified in the transaction agreements.

         

        (4)  The
          related accounts for the transaction, such as cash reserve accounts or
          accounts
          established as a form of overcollateralization, are separately maintained
          (e.g.,
          with respect to commingling of cash) as set forth in the transaction
          agreements.

         

        (5)  Each
          custodial account is maintained at a federally insured depository institution
          as
          set forth in the transaction agreements. For purposes of this criterion,
          “federally insured depository institution” with respect to a foreign financial
          institution means a foreign financial institution that meets the requirements
          of
          Rule 13k-1(b)(1) of the Securities Exchange Act.

         

        (6)  Unissued
          checks are safeguarded so as to prevent unauthorized access.

         

        (7)  Reconciliations
          are prepared on a monthly basis for all asset-backed securities related
          bank
          accounts, including custodial accounts and related bank clearing accounts.
          These
          reconciliations are (A) mathematically accurate; (B) prepared within 30
          calendar
          days after the bank statement cutoff date, or such other number of days
          specified in the transaction agreements; (C) reviewed and approved by someone
          other than the person who prepared the reconciliation; and (D) contain
          explanations for reconciling items. These reconciling items are resolved
          within
          90 calendar days of their original identification, or such other number
          of days
          specified in the transaction agreements.

         

        
          	(c)  	
                  Investor
                    remittances and reporting.

                

        

         

        (1)  Reports
          to investors, including those to be filed with the Commission, are maintained
          in
          accordance with the transaction agreements and applicable Commission
          requirements. Specifically, such reports (A) are prepared in accordance
          with
          timeframes and other terms set forth in the transaction agreements; (B)
          provide
          information calculated in accordance with the terms specified in the transaction
          agreements; (C) are filed with the Commission as required by its rules
          and
          regulations; and (D) agree with investors’ or the trustee’s records as to the
          total unpaid principal balance and number of mortgage loans serviced by
          the
          Servicer.

         

        (2)  Amounts
          due to investors are allocated and remitted in accordance with timeframes,
          distribution priority and other terms set forth in the transaction
          agreements.

         

        (3)  Disbursements
          made to an investor are posted within two business days to the Servicer’s
          investor records, or such other number of days specified in the transaction
          agreements.

         

        (4)  Amounts
          remitted to investors per the investor reports agree with cancelled checks,
          or
          other form of payment, or custodial bank statements.

         

        
          	(d)  	
                  Mortgage
                    Loan administration.

                

        

         

        (1)  Collateral
          or security on mortgage loans is maintained as required by the transaction
          agreements or related mortgage loan documents.

         

        (2)  Mortgage
          loan and related documents are safeguarded as required by the transaction
          agreements.

         

        (3)  Any
          additions, removals or substitutions to the asset pool are made, reviewed
          and
          approved in accordance with any conditions or requirements in the transaction
          agreements.

         

        (4)  Payments
          on mortgage loans, including any payoffs, made in accordance with the related
          mortgage loan documents are posted to the Servicer’s obligor records maintained
          no more than two business days after receipt, or such other number of days
          specified in the transaction agreements, and allocated to principal, interest
          or
          other items (e.g., escrow) in accordance with the related mortgage loan
          documents.

         

        (5)  The
          Servicer’s records regarding the mortgage loans agree with the Servicer’s
          records with respect to an obligor’s unpaid principal balance.

         

        (6)  Changes
          with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
          modifications or re-agings) are made, reviewed and approved by authorized
          personnel in accordance with the transaction agreements and related mortgage
          loan documents.

         

        (7)  Loss
          mitigation or recovery actions (e.g., forbearance plans, modifications
          and deeds
          in lieu of foreclosure, foreclosures and repossessions, as applicable)
          are
          initiated, conducted and concluded in accordance with the timeframes or
          other
          requirements established by the transaction agreements.

         

        (8)  Records
          documenting collection efforts are maintained during the period a mortgage
          loan
          is delinquent in accordance with the transaction agreements. Such records
          are
          maintained on at least a monthly basis, or such other period specified
          in the
          transaction agreements, and describe the entity’s activities in monitoring
          delinquent mortgage loans including, for example, phone calls, letters
          and
          payment rescheduling plans in cases where delinquency is deemed temporary
          (e.g.,
          illness or unemployment).

         

        (9)  Adjustments
          to interest rates or rates of return for mortgage loans with variable rates
          are
          computed based on the related mortgage loan documents.

         

        (10)  Regarding
          any funds held in trust for an obligor (such as escrow accounts): (A) such
          funds
          are analyzed, in accordance with the obligor’s mortgage loan documents, on at
          least an annual basis, or such other period specified in the transaction
          agreements; (B) interest on such funds is paid, or credited, to obligors
          in
          accordance with applicable mortgage loan documents and state laws; and
          (C) such
          funds are returned to the obligor within 30 calendar days of full repayment
          of
          the related mortgage loans, or such other number of days specified in the
          transaction agreements.

         

        (11)  Payments
          made on behalf of an obligor (such as tax or insurance payments) are made
          on or
          before the related penalty or expiration dates, as indicated on the appropriate
          bills or notices for such payments, provided that such support has been
          received
          by the Servicer at least 30 calendar days prior to these dates, or such
          other
          number of days specified in the transaction agreements.

         

        (12)  Any
          late
          payment penalties in connection with any payment to be made on behalf of
          an
          obligor are paid from the Servicer’s funds and not charged to the obligor,
          unless the late payment was due to the obligor’s error or omission.

         

        (13)  Disbursements
          made on behalf of an obligor are posted within two business days to the
          obligor’s records maintained by the Servicer, or such other number of days
          specified in the transaction agreements.

         

        (14)  Delinquencies,
          charge-offs and uncollectable accounts are recognized and recorded in accordance
          with the transaction agreements.

         

        (15)  Any
          external enhancement or other support, identified in Item 1114(a)(1) through
          (3)
          or Item 1115 of Regulation AB, is maintained as set forth in the
          transaction agreements.

        

        29. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          O:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          O

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit
          O
          is
          provided for convenience of reference only. In the event of a conflict
          or
          inconsistency between the terms of this Exhibit
          O
          and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control. 

         

        Item
          1105(a)(1)-(3) and (c)

        

        -Provide
          static pool information with respect to mortgage loans that were originated
          or
          purchased by the Company and which are of the same type as the Mortgage
          Loans.

         

        -Provide
          static pool information regarding delinquencies, cumulative losses and
          prepayments for prior securitized pools of the Company.

         

        -If
          the
          Company has less than 3 years experience securitizing assets of the same
          type as
          the Mortgage Loans, provide the static pool information by vintage origination
          years regarding loans originated or purchased by the Company, instead of
          by
          prior securitized pool. A vintage origination year represents mortgage
          loans
          originated during the same year.

         

        -Such
          static pool information shall be for the prior five years, or for so long
          as the
          Company has been originating or purchasing (in the case of data by vintage
          origination year) or securitizing (in the case of data by prior securitized
          pools) such mortgage loans if for less than five years.

         

        -The
          static pool information for each vintage origination year or prior securitized
          pool, as applicable, shall be presented in monthly increments over the
          life of
          the mortgage loans included in the vintage origination year or prior securitized
          pool.

         

        -Provide
          summary information for the original characteristics of the prior securitized
          pools or vintage origination years, as applicable and material, including:
          number of pool assets, original pool balance, weighted average initial
          loan
          balance, weighted average mortgage rate, weighted average and minimum and
          maximum FICO, product type, loan purpose, weighted average and minimum
          and
          maximum LTV, distribution of loans by mortgage rate, and geographic
          concentrations of 5% or more.

         

        

        Item
          1108(b) and (c)

        

        Provide
          the following information with respect to each servicer that will service,
          including interim service, 20% or more of the mortgage loans in any loan
          group
          in the securitization issued in the Pass-Through Transfer: 

         

        -a
          description of the Company’s form of organization;

         

        -a
          description of how long the Company has been servicing residential mortgage
          loans; a general discussion of the Company’s experience in servicing assets of
          any type as well as a more detailed discussion of the Company’s experience in,
          and procedures for the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Company’s portfolio of mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Company that
          may be
          material to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including whether any default or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Company, and the extent
          of
          outsourcing the Company uses;

         

        -a
          description of any material changes to the Company’s policies or procedures in
          the servicing function it will perform under this Agreement and any
          Reconstitution Agreements for mortgage loans of the type similar to the
          Mortgage
          Loans during the past three years;

         

        -information
          regarding the Company’s financial condition to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition could have a material impact on the performance
          of the
          securities issued in the Pass-Through Transfer, or on servicing of mortgage
          loans of the same asset type as the Mortgage Loans;

         

        -any
          special or unique factors involved in servicing loans of the same type
          as the
          Mortgage Loans, and the Company’s processes and procedures designed to address
          such factors;

         

        -statistical
          information regarding principal and interest advances made by the Company
          on the
          Mortgage Loans and the Company’s overall servicing portfolio for the past three
          years; and

         

        -the
          Company’s process for handling delinquencies, losses, bankruptcies and
          recoveries, such as through liquidation of REO Properties, foreclosure,
          sale of
          the Mortgage Loans or workouts.

         

        Item
          1110(a)

        

        -Identify
          any originator or group of affiliated originators that originated, or is
          expected to originate, 10% or more of the mortgage loans in any loan group
          in
          the securitization issued in the Pass-Through Transfer.

         

        

        Item
          1110(b)

        

        Provide
          the following information with respect to any originator or group of affiliated
          originators that originated, or is expected to originate, 20% or more of
          the
          mortgage loans in any loan group in the securitization issued in the
          Pass-Through Transfer:

         

        -the
          Company’s form of organization; and

         

        -a
          description of the Company’s origination program and how long the Company has
          been engaged in originating residential mortgage loans, which description
          must
          include a discussion of the Company’s experience in originating mortgage loans
          of the same type as the Mortgage Loans and information regarding the size
          and
          composition of the Company’s origination portfolio as well as information that
          may be material to an analysis of the performance of the Mortgage Loans,
          such as
          the Company’s credit-granting or underwriting criteria for mortgage loans of the
          same type as the Mortgage Loans.

         

        

        Item
          1117

        

        -describe
          any legal proceedings pending against the Company or against any of its
          property, including any proceedings known to be contemplated by governmental
          authorities, that may be material to the holders of the securities issued
          in the
          Pass-Through Transfer.

         

        

        Item
          1119(a)

        

        -describe
          any affiliations of the Company, each other originator of the Mortgage
          Loans and
          each Subservicer with the sponsor, depositor, issuing entity, trustee,
          any
          originator, any other servicer, any significant obligor, enhancement or
          support
          provider or any other material parties related to the Pass-Through
          Transfer.

         

        

        Item
          1119(b)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          entered into outside of the ordinary course of business or on terms other
          than
          those obtained in an arm’s length transaction with an unrelated third party,
          apart from the Pass-Through Transfer, between the Company, each other originator
          of the Mortgage Loans and each Subservicer, or their respective affiliates,
          and
          the sponsor, depositor or issuing entity or their respective affiliates,
          that
          exists currently or has existed during the past two years, that may be
          material
          to the understanding of an investor in the securities issued in the Pass-Through
          Transfer.

         

        Item
          1119(c)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          involving or relating to the Mortgage Loans or the Pass-Through Transfer,
          including the material terms and approximate dollar amount involved, between
          the
          Company, each other originator of the Mortgage Loans and each Subservicer,
          or
          their respective affiliates and the sponsor, depositor or issuing entity
          or
          their respective affiliates, that exists currently or has existed during
          the
          past two years.

         

        30. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          P:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          P

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  x

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  x

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  x

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  x

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  x

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  x

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  x

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  x

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  x

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  x

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  x

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  x

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  x

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  x

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 
	
                   

                	
                   

                	
                   

                

        

        

         

        
          	 	
                  [NAME
                    OF COMPANY] [NAME OF SUBSERVICER]

                
	 	Date: _________________________
	 	 
	 	 
	 	By: _________________________
	 	
                  Name:

                
	 	
                  Title:
                    

                

        

         

        31. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          Q:

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          Q

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.           
           The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.          
           The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.          
            Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.     
           Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history 

         

        (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.           
          The
          total
          of lines 1 through 12.

         

        3.     
            Credits:
          

         

        14-21.   
           Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        Letter
          of
          Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.          
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        

         

        Calculation
          of Realized Loss/Gain Form 332

        

         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________ Email Address:_____________________

         

        
          	
                  Servicer
                    Loan No.

                	 	
                  Servicer
                    Name

                	 	
                  Servicer
                    Address 

                   

                

        

         

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  Short
          Sale           Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes 
          No

        If
“Yes”,
          provide deficiency or cramdown amount
          _______________________________

        
          
             

            

              
                	
                        Liquidation
                          and Acquisition Expenses:

                      	 	 	 	 
	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                         

                      	$	 	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	 	
                         

                      	 	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	 	
                         

                      	 	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	 	
                         

                      	 	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	 	
                         

                      	 	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	 	 	 	
                         

                      	 	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                         

                      	 	 	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	 	 	 	
                         

                      	 	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	 	 	 	
                         

                      	 	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	 	 	 	
                         

                      	 	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	 	 	 	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (12)

                      
	 	 	
                        Cash
                          for Keys

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                        HOA/Condo
                          Fees

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                         

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	 	 	 	 	 	 
	 	 	
                        Total
                          Expenses

                      	 	 	$	 	
                        
                          (13)

                        

                      
	
                        Credits:

                      	 	 	 	 	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	 	 	 	
                        $
                          

                      	 	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	 	 	 	 	 	
                        
                          (15)

                        

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	 	 	 	
                         

                      	 	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	 	 	 	
                         

                      	 	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                         

                      	 	 	(18a)

	
                        HUD
                          Part A

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                        HUD
                          Part B

                      	 	 	 	 	 	(18b)
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	 	 	 	
                         

                      	 	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                         

                      	 	 	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (21)

                      
	 	
                         

                      	 	
                         

                      	
                         

                      	 	 	
                        (21)

                      
	 	 	 	 	 	 	 	 
	 	
                        Total
                          Credits

                      	 	 	 	
                        $

                      	 	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         

                      	
                         

                      	
                        $

                      	 	
                        (23)

                      

              

            

          

        

         

        
 

        Escrow
          Disbursement Detail

         

        

          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

        

        

        32. Except
          as
          amended above, the Agreement shall continue to be in full force and effect
          in
          accordance with its terms.

        

        33. This
          Amendment may be executed by one or more of the parties hereto on any number
          of
          separate counterparts and of said counterparts taken together shall be
          deemed to
          constitute one and the same instrument.

        

        [SIGNATURE
          PAGES FOLLOW]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the following parties have caused their names to be signed
          hereto by their respective officers thereunto duly authorized as of the
          day and
          year first above written.

         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION,
	 	
                  as
                    Purchaser

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	
                    FIFTH
                      THIRD MORTGAGE COMPANY,

                  
	 	
                    as
                      Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

           

        

         

      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q-3

     

    GREENPOINT
      SERVICING AGREEMENT

    

    

    
       

      

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      GREENPOINT
        MORTGAGE FUNDING, INC.

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of September 1, 2003

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      

        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05

                	
                  Books
                    and Records

                
	
                  Section
                    2.06

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09

                	
                  Near-term
                    Principal Prepayments; Near Term Payment Defaults

                
	
                  Section
                    2.10

                	
                  Modification
                    of Obligations

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution

                
	
                  Section
                    3.04

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01

                	
                  Distributions

                
	
                  Section
                    5.02

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01

                	
                  Events
                    of Default

                
	
                  Section
                    9.02

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01

                	
                  Termination

                
	
                  Section
                    10.02

                	
                  Termination
                    without cause

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02

                	
                  Amendment

                
	
                  Section
                    11.03

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04

                	
                  Governing
                    Law

                
	
                  Section
                    11.05

                	
                  Notices

                
	
                  Section
                    11.06

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07

                	
                  Exhibits

                
	
                  Section
                    11.08

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13

                	
                  No
                    Partnership

                
	
                  Section
                    11.14

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17

                	
                  Closing

                
	
                  Section
                    11.18

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  A

                	
                  Contents
                    of Mortgage File

                
	
                  B

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E

                	
                  Form
                    of Trial Balance

                
	
                  F

                	
                  [reserved]

                
	
                  G

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H

                	
                  Company’s
                    Underwriting Guidelines

                
	
                  I

                	
                  Form
                    of Term Sheet

                

        

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of September 1, 2003
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038
        (the "Purchaser"), and GREENPOINT MORTGAGE FUNDING, INC., with offices located
        at 100 Wood Hollow Drive, Novato, California 94945 (the "Company").

      

      W I T N E&am
p;am
        p;#1 60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

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

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York, or (iii) a day on which banks in the State of New York are authorized
        or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        GreenPoint Mortgage Funding, Inc., its successors in interest and assigns,
        as
        permitted by this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust
        for
        the [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        GreenPoint Mortgage Funding, Inc., or an institution having (i) the highest
        short-term debt rating, and one of the two highest long-term debt ratings
        of
        each Rating Agency; or (ii) with respect to any Custodial Account, an unsecured
        long-term debt rating of at least one of the two highest unsecured long-term
        debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust
        for
        the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
        Mortgagors" and shall be established in an Eligible Account, in the name
        of the
        Person that is the "Purchaser" with respect to the related Mortgage
        Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

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

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan
        Program Code:
        With
        respect to each Mortgage Loan, a code designating the loan program pursuant
        to
        which a Mortgage Loan was underwritten in accordance with the Company’s
        underwriting guidelines.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6)
          the
          original months to maturity of the Mortgage Loan;

      

      

      (7)
        the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date (if requested in writing by the Purchaser);

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and the name of the related insurance carrier;

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      
        (24)
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof; 

      

      (27)
        the
        Loan
        Program Code; and

      

      (28) the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

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

      

      OCC:
        Office
        of the Comptroller of the Currency, or any successor thereto.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder and the requirements of Fannie Mae, all
        as in
        effect on the date the Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal
        Balance
        of such Mortgage Loan on the repurchase date, plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase, plus, (iii) third party
        expenses incurred in connection with the transfer of the Mortgage Loan being
        repurchased; less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
        Files to the Custodian designated by Purchaser, on or before the related
        Closing
        Date, at the expense of the Company. The Company shall maintain a Servicing
        File
        consisting of a copy of the contents of each Mortgage File and the originals
        of
        the documents in each Mortgage File not delivered to the Purchaser. The
        Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Company is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Company is in a custodial capacity only.
        From the related Closing Date, the ownership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company's
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company's servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without cost to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If delivery is not completed
        within
        180 days solely due to delays in making such delivery by reason of the fact
        that
        such documents shall not have been returned by the appropriate recording
        office,
        the Company shall continue to use its best efforts to effect delivery as
        soon as
        possible thereafter, provided that if such documents are not delivered by
        the
        270th day from the date of the related Closing Date, the Company shall
        repurchase the related Mortgage Loans at the Repurchase Price in accordance
        with
        Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09
        Near-term Principal Prepayments; Near Term Payment Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to three
        months after the related Closing Date], the Company shall remit to the Purchaser
        an amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event either of the first three (3) scheduled Monthly Payments which are
        due
        under any Mortgage Loan after the related Cut-off Date are not made during
        the
        month in which such Monthly Payments are due, then not later than five (5)
        Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
        option), the Company, shall repurchase such Mortgage Loan from the Purchaser
        pursuant to the repurchase provisions contained in this Subsection
        3.03.

      

      

      Section
        2.10  Modification
        of Obligations. 

      

      Purchaser
        may, without any notice to Company, extend, compromise, renew, release, change,
        modify, adjust or alter, by operation of law or otherwise, any of the
        obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan
        without releasing or otherwise affecting the obligations of Company under
        this
        Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of New York and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon such Company by any such state,
        and in any event such Company is in compliance with the laws of any such
        state
        to the extent necessary to ensure the enforceability of each Mortgage Loan
        and
        the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy and title insurance policy, to the extent required by the
        related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such standard hazard policies are in full force and effect
        and
        contain a standard mortgagee clause naming the Company and its successors
        in
        interest and assigns as loss payee and such clause is still in effect and
        all
        premiums due thereon have been paid. If required by the Flood Disaster
        Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration which policy conforms to Fannie Mae or FHLMC
        requirements, as well as all additional requirements set forth in Section
        4.10
        of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects. None
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) classified and/or defined as a “high cost”, "covered", or
“predatory” loan under any other state, federal or local law or regulation or
        ordinance, including, but not limited to, the States of Georgia and North
        Carolina and the City of New York. The
        Company maintains, and shall maintain, evidence of such compliance as required
        by applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice; 

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh) In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. None of the Mortgage Loans
        are
        subject to “lender-paid” mortgage insurance;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property was used for
        commercial purposes, and since the Origination Date, no portion of any Mortgaged
        Property has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies, insurance claims, the title, management
        and disposition of REO Property, permitted withdrawals with respect to REO
        Property, liquidation reports, and reports of foreclosures and abandonments
        of
        Mortgaged Property, the transfer of Mortgaged Property, the release of Mortgage
        Files, annual statements, and examination of records and facilities. In the
        event of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and the related Term Sheet and any of the servicing
        provisions of the Fannie Mae Guides, the provisions of this Agreement and
        the
        related Term Sheet shall control and be binding upon the Purchaser and the
        Company. 

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer, if required. 

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows
        with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. Further, the Company will take special care in ascertaining and
        estimating annual escrow payments, and all other charges that, as provided
        in
        the Mortgage, will become due and payable, so that the installments payable
        by
        the Mortgagors will be sufficient to pay such charges as and when they become
        due and payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty provisions provided in the Mortgage Loan Documents. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, to foreclose upon or otherwise comparably convert
        the ownership of properties securing such of the Mortgage Loans as come into
        and
        continue in default and as to which no satisfactory arrangements can be made
        for
        collection of delinquent payments pursuant to Section 4.01. Foreclosure or
        comparable proceedings shall be initiated within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings and not less than 5 days prior to the acceptance or rejection
        of any
        offer of reinstatement. The Company shall be responsible for all costs and
        expenses incurred by it in any such proceedings or functions; provided, however,
        that it shall be entitled to reimbursement thereof from the related property,
        as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed Monthly Advances of the Company's funds made pursuant
        to
        Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees in
        each
        case relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds shall be deposited
        in the
        Custodial Account within 24 hours of receipt, and shall at all times be insured
        by the FDIC up to the FDIC insurance limits, or must be invested in Permitted
        Investments for the benefit of the Purchaser. Funds deposited in the Custodial
        Account may be drawn on by the Company in accordance with Section 4.05. The
        creation of any Custodial Account shall be evidenced by a letter agreement
        in
        the form shown in Exhibit B hereto. The original of such letter agreement
        shall
        be furnished to the Purchaser on the Closing Date, and upon the request of
        any
        subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

      (i) 
        all
        payments on account of principal, including Principal Prepayments, on the
        Mortgage Loans;

      

      (ii) 
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii) 
        all
        Liquidation Proceeds;

      

      (iv) 
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v) 
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi) 
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii) 
        any
        Monthly Advances;

      

      (viii) 
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix) 
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x) 
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii) 
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
         to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

      

      (vii)  to
        reimburse itself for Nonrecoverable Advances to the extent not reimbursed
        pursuant to clause (ii) or clause (iii).

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

       

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
         to
        pay to
        the Mortgagors or other parties Insurance Proceeds deposited in accordance
        with
        Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges;
        Maintenance of PrimaryMortgage InsurancePolicies;
        Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Company will not cancel or refuse to renew any Primary Mortgage Insurance
        Policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Company shall not take any action which would result in
        non-coverage under any applicable Primary Mortgage Insurance Policy of any
        loss
        which, but for the actions of the Company would have been covered thereunder.
        In
        connection with any assumption or substitution agreement entered into or
        to be
        entered into pursuant to Section 6.01, the Company shall promptly notify
        the
        insurer under the related Primary Mortgage Insurance Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy. If such Primary Mortgage Insurance Policy is terminated as a result
        of
        such assumption or substitution of liability, the Company shall obtain a
        replacement Primary Mortgage Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
        4.04,
        any amounts collected by the Company under any Primary Mortgage Insurance
        Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by a
        Qualified Insurer insuring against hazard losses on all of the Mortgage Loans,
        then, to the extent such policy provides coverage in an amount equal to the
        amount required pursuant to Section 4.10 and otherwise complies with all
        other
        requirements of Section 4.10, it shall conclusively be deemed to have satisfied
        its obligations as set forth in Section 4.10, it being understood and agreed
        that such policy may contain a deductible clause, in which case the Company
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy complying with Section 4.10,
        and
        there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty (30) days' prior written notice to the
        Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information and documents regarding the subject REO Property:
        the related trustee’s deed upon sale and copies of any related hazard insurance
        claims, or repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

       

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Company shall deliver to the Purchaser an Officer's Certificate
        of
        the Company to the effect that an officer of the Company has reviewed the
        related Mortgage File and has made the reasonable determination that any
        additional advances are nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

      

      Section
        5.05 Prepayment
        Interest Shortfalls.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date in
        the month following the related Prepayment Period, the Company shall deposit
        in
        the Custodial Account an amount equal to any Prepayment Interest Shortfalls
        with
        respect to such Prepayment Period, which in the aggregate shall not exceed
        the
        Company’s aggregate Servicing Fee received with respect to the related Due
        Period.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy,
        if any.
        If the Company reasonably believes it is unable under applicable law to enforce
        such "due-on-sale" clause, the Company, with the approval of the Purchaser,
        will
        enter into an assumption agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed, pursuant to which
        such
        person becomes liable under the Mortgage Note and, to the extent permitted
        by
        applicable state law, the Mortgagor remains liable thereon. Where an assumption
        is allowed pursuant to this Section 6.01, the Company, with the prior consent
        of
        the Purchaser and the primary mortgage insurer, if any, is authorized to
        enter
        into a substitution of liability agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed pursuant to which
        the
        original mortgagor is released from liability and such Person is substituted
        as
        mortgagor and becomes liable under the related Mortgage Note. Any such
        substitution of liability agreement shall be in lieu of an assumption agreement.
        

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Company and delivery
        to the Purchaser of a servicing receipt signed by a Servicing Officer, release
        the portion of the Mortgage File held by the Purchaser to the Company. Such
        servicing receipt shall obligate the Company to return the related Mortgage
        documents to the Purchaser when the need therefor by the Company no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the Custodial
        Account or the Mortgage File or such document has been delivered to an attorney,
        or to a public trustee or other public official as required by law, for purposes
        of initiating or pursuing legal action or other proceedings for the foreclosure
        of the Mortgaged Property either judicially or non-judicially, and the Company
        has delivered to the Purchaser a certificate of a Servicing Officer certifying
        as to the name and address of the Person to which such Mortgage File or such
        document was delivered and the purpose or purposes of such delivery. Upon
        receipt of a certificate of a Servicing Officer stating that such Mortgage
        Loan
        was liquidated, the servicing receipt shall be released by the Purchaser
        to the
        Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2004, an Officers'
        Certificate stating, as to each signatory thereof, that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officers' supervision, and
        (ii) to
        the best of such officers' knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        of
        cure provisions thereof. Copies of such statement shall be provided by the
        Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2004, the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as
        applicable.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from any assertion based
        on,
        grounded upon or resulting from a breach or alleged breach of any of the
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
        of
        Company. The provisions of this Section 8.01 shall survive termination of
        this
        Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

       

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshalling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

      (iv)
        the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceedings of or relating to the Company
        or
        of or relating to all or substantially all of its property; or

      

      (v)
        the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      
 

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

      Section
        10.02 Termination
        Without Cause.

      

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. 

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

       

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)          
         if
        to the
        Company:

       

      GreenPoint
        Mortgage Funding, Inc. 

      100
        Wood
        Hollow Drive

      Novato,
        California 94945

      Attention:
        Susan Davia

      Telecopier
        No: (415) 878-4369

      

      (ii)          
        if to the Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Notwithstanding
        other provisions of this Section 16.14 or any other express or implied
        agreement, arrangement, or understanding to the contrary, the Company and
        Purchaser (the “Parties”) agree that the Parties (and their employees,
        representatives and other agents) may disclose to any and all persons, without
        limitation of any kind from the commencement of discussions, the purported
        or
        claimed U.S. federal income tax treatment of the purchase of the Mortgage
        Loans
        and related transactions covered by this letter agreement (“tax treatment”) and
        any fact that may be relevant to understanding the tax treatment (“tax
        structure”) and all materials of any kind (including opinions or other tax
        analyses) that are provided to the Parties relating to such tax treatment
        and
        tax structure, except where confidentiality is reasonably necessary to comply
        with securities laws.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to this Agreement shall inure to the benefit
        of
        and be binding upon the Company and the Purchaser and their respective
        successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"); and
        (4) to
        provide customary indemnification to the Purchaser and/or its affiliates
        for any
        losses, claims, damages, and liabilities arising out of or based upon
        information the Company provided or caused to be provided in connection with
        a
        Pass-Through Transfer. In that connection, the Company shall provide to such
        servicer or issuer, as the case may be, and any other participants in such
        Reconstitution: (i) any and all information (including servicing portfolio
        information) and appropriate verification of information (including servicing
        portfolio information) which may be reasonably available to the Company,
        whether
        through letters of its auditors and counsel or otherwise, as the Purchaser
        or
        any such other participant shall request upon reasonable demand; and (ii)
        such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        as are reasonably agreed upon by the Company and the Purchaser or any such
        other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affilates for disclosure contained in any offering document relating to the
        Company or its affilates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      Section
        11.19. Reporting
        with Respect to a Reconstitution.

      

      The
        Company agrees that with respect to any Mortgage Loan sold or transferred
        pursuant to a Reconstitution as described in Section 11.18 of this Agreement
        (a
“Reconstituted Mortgage Loan”), the Company, at its expense, shall provide the
        Purchaser with the information set forth in Exhibit J attached hereto for
        each
        Reconstituted Mortgage Loan in such electronic format as may be mutually
        agreed
        upon by both Purchaser and Company. 

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 
	 	
              
	 	 

      

       

      
        	 	 	 
	 	GREENPOINT
                MORTGAGE FUNDING, INC.
	 	
                Company

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 
	 	
              
	 	 

      

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2003

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
        and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

      

      [__________________________]

      &
lt;
/font>By:____________________________

      &
lt;
/font>Name:__________________________

      &
lt;
/font>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.

      

      [___________________________]

      &
lt;
/font>By:____________________________

      &
lt;
/font>Name:__________________________

      &
lt;
/font>Title:_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2003

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 200[_] (the "Agreement"), we hereby authorize and
        request you to establish an account, as an Escrow Account pursuant to Section
        4.06 of the Agreement, to be designated as "[__________________________],
        in
        trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
        Mortgagors." All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. This letter is submitted to you
        in
        duplicate. Please execute and return one original to us.

      

      [_____________________]

      

      By:____________________________

      Name:__________________________

      Title:_________________________

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [______________________]

      

      By:______________________________

      Name:____________________________

      Title:___________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ___________, 200__ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a)
         Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c) 
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d) 
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e) 
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Sections
          3.01
          and 3.02 of the Purchase Agreement to be untrue in any material
          respect.

      

      

      
        (f) 
          Neither
          this AAR Agreement nor any certification, statement, report or other agreement,
          document or instrument furnished or to be furnished by the Company pursuant
          to
          this AAR Agreement contains or will contain any materially untrue statement
          of
          fact or omits or will omit to state a fact necessary to make the statements
          contained therein not misleading.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)     
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        (b)     
           In
          the
          case of Assignor,

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)    
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        to
        the extent such proceeds are not to be applied to the restoration of the
        related
        Mortgaged Property or released to the Mortgagor in accordance with Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      (e) Section
        ____ Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Master Servicer on or before March 15 of each
        year,
        beginning with March 15, 200__, an Officers' Certificate stating that (i)
        a
        review of the activities of the Company during the preceding calendar year
        and
        of performance under this Agreement has been made under such officers'
        supervision, (ii) the Company has fully complied with the provisions of this
        Agreement and (iii) to the best of such officers' knowledge, based on such
        review, the Company has fulfilled all of its obligations under this Agreement
        throughout such year, or, if there has been a default in the fulfillment
        of any
        such obligation, specifying each such default known to such officer and the
        nature and status thereof.

      

      (f) Section
        ____ Annual Certification. 

      

      (a)
        The
        Company will deliver to the Master Servicer, on or before March 15 of each
        year
        beginning March 15, 200__ a certification in the form attached hereto as
        Exhibit
        __ with respect to the servicing reports delivered by the Company pursuant
        to
        this Agreement, the Company’s compliance with the servicing obligations set
        forth in this Agreement and any other information within the control of the
        Company. Such certification shall be signed by the senior officer in charge
        of
        servicing of the Company. In addition, the Company shall provide such other
        information with respect to the Mortgage Loans and the servicing and
        administration thereof within the control of the Company which shall be required
        to enable the Master Servicer, Trustee or Depositor, as applicable, to comply
        with the reporting requirements of the Securities and Exchange Act of 1934,
        as
        amended.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE
                CORPORATION
	 	
                Assignor

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 

      

       

      
        
          	 	 	 
	 	 
	 	
                  Assignee

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 

        

      

      

        
          
            	 	 	 
	 	 
	 	
                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 

          

        

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       EXHIBIT
        ___

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      I,
        [identify certifying individual], certify to the [Trustee] [Seller] [Securities
        Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
        that:

      

      1. I
        have
        reviewed the servicing reports prepared by [COMPANY] (the “Company”) pursuant to
        the [Servicing Agreement] (the “Servicing Agreement”), dated as of __________
        between __________ and the Company (as modified by the AAR Agreement (as
        defined
        below) and delivered to [MASTER SERVICER] (the “Master Servicer”) pursuant to
        the Assignment, Assumption and Recognition Agreement (the “AAR Agreement”),
        dated as of __________ among [ASSIGNOR] as Assignor, Company and [ASSIGNEE],
        as
        Assignee.

      

      2. Based
        on
        my knowledge, the information in these reports, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading as of the last day of the period
        covered by such servicing reports.

      

      3. Based
        on
        my knowledge, the servicing information required to be provided to the Master
        Servicer under the Servicing Agreement and the AAR Agreement is included
        in
        these reports.

      

      4. I
        am
        responsible for reviewing the activities performed the Company under the
        Servicing Agreement and the AAR Agreement and based upon the review required
        under the Servicing Agreement and the AAR Agreement, and except as disclosed
        in
        the Annual Statement of Compliance, the Company has fulfilled its obligations
        under the Servicing Agreement and the AAR Agreement.

      

      5. I
        have
        disclosed to the Master Servicer's certified public accountants all significant
        deficiencies relating to the Company's compliance with the minimum servicing
        standards in accordance with a review conduced in compliance with the Uniform
        Single Attestation Program for Mortgage Bankers or similar standard as set
        forth
        in the Servicing Agreement and the AAR Agreement.

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        AAR
        Agreement.

      

      Date:______________

      

      _____________________

      [Signature]

      [Title]

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated [______], between Greenpoint Mortgage Funding,
        Inc., a New York corporation, located at 100 Wood Hollow Drive, Novato,
        California 94945 (the “Company”) and EMC Mortgage Corporation, a Delaware
        corporation, located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite
        200,
        Irving, Texas 75038 (the "Purchaser") is made pursuant to the terms and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of September 1, 2003, between the Company and the
        Purchaser, the provisions of which are incorporated herein as if set forth
        in
        full herein, as such terms and conditions may be modified or supplemented
        hereby. All initially capitalized terms used herein unless otherwise defined
        shall have the meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
         

        
          	 	 	 
	 	GREENPOINT
                  MORTGAGE FUNDING, INC.
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

        
          	 	 	 
	 	
                  EMC
                    MORTGAGE CORPORATION

                
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

         

      

      

 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

      

      

        
          	 	 
	
                  (a)

                	
                  Servicer
                    Mortgage Loan Number

                
	
                  (b)

                	
                  FNMA
                    Mortgage Loan Number (if applicable)

                
	
                  (c)

                	
                  Lender/Seller
                    Mortgage Loan Number (if available)

                
	
                  (d)

                	
                  Scheduled
                    Balance (scheduled end of month balance reporting to Master
                    Servicer/Trustee)

                
	
                  (e)

                	
                  Actual
                    Balance (actual end of month balance received from
                    Mortgagor)

                
	
                  (f)

                	
                  Gross
                    Rate (current gross rate)

                
	
                  (g)

                	
                  Net
                    Rate (current passthrough)

                
	
                  (h)

                	
                  Last
                    Payment Date (LPI_DATE in Fannie's Laser Reporting)

                
	
                  (i)
                    

                	
                  Delinquency
                    Month (if available)

                
	
                  (j)

                	
                  Default
                    Flag, i.e. FC, REO, etc. (if available)

                
	
                  (k)

                	
                  Pay-In-Full
                    Date (Mortgage Loan paid off by Mortgagor)

                
	
                  (l)

                	
                  Foreclosure
                    start date

                
	
                  (m)

                	
                  Foreclosure
                    end date

                
	
                  (n)

                	
                  REO
                    Property date

                
	
                  (o)

                	
                  With
                    respect to Liquidated Mortgage Loans:

                
	 	
                  (i)
                    amount of loss or gain (as applicable) 

                
	 	
                  (ii)
                    the date of the loss or gain.

                
	 	
                  (iii)
                    the liquidation reason (paid in full or repurchased out of deal)
                    

                
	
                  (p)

                	
                  Fannie's
                    Laser Reporting

                
	 	
                  (i)
                    Action Code (for default or paid off Mortgage Loans; i.e. 60,
                    65,
                    etc.)

                
	 	
                  (ii)
                    Action Date

                
	 	
                  (iii)
                    Remit Prin (submitted principal amount)

                
	 	
                  (iv)
                    Remit Int (submitted interest amount)

                
	 	
                  (v)
                    Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual
                    pool)

                
	 	 

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        AMENDMENT
          NUMBER ONE

        to
          the

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        Dated
          as
          of January 1, 2006

        

        between

        

        EMC
          MORTGAGE CORPORATION, 

        as
          Purchaser

        

        and

        

        GREENPOINT
          MORTGAGE FUNDING, INC.,

        as
          Company

        

        This
          AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
          1st
          day of
          January, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
          as purchaser (the “Purchaser”) and GreenPoint Mortgage Funding, Inc., as company
          (the “Company”) in connection with the Purchase, Warranties and Servicing
          Agreement, dated as of September 1, 2003, between the above mentioned parties
          (the “Agreement”). This Amendment is made pursuant to Section 11.02 of the
          Agreement.

        

        RECITALS

         

        WHEREAS,
           the
          parties hereto have entered into the Agreement; 

        

        WHEREAS,
          the Agreement provides that the parties thereto may enter into an amendment
          to
          the Agreement;

        

        WHEREAS,
          the parties hereto desire to amend the Agreement as set forth in this Amendment;
          and

        

        NOW,
          THEREFORE, in consideration of the premises and for other good and valuable
          consideration, the receipt and sufficiency of which is hereby acknowledged,
          the
          parties hereto agree as follows:

        

        1. Capitalized
          terms used herein and not defined herein shall have the meanings assigned
          to
          such terms in the Agreement. 

        

        2. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by adding
          the
          following definitions to Section 1.01: 

        

        Commission
          or SEC:
          The
          Securities and Exchange Commission.

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        Exchange
          Act:
          The
          Securities Exchange Act of 1934, as amended.

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Pass-Through
          Transfer:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Prepayment
          Charge:
          Any
          prepayment premium, penalty or charge payable by a Mortgagor in connection
          with
          any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
          related
          Mortgage Note.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

        Regulation
          AB:
          Subpart
          229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as amended from time to time, and subject to such
          clarification and interpretation as have been provided by the Commission
          in the
          adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
          70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
          or
          as may be provided by the Commission or its staff from time to
          time.

        

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

        

        Securitization
          Transaction:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Servicing
          Criteria:
          As of
          any date of determination, the “servicing criteria” set forth in Item 1122(d) of
          Regulation AB, or any amendments thereto, a summary of the requirements
          of which
          as of the date hereof is attached hereto as Exhibit
          M
          for
          convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit
          M
          and the
          text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
          AB
          shall control (or those Servicing Criteria otherwise mutually agreed to
          by the
          Purchaser, the Company and any Person that will be responsible for signing
          any
          Sarbanes Certification with respect to a Securitization Transaction in
          response
          to evolving interpretations of Regulation AB and incorporated into a revised
          Exhibit
          M).

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a Subservicer.
          

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        3. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Subservicer in Section 1.01 and replacing
          it
          with the following:

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any applicable
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.

        

        4. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Principal Prepayment in Section 1.01
          and
          replacing it with the following:

        

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any Prepayment
          Charge and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment.

        

        5. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by
          revising Section 3.01(n) as follows (new text underlined):

        

        (n) Company
          has delivered to the Purchaser financial statements of its parent, for
          its last
          two complete fiscal years. All such financial information fairly presents
          the
          pertinent results of operations and financial position for the period identified
          and has been prepared in accordance with GAAP consistently applied throughout
          the periods involved, except as set forth in the notes thereto. There has
          been
          no change in the servicing
          policies and procedures,
          business, operations, financial condition, properties or assets of the
          Company
          since the date of the Company’s financial information that would have a material
          adverse effect on its ability to perform its obligations under this
          Agreement;

        

        6. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(p):

        

        (p) As
          of the
          date of each Pass-Through Transfer, and except as has been otherwise disclosed
          to the Purchaser, any Master Servicer and any Depositor: (1) the Company
          is not
          aware and has not received notice that any default or servicing related
          performance trigger has occurred as to any other securitization due to
          any act
          or failure to act of the Company; (2) no material noncompliance with applicable
          servicing criteria as to any other securitization has been disclosed or
          reported
          by the Company; (3) the Company has not been terminated as servicer in
          a
          residential mortgage loan securitization, either due to a servicing default
          or
          to application of a servicing performance test or trigger; (4) no material
          changes to the Company’s servicing policies and procedures for similar loans has
          occurred in the preceding three years; (5) there are no aspects of the
          Company’s
          financial condition that could have a material adverse impact on the performance
          by the Company of its obligations hereunder; (6) there are no legal proceedings
          pending, or known to be contemplated by governmental authorities, against
          the
          Company that could be material to investors in the securities issued in
          such
          Pass-Through Transfer; and (7) there are no affiliations, relationships
          or
          transactions relating to the Company of a type that are described under
          Item
          1119 of Regulation AB.

        

        7. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(q):

        

        (q) If
          so
          requested by the Purchaser or any Depositor on any date, the Company shall,
          within five Business Days following such request, confirm in writing the
          accuracy of the representations and warranties set forth in Section 3.01(p)
          of
          this Section or, if any such representation and warranty is not accurate
          as of
          the date of such request, provide reasonably adequate disclosure of the
          pertinent facts, in writing, to the requesting party.

        

        8. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(r):

        

        (r) Notwithstanding
          anything to the contrary in the Agreement, the Company shall (or shall
          cause
          each Subservicer and Third-Party Originator to) (i) immediately notify
          the
          Purchaser, any Master Servicer and any Depositor in writing of (A) any
          litigation or governmental proceedings pending against the Company, any
          Subservicer or any Third-Party Originator that could be material to investors
          in
          the securities issued in a Pass-Through Transfer, (B) any affiliations
          or
          relationships that develop following the closing date of a Pass-Through
          Transfer
          between the Company, any Subservicer or any Third-Party Originator and
          any of
          the parties specified in clause (7) of paragraph (p) of this Section (and
          any
          other parties identified in writing by the requesting party) with respect
          to
          such Pass-Through Transfer, (C)
          any
          Event of Default under the terms of this Agreement or any applicable
          Reconstitution Agreement related thereto, (D) any merger, consolidation
          or sale
          of substantially all of the assets of the Company, and (E) the Company’s entry
          into an agreement with a Subservicer to perform or assist in the performance
          of
          any of the Company’s obligations under this Agreement or any Reconstitution
          Agreement and (ii) provide to the Purchaser and any Depositor a description
          of
          such proceedings, affiliations or relationships.

        

        All
          notifications pursuant to this Section 3.01(r), other than those pursuant
          to
          Section 3.01(r)(i)(A), should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 3.01(r)(i)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        9. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(s):

        

        (s) As
          a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any applicable Reconstitution Agreement
          related thereto by any Person (i) into which the Company or such Subservicer
          may
          be merged or consolidated, or (ii) which may be appointed as a successor
          to the
          Company or any Subservicer, the Company shall provide to the Purchaser,
          any
          Master Servicer and any Depositor, at least 15 calendar days prior to the
          effective date of such succession or appointment, (x) written notice to
          the
          Purchaser, any Master Servicer and any Depositor of such succession or
          appointment and (y) in writing and in form and substance reasonably satisfactory
          to the Purchaser, any Master Servicer and such Depositor, all information
          reasonably requested by the Purchaser, any Master Servicer or any Depositor
          in
          order to comply with its reporting obligation under Item 6.02 of Form 8-K
          with
          respect to any class of asset-backed securities.

        

        10. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.02(xx):

        

        With
          respect to each Mortgage Loan, information regarding the borrower credit
          files
          related to such Mortgage Loan has been furnished to credit reporting agencies
          in
          compliance with the provisions of the Fair Credit Reporting Act and the
          applicable implementing regulations.

        

        11.
           Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          adding
          this paragraph after the first sentence of Section 4.01:

        

        In
          addition, the Company shall furnish information regarding the borrower
          credit
          files related to such Mortgage Loan to credit reporting agencies in compliance
          with the provisions of the Fair Credit Reporting Act and the applicable
          implementing regulations.

        

        12. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          deleting in its entirety the last paragraph of Section 4.02 and replacing
          it
          with the following:

        

        The
          Company shall not waive any Prepayment Charge unless: (i) the enforceability
          thereof shall have been limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Company, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Company is required to pay the
          amount of
          such waived Prepayment Charge by remitting such amount to the Purchaser
          by the
          Remittance Date.

        

        13. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          revising the first paragraph of Section 4.03 by adding the following after
          the
          first sentence:

        

        In
          determining the delinquency status of any Mortgage Loan, the Company will
          use
          delinquency recognition policies as described to and approved by the Purchaser,
          and shall revise these policies as requested by the Purchaser from time
          to
          time.

        

        14. Article
          V
          of the Agreement is hereby amended effective as of the date hereof by deleting
          Section 5.02 in its entirety and replacing it with the following:

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to principal (including a separate breakdown of any
          Principal Prepayment, including the date of such prepayment, and any prepayment
          penalties or premiums, along with a detailed report of interest on principal
          prepayment amounts remitted in accordance with Section 4.04);

        

        (ii) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to interest;

        

        (iii) with
          respect to each Mortgage Loan, the amount of servicing compensation received
          by
          the Company during the prior distribution period;

        

        (iv) the
          Stated Principal Balance of each Mortgage Loan and the aggregate Stated
          Principal Balance of all Mortgage Loans as of the first day of the distribution
          period and the last day of the distribution period;

        

        (v) with
          respect to each Mortgage Loan, the current Mortgage Interest Rate;

        

        (vi) with
          respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
          Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
          received during the prior distribution period;

        

        (vii) with
          respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
          paid by the Company in accordance with Section 4.04(viii) during the prior
          distribution period; 

        

        (viii) the
          beginning and ending balances of the Custodial Account and Escrow
          Account;

        

        (ix) the
          number of Mortgage Loans as of the first day of the distribution period
          and the
          last day of the distribution period; 

        

        (x) with
          respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
          Loan (a) delinquent as grouped in the following intervals through final
          liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
          or
          more; (b) as to which foreclosure has commenced; and (c) as to which REO
          Property has been acquired;

        

        (xi) with
          respect to each Mortgage Loan, the amount and severity of any realized
          loss
          following liquidation of such Mortgage Loan; 

        

        (xii) with
          respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
          the
          amount of any Monthly Advances made by the Company during the prior distribution
          period; 

        

        (xiii) with
          respect to each Mortgage Loan, a description of any Servicing Advances
          made by
          the Company with respect to such Mortgage Loan including the amount, terms
          and
          general purpose of such Servicing Advances, and the aggregate amount of
          Servicing Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xiv) with
          respect to each Mortgage Loan, a description of any Nonrecoverable Advances
          made
          by the Company with respect to such Mortgage Loan including the amount,
          terms
          and general purpose of such Nonrecoverable Advances, and the aggregate
          amount of
          Nonrecoverable Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xv) with
          respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
          Advances and Nonrecoverable Advances reimbursed to the Company with respect
          to
          such Mortgage Loan during the prior distribution period pursuant to Section
          4.05, and the source of funds for such reimbursement, and the aggregate
          amount
          of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
          reimbursed to the Company for all Mortgage Loans during the prior distribution
          period pursuant to Section 4.05; 

        

        (xvi) with
          respect to any Mortgage Loan, a description of any material modifications,
          extensions or waivers to the terms, fees, penalties or payments of such
          Mortgage
          Loan during the prior distribution period or that have cumulatively become
          material over time;

        

        (xvii) a
          description of any material breach of a representation or warranty set
          forth in
          Section 3.01 or Section 3.02 herein or of any other breach of a covenant
          or
          condition contained herein and the status of any resolution of such
          breach;

        

        (xviii) with
          respect to each Mortgage Loan, the Stated Principal Balance of any substitute
          Mortgage Loan provided by the Company and the Stated Principal Balance
          of any
          Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
          with Section 3.03 herein;

        

        (xix) with
          respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
          Loan
          that has been repurchased by the Company in accordance with Section 3.03
          herein.

        

        In
          addition, the Company shall provide to the Purchaser such other information
          known or available to the Company that is necessary in order to provide
          the
          distribution and pool performance information as required under Item 1121
          of
          Regulation AB, as amended from time to time, as determined by the Purchaser
          in
          its sole discretion. The Company shall also provide a monthly report, in
          the
          form of Exhibit
          E
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          F
          with
          respect to defaulted mortgage loans and Exhibit
          P,
          with
          respect to realized losses and gains, with each such report. 

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Company shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than sixty (60) days after the end of each calendar
          year, the
          Company shall furnish to each Person who was a Purchaser at any time during
          such
          calendar year an annual statement in accordance with the requirements of
          applicable federal income tax law as to the aggregate of remittances for
          the
          applicable portion of such year.

        

        15. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.04 in its entirety and replacing it with the
          following:

        

        Section
          6.04 Annual
          Statement as to Compliance; Annual Certification.

        

        (a) The
          Company will deliver to the Purchaser and any Master Servicer, not later
          than
          March 1 of each calendar year beginning in 2007, an Officers’ Certificate
          acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
          each signatory thereof, that (i) a review of the activities of the Company
          during the preceding calendar year (or applicable portion thereof) and
          of
          performance under this Agreement or other applicable servicing agreement
          has
          been made under such officers’ supervision and (ii) to the best of such
          officers’ knowledge, based on such review, the Company has fulfilled all of its
          obligations under this Agreement or other applicable servicing agreement
          in all
          material respects throughout such year (or applicable portion thereof),
          or, if
          there has been a failure to fulfill any such obligation in any material
          respect,
          specifying each such failure known to such officer and the nature and status
          of
          cure provisions thereof. Such Annual Statement of Compliance shall contain
          no
          restrictions or limitations on its use. Copies of such statement shall
          be
          provided by the Company to the Purchaser upon request and by the Purchaser
          to
          any Person identified as a prospective purchaser of the Mortgage Loans.
          In the
          event that the Company has delegated any servicing responsibilities with
          respect
          to the Mortgage Loans to a Subservicer, the Company shall deliver an officer’s
          certificate (an “Annual Certification”) of the Subservicer as described above as
          to each Subservicer as and when required with respect to the
          Company.

        

        (b) With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          by March 1 of each calendar year beginning in 2007, an officer of the Company
          shall execute and deliver an Annual Certification to the Purchaser, any
          Master
          Servicer and any related Depositor for the benefit of each such entity
          and such
          entity’s affiliates and the officers, directors and agents of any such entity
          and such entity’s affiliates, in the form attached hereto as Exhibit
          L.
          In the
          event that the Company has delegated any servicing responsibilities with
          respect
          to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
          Certification of the Subservicer as described above as to each Subservicer
          as
          and when required with respect to the Company.

        

        (c) If
          the
          Company cannot deliver the related Annual Statement of Compliance or Annual
          Certification by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Annual Statement of Compliance or Annual Certification,
          but in no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.04 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
          may,
          in addition to whatever rights the Purchaser may have under Sections 3.03
          and
          8.01 and at law or equity or to damages, including injunctive relief and
          specific performance, terminate all the rights and obligations of the Company
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Company for the same, as provided in Section 9.01.
          Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

         

        16. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.05 in its entirety and replacing it with the
          following:

        

        Section
          6.05 [Reserved]

        

        17. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.07:

        

        Section
          6.07 Assessment
          of Compliance with Servicing Criteria.

        

        On
          and
          after January 1, 2006, the Company shall service and administer, and shall
          cause
          each subservicer to servicer or administer, the Mortgage Loans in accordance
          with all applicable requirements of the Servicing Criteria.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          the Company shall deliver to the Purchaser or its designee, any Master
          Servicer
          and any Depositor on or before March 1 of each calendar year beginning
          in 2007,
          a report (an “Assessment of Compliance”) reasonably satisfactory to the
          Purchaser, any Master Servicer and any Depositor regarding the Company’s
          assessment of compliance with the Servicing Criteria during the preceding
          calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act
          and
          Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
          which as of the date hereof, require a report by an authorized officer
          of the
          Company that contains the following:

        

        (a) A
          statement by such officer of its responsibility for assessing compliance
          with
          the Servicing Criteria applicable to the Company;

        

        (b) A
          statement by such officer that such officer used the Servicing Criteria
          to
          assess compliance with the Servicing Criteria applicable to the
          Company;

        

        (c) An
          assessment by such officer of the Company’s compliance with the applicable
          Servicing Criteria for the period consisting of the preceding calendar
          year,
          including disclosure of any material instance of noncompliance with respect
          thereto during such period, which assessment shall be based on the activities
          it
          performs with respect to asset-backed securities transactions taken as
          a whole
          involving the Company, that are backed by the same asset type as the Mortgage
          Loans;

        

        (d) A
          statement that a registered public accounting firm has issued an attestation
          report on the Company’s Assessment of Compliance for the period consisting of
          the preceding calendar year; and

        

        (e) A
          statement as to which of the Servicing Criteria, if any, are not applicable
          to
          the Company, which statement shall be based on the activities it performs
          with
          respect to asset-backed securities transactions taken as a whole involving
          the
          Company, that are backed by the same asset type as the Mortgage
          Loans.

        

        Such
          report at a minimum shall address each of the Servicing Criteria specified
          on a
          certification substantially in the form of Exhibit O hereto delivered to
          the
          Purchaser concurrently with the execution of this Agreement.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          on or before March 1 of each calendar year beginning in 2007, the Company
          shall
          furnish to the Purchaser or its designee, any Master Servicer and any Depositor
          a report (an “Attestation Report”) by a registered public accounting firm that
          attests to, and reports on, the Assessment of Compliance made by the Company,
          as
          required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
          of
          Regulation AB or as otherwise required by the Master Servicer, which Attestation
          Report must be made in accordance with standards for attestation reports
          issued
          or adopted by the Public Company Accounting Oversight Board. 

        

        The
          Company shall cause each Subservicer, and each Subcontractor determined
          by the
          Company pursuant to Section 11.20 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Purchaser, any Master Servicer and any Depositor an assessment of compliance
          and
          accountants’ attestation as and when provided in Sections 6.07.

        

        If
          the
          Company cannot deliver the related Assessment of Compliance or Attestation
          Report by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Assessment of Compliance or Attestation Report,
          but in
          no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.07 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as described herein, and Purchaser
          may, in
          addition to whatever rights the Purchaser may have under Sections 3.03
          and 8.01
          and at law or equity or to damages, including injunctive relief and specific
          performance, terminate all the rights and obligations of the Company under
          this
          Agreement and in and to the Mortgage Loans and the proceeds thereof without
          compensating the Company for the same, as provided in Section 9.01. Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        18. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.08:

        

        Section
          6.08 Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser and the Company acknowledge and agree that a purpose of Sections
          3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
          compliance by the Purchaser and any Depositor with the provisions of Regulation
          AB and related rules and regulations of the Commission. None of the Purchaser,
          any master Servicer or any Depositor shall exercise its right to request
          delivery of information or other performance under these provisions other
          than
          in good faith, or for purposes other than compliance with the Securities
          Act,
          the Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Company acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Purchaser or any Depositor in good faith for delivery
          of
          information under these provisions on the basis of evolving interpretations
          of
          Regulation AB. In connection with any Pass-Through Transfer, the Company
          shall
          cooperate fully with the Purchaser to deliver to the Purchaser (including
          any of
          its assignees or designees) and any Depositor, any and all statements,
          reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Purchaser or any Depositor to permit the Purchaser
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
          believed by the Purchaser or any Depositor to be necessary in order to
          effect
          such compliance.

        

        19. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          deleting the first sentence of the last paragraph of Section 9.01 and replacing
          it with the following (new text underlined):

         

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, or
          as
          otherwise stated herein,
          in which
          case, automatically and without notice) may, in addition to whatever rights
          the
          Purchaser may have under Sections 3.03 and 8.01 and at law or equity or
          to
          damages, including injunctive relief and specific performance, terminate
          all the
          rights and obligations of the Company (and
          if the Company is servicing any of the Mortgage Loans in a Securitization
          Transaction, appoint a successor servicer reasonably acceptable to any
          Master
          Servicer for such Securitization Transaction)
          under
          this Agreement and in and to the Mortgage Loans and the proceeds thereof
          without
          compensating the Company for the same.

        

        20. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following at the end of the last paragraph of Section 9.01:

        

        The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer pursuant to this Section and the resulting transfer
          of
          servicing of the Mortgage Loans to a successor servicer. The provisions
          of this
          paragraph shall not limit whatever rights the Purchaser or any Depositor
          may
          have under other provisions of this Agreement and/or any applicable
          Reconstitution Agreement related thereto or otherwise, whether in equity
          or at
          law, such as an action for damages, specific performance or injunctive
          relief.

        

        21. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          restating Section 11.18 in its entirety as follows:

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser agree that with respect to some or all of the
          Mortgage
          Loans, on or after the related Closing Date, on one or more dates (each
          a
          "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
          effect
          a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
          then
          subject to this Agreement, without recourse, to:

        

        (a) one
          or
          more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

        

        (b) one
          or
          more trusts or other entities to be formed as part of one or more Pass-Through
          Transfers.

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
Exhibit
          D
          hereto,
          or, at Purchaser’s request, a seller's warranties and servicing agreement or a
          participation and servicing agreement or similar agreement in form and
          substance
          reasonably acceptable to the parties, and in connection with a Pass-Through
          Transfer, a pooling and servicing agreement in form and substance reasonably
          acceptable to the parties, (collectively the agreements referred to herein
          are
          designated, the “Reconstitution Agreements”). It is understood that any such
          Reconstitution Agreements will not contain any greater obligations on the
          part
          of Company than are contained in this Agreement. Notwithstanding anything
          to the
          contrary in this Section 11.18, the Company agrees that it is required
          to
          perform the obligations described in Exhibit
          K
          hereto.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          and any prospective purchaser with respect to all reasonable requests and
          due
          diligence procedures; (2) to execute, deliver and perform all Reconstitution
          Agreements required by the Purchaser; (3) to restate the representations
          and
          warranties set forth in this Agreement as of the settlement or closing
          date in
          connection with such Reconstitution (each, a "Reconstitution Date").

        

        In
          addition, the Company shall provide to such servicer or issuer, as the
          case may
          be, and any other participants in such Reconstitution: 

        

        (i) any
          and
          all information and appropriate verification of information which may be
          reasonably available to the Company, whether through letters of its auditors
          and
          counsel or otherwise, as the Purchaser or any such other participant shall
          request upon reasonable demand; 

        

        (ii) such
          additional representations, warranties, covenants, opinions of counsel,
          letters
          from auditors, and certificates of public officials or officers of the
          Company
          as are reasonably agreed upon by the Company and the Purchaser or any such
          other
          participant;

        

        (iii) within
          5
          Business Days after request by the Purchaser, the information with respect
          to
          the Company (as originator) and each Third-Party Originator of the Mortgage
          Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
          of the
          requirements of which has of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. If requested by the Purchaser, this will include information
          about
          the applicable credit-granting or underwriting criteria;

        

        (iv) within
          5
          Business Days after request by the Purchaser, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) to the extent
          reasonably available to the Company Static Pool Information with respect
          to the
          mortgage loans (of a similar type as the Mortgage Loans, as reasonably
          identified by the Purchaser as provided below) serviced by or for the Company
          or
          any Third-Party Originator and originated by (i) the Company, if the Company
          is
          an originator of Mortgage Loans (including as an acquirer of Mortgage Loans
          from
          a Qualified Correspondent), and/or (ii) each Third-Party Originator. Such
          Static
          Pool Information shall be prepared by the Company (or Third-Party Originator)
          on
          the basis of its reasonable, good faith interpretation of the requirements
          of
          Item 1105(a)(1)-(3) and (c) of Regulation AB for the period of time such
          Mortgage Loans were serviced by or for the Company (or Third-Party Originator).
          To the extent that there is reasonably available to the Company (or Third-Party
          Originator) Static Pool Information with respect to more than one mortgage
          loan
          type, the Purchaser or any Depositor shall be entitled to specify whether
          some
          or all of such information shall be provided pursuant to this paragraph.
          The
          content of such Static Pool Information may be in the form customarily
          provided
          by the Company, and need not be customized for the Purchaser or any Depositor.
          Such Static Pool Information for each vintage origination year or prior
          securitized pool, as applicable, shall be presented in increments no less
          frequently than quarterly over the life of the mortgage loans included
          in the
          vintage origination year or prior securitized pool. The most recent periodic
          increment must be as of a date no later than 135 days prior to the date
          of the
          prospectus or other offering document in which the Static Pool Information
          is to
          be included or incorporated by reference. The Static Pool Information shall
          be
          provided in an electronic format that provides a permanent record of the
          information provided, such as a portable document format (pdf) file, or
          other
          such electronic format reasonably required by the Purchaser or the Depositor,
          as
          applicable;

        

        (v) within
          5
          Business Days after request by the Purchaser, information with respect
          to the
          Company (as servicer) as required by Item 1108(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall provide the information required pursuant to this clause
          with
          respect to the Subservicer;

        

        (vi) within
          5
          Business Days after request by the Purchaser, 

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Company (as originator and as servicer) and each
          other
          originator of the Mortgage Loans and each Subservicer as required by Item
          1117
          of Regulation AB, a summary of the requirements of which as of the date
          hereof
          is attached hereto as Exhibit N for convenience of reference only, as determined
          by Purchaser in its sole discretion,

        (b)
          information regarding affiliations with respect to the Company (as originator
          and as servicer) and each other originator of the Mortgage Loans and each
          Subservicer as required by Item 1119(a) of Regulation AB, a summary of
          the
          requirements of which as of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion, and

        (c)
          information regarding relationships and transactions with respect to the
          Company
          (as originator and as servicer) and each other originator of the Mortgage
          Loans
          and each Subservicer as required by Item 1119(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
          Exhibit N for convenience of reference only, as determined by Purchaser
          in its
          sole discretion; 

        

        (vii) if
          so
          requested by the Purchaser, the Company shall provide (or, as applicable,
          cause
          each Third-Party Originator to provide), at the expense of the requesting
          party
          (to the extent of any additional incremental expense associated with delivery
          pursuant to this Agreement), such statements and agreed-upon procedures
          letters
          of certified public accountants reasonably acceptable to the Purchaser
          or
          Depositor, as applicable, pertaining to Static Pool Information relating
          to
          prior securitized pools for securitizations closed on or after January
          1, 2006
          or, in the case of Static Pool Information with respect to the Company’s or
          Third-Party Originator’s originations or purchases, to calendar months
          commencing January 1, 2006, or to any financial information included in
          any
          other disclosure provided under this Section 11.18, as the Purchaser or
          such
          Depositor shall reasonably request. Such statements and letters shall be
          addressed to and be for the benefit of such parties as the Purchaser or
          such
          Depositor shall designate, which may include, by way of example, any Sponsor,
          any Depositor and any broker dealer acting as underwriter, placement agent
          or
          initial purchaser with respect to a Pass-Through Transfer. Any such statement
          or
          letter may take the form of a standard, generally applicable document
          accompanied by a reliance letter authorizing reliance by the addressees
          designated by the Purchaser or such Depositor;

        

        (viii)
          For the purpose of satisfying the reporting obligation under the Exchange
          Act
          with respect to any class of asset-backed securities, the Company shall
          (or
          shall cause each Subservicer and Third-Party Originator to) (i) provide
          prompt
          notice to the Purchaser, any Master Servicer and any Depositor in writing
          of (A)
          any litigation or governmental proceedings involving the Company, any
          Subservicer or any Third-Party Originator that could be material to investors
          in
          the securities issued in a Pass-Through Transfer, (B) any affiliations
          or
          relationships that develop following the closing date of a Securitization
          Transaction between the Company, any Subservicer or any Third-Party Originator
          and any of the parties specified in clause (D) of paragraph (a) of this
          Section
          (and any other parties identified in writing by the requesting party) with
          respect to such Securitization Transaction, (C) any Event of Default under
          the
          terms of this Agreement or any applicable Reconstitution Agreement related
          thereto, (D) any merger, consolidation or sale of substantially all of
          the
          assets of the Company, and (E) the Company’s entry into an agreement with a
          Subservicer to perform or assist in the performance of any of the Company’s
          obligations under this Agreement or any applicable Reconstitution Agreement
          related thereto and (ii) provide to the Purchaser and any Depositor a
          description of such proceedings, affiliations or relationships; 

        

        (ix)
          As a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any applicable Reconstitution Agreement
          related thereto by any Person (i) into which the Company or such Subservicer
          may
          be merged or consolidated, or (ii) which may be appointed as a successor
          to the
          Company or any Subservicer, the Company shall provide to the Purchaser,
          any
          Master Servicer, and any Depositor, at least 15 calendar days prior to
          the
          effective date of such succession or appointment, (x) written notice to
          the
          Purchaser and any Depositor of such succession or appointment and (y) in
          writing
          and in form and substance reasonably satisfactory to the Purchaser and
          such
          Depositor, all information reasonably requested by the Purchaser or any
          Depositor in order to comply with its reporting obligation under Item 6.02
          of
          Form 8-K with respect to any class of asset-backed securities; 

        

        (x)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

        

        (A) any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (B) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (C) information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB);
          and

        

        (xi)
          The
          Company shall provide to the Purchaser, any Master Servicer and any Depositor,
          evidence of the authorization of the person signing any certification or
          statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

        

        In
          the
          event of a conflict or inconsistency between the terms of Exhibit N and
          the text
          of the applicable Item of Regulation AB as cited above, the text of Regulation
          AB, its adopting release and other public statements of the SEC shall
          control.

        

        The
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Pass-Through Transfer: each
          sponsor
          and issuing entity; each Person (including, but not limited to, any Master
          Servicer, if applicable) responsible for the preparation, execution or
          filing of
          any report required to be filed with the Commission with respect to such
          Pass-Through Transfer, or for execution of a certification pursuant to
          Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Pass-Through Transfer; each broker dealer acting as underwriter, placement
          agent
          or initial purchaser, each Person who controls any of such parties or the
          Depositor (within the meaning of Section 15 of the Securities Act and Section
          20
          of the Exchange Act); and the respective present and former directors,
          officers,
          employees, agents and affiliates of each of the foregoing and of the Depositor
          (each, an “Indemnified Party”), and shall hold each of them harmless from and
          against any claims, losses, damages, penalties, fines, forfeitures, legal
          fees
          and expenses and related costs, judgments, and any other costs, fees and
          expenses that any of them may sustain arising out of or based upon:

        

        (i)(A)
          any untrue statement of a material fact contained or alleged to be contained
          in
          any written information, written report, certification, data, accountants’
letter or other material provided under this Section 11.18 by or on behalf
          of
          the Company, or provided under this Section 11.18 by or on behalf of any
          Subservicer, Subcontractor or Third-Party Originator (collectively, the
“Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided, by
          way of
          clarification, that clause (B) of this paragraph shall be construed solely
          by
          reference to the Company Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Company Information or any portion thereof is presented
          together
          with or separately from such other information;

        

        (ii)
          any
          breach by the Company of its obligations under this Section 11.18, including
          particularly any failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party Originator to deliver any information, report, certification,
          accountants’ letter or other material when and as required under this Section
          11.18, including any failure by the Company to identify pursuant to Section
          11.20 any Subcontractor “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB; 

        

        (iii)
          any
          breach by the Company of a representation or warranty set forth in Section
          3.01
          or in a writing furnished pursuant to Section 3.01(q) and made as of a
          date
          prior to the closing date of the related Pass-Through Transfer, to the
          extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          3.01(q) to the extent made as of a date subsequent to such closing date;
          or

         

        (iv) the
          negligence bad faith or willful misconduct of the Company in connection
          with its
          performance under this Section
          11.18.

          

          If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other. 

          

          In
          the
          case of any failure of performance described above, the Company shall promptly
          reimburse the Purchaser, any Depositor, as applicable, and each Person
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission with respect to such Securitization Transaction,
          or
          for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
          under the Exchange Act with respect to such Securitization Transaction,
          for all
          costs reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        22. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.20:

        

        Section
          11.20. Use
          of
          Subservicers and Subcontractors.

        

        (a) The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any applicable Reconstitution Agreement related thereto unless the Company
          complies with the provisions of paragraph (b) of this Section. The Company
          shall
          not hire or otherwise utilize the services of any Subcontractor, and shall
          not
          permit any Subservicer to hire or otherwise utilize the services of any
          Subcontractor, to fulfill any of the obligations of the Company as servicer
          under this Agreement or any applicable Reconstitution Agreement related
          thereto
          unless the Company complies with the provisions of paragraph (d) of this
          Section. 

        

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subservicer.
          The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
          of this
          Agreement to the same extent as if such Subservicer were the Company, and
          to
          provide the information required with respect to such Subservicer under
          Section
          3.01(r) of this Agreement. The Company shall be responsible for obtaining
          from
          each Subservicer and delivering to the Purchaser, any Master Servicer and
          any
          Depositor any Annual Statement of Compliance required to be delivered by
          such
          Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
          Report required to be delivered by such Subservicer under Section 6.07
          and any
          Annual Certification required under Section 6.04(b) as and when required
          to be
          delivered.

        

        (c) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, any Master Servicer and such Depositor) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

        

        (d) As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any Assessment of Compliance
          and
          Attestation Report and the other certificates required to be delivered
          by such
          Subservicer and such Subcontractor under Section 6.07, in each case as
          and when
          required to be delivered.

        

        23. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.21:

        

        Section
          11.21. Third
          Party Beneficiary.

        

        For
          purposes of this Agreement, each Master Servicer shall be considered a
          third party beneficiary to this Agreement, entitled to all the rights and
          benefits hereof as if it were a direct party to this
          Agreement.

        

        24. The
          Agreement is hereby amended as of the date hereof by deleting Exhibit E
          in its
          entirety and replacing it with the following:

        

        EXHIBIT
          E

        

        REPORTING
          DATA FOR MONTHLY REPORT

         

        
          
            	
                    Standard
                      File Layout - Master Servicing

                  
	
                    Column
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  	
                    Max
                      Size

                  
	
                    SER_INVESTOR_NBR

                  	
                    A
                      value assigned by the Servicer to define a group of loans.

                  	 	
                    Text
                      up to 10 digits

                  	
                    20

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the investor.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    BORROWER_NAME

                  	
                    The
                      borrower name as received in the file. It is not separated
                      by first and
                      last name.

                  	 	
                    Maximum
                      length of 30 (Last, First)

                  	
                    30

                  
	
                    SCHED_PAY_AMT

                  	
                    Scheduled
                      monthly principal and scheduled interest payment that a borrower
                      is
                      expected to pay, P&I constant.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NOTE_INT_RATE

                  	
                    The
                      loan interest rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    NET_INT_RATE

                  	
                    The
                      loan gross interest rate less the service fee rate as reported
                      by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_RATE

                  	
                    The
                      servicer's fee rate for a loan as reported by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_AMT

                  	
                    The
                      servicer's fee amount for a loan as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_PAY_AMT

                  	
                    The
                      new loan payment amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_LOAN_RATE

                  	
                    The
                      new loan rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ARM_INDEX_RATE

                  	
                    The
                      index the Servicer is using to calculate a forecasted
                      rate.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ACTL_BEG_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the beginning of the
                      processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_END_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the end of the processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date at the end of processing cycle that the borrower's next
                      payment is
                      due to the Servicer, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    SERV_CURT_AMT_1

                  	
                    The
                      first curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_1

                  	
                    The
                      curtailment date associated with the first curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_1

                  	
                    The
                      curtailment interest on the first curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_2

                  	
                    The
                      second curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_2

                  	
                    The
                      curtailment date associated with the second curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_2

                  	
                    The
                      curtailment interest on the second curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_3

                  	
                    The
                      third curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_3

                  	
                    The
                      curtailment date associated with the third curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_AMT_3

                  	
                    The
                      curtailment interest on the third curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_AMT

                  	
                    The
                      loan "paid in full" amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_DATE

                  	
                    The
                      paid in full date as reported by the Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	 	 	 	
                    Action
                      Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                      65=Repurchase,70=REO

                  	
                    2

                  
	
                    ACTION_CODE

                  	
                    The
                      standard FNMA numeric code used to indicate the default/delinquent
                      status
                      of a particular loan.

                  
	
                    INT_ADJ_AMT

                  	
                    The
                      amount of the interest adjustment as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SOLDIER_SAILOR_ADJ_AMT

                  	
                    The
                      Soldier and Sailor Adjustment amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NON_ADV_LOAN_AMT

                  	
                    The
                      Non Recoverable Loan Amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    LOAN_LOSS_AMT

                  	
                    The
                      amount the Servicer is passing as a loss, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_BEG_PRIN_BAL

                  	
                    The
                      scheduled outstanding principal amount due at the beginning
                      of the cycle
                      date to be passed through to investors.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_END_PRIN_BAL

                  	
                    The
                      scheduled principal balance due to investors at the end of
                      a processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_PRIN_AMT

                  	
                    The
                      scheduled principal amount as reported by the Servicer for
                      the current
                      cycle -- only applicable for Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_NET_INT

                  	
                    The
                      scheduled gross interest amount less the service fee amount
                      for the
                      current cycle as reported by the Servicer -- only applicable
                      for
                      Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_PRIN_AMT

                  	
                    The
                      actual principal amount collected by the Servicer for the current
                      reporting cycle -- only applicable for Actual/Actual
                      Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_NET_INT

                  	
                    The
                      actual gross interest amount less the service fee amount for
                      the current
                      reporting cycle as reported by the Servicer -- only applicable
                      for
                      Actual/Actual Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      AMT

                  	
                    The
                      penalty amount received when a borrower prepays on his loan
                      as reported by
                      the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      WAIVED

                  	
                    The
                      prepayment penalty amount for the loan waived by the
                      servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    MOD_DATE

                  	
                    The
                      Effective Payment Date of the Modification for the loan.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    MOD_TYPE

                  	
                    The
                      Modification Type.

                  	 	
                    Varchar
                      - value can be alpha or numeric

                  	
                    30

                  
	
                    DELINQ_P&I_ADVANCE_AMT

                  	
                    The
                      current outstanding principal and interest advances made by
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  

          

        

        

         

        25. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
          Exhibit F:

        

        

        EXHIBIT
          F

        

        REPORTING
          DATA FOR DEFAULTED LOANS

         

        
          
            	 	Standard File Layout
                    - Delinquency
                    Reporting 	 	 
	
                    Column/Header
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR

                  	 	
                     

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the originator.

                  	 	
                     

                  
	
                    CLIENT_NBR

                  	
                    Servicer
                      Client Number

                  	 	 
	
                    SERV_INVESTOR_NBR

                  	
                    Contains
                      a unique number as assigned by an external servicer to identify
                      a group of
                      loans in their system.

                  	 	
                     

                  
	
                    BORROWER_FIRST_NAME

                  	
                    First
                      Name of the Borrower.

                  	 	 
	
                    BORROWER_LAST_NAME

                  	
                    Last
                      name of the borrower.

                  	 	 
	
                    PROP_ADDRESS

                  	
                    Street
                      Name and Number of Property

                  	 	
                     

                  
	
                    PROP_STATE

                  	
                    The
                      state where the property located.

                  	 	
                     

                  
	
                    PROP_ZIP

                  	
                    Zip
                      code where the property is located.

                  	 	
                     

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date that the borrower's next payment is due to the servicer
                      at the end of
                      processing cycle, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    LOAN_TYPE

                  	
                    Loan
                      Type (i.e. FHA, VA, Conv)

                  	 	
                     

                  
	
                    BANKRUPTCY_FILED_DATE

                  	
                    The
                      date a particular bankruptcy claim was filed.

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_CHAPTER_CODE

                  	
                    The
                      chapter under which the bankruptcy was filed.

                  	 	
                     

                  
	
                    BANKRUPTCY_CASE_NBR

                  	
                    The
                      case number assigned by the court to the bankruptcy
                      filing.

                  	 	
                     

                  
	
                    POST_PETITION_DUE_DATE

                  	
                    The
                      payment due date once the bankruptcy has been approved by the
                      courts

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_DCHRG_DISM_DATE

                  	
                    The
                      Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                      Discharged
                      and/or a Motion For Relief Was Granted. 

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_APPR_DATE

                  	
                    The
                      Date The Loss Mitigation Was Approved By The Servicer

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_TYPE

                  	
                    The
                      Type Of Loss Mitigation Approved For A Loan Such As;

                  	 	 
	
                    LOSS_MIT_EST_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation /Plan Is Scheduled To End/Close

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_ACT_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation Is Actually Completed

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_APPROVED_DATE

                  	
                    The
                      date DA Admin sends a letter to the servicer with instructions
                      to begin
                      foreclosure proceedings.

                  	 	
                    MM/DD/YYYY

                  
	
                    ATTORNEY_REFERRAL_DATE

                  	
                    Date
                      File Was Referred To Attorney to Pursue Foreclosure

                  	 	
                    MM/DD/YYYY

                  
	
                    FIRST_LEGAL_DATE

                  	
                    Notice
                      of 1st legal filed by an Attorney in a Foreclosure Action

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_EXPECTED_DATE

                  	
                    The
                      date by which a foreclosure sale is expected to occur.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_DATE

                  	
                    The
                      actual date of the foreclosure sale.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_AMT

                  	
                    The
                      amount a property sold for at the foreclosure sale.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    EVICTION_START_DATE

                  	
                    The
                      date the servicer initiates eviction of the borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    EVICTION_COMPLETED_DATE

                  	
                    The
                      date the court revokes legal possession of the property from
                      the
                      borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    LIST_PRICE

                  	
                    The
                      price at which an REO property is marketed.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    LIST_DATE

                  	
                    The
                      date an REO property is listed at a particular price.

                  	 	
                    MM/DD/YYYY

                  
	
                    OFFER_AMT

                  	
                    The
                      dollar value of an offer for an REO property.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    OFFER_DATE_TIME

                  	
                    The
                      date an offer is received by DA Admin or by the Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_CLOSING_DATE

                  	
                    The
                      date the REO sale of the property is scheduled to close.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_ACTUAL_CLOSING_DATE

                  	
                    Actual
                      Date Of REO Sale

                  	 	
                    MM/DD/YYYY

                  
	
                    OCCUPANT_CODE

                  	
                    Classification
                      of how the property is occupied.

                  	 	
                     

                  
	
                    PROP_CONDITION_CODE

                  	
                    A
                      code that indicates the condition of the property.

                  	 	
                     

                  
	
                    PROP_INSPECTION_DATE

                  	
                    The
                      date a property inspection is performed.

                  	 	
                    MM/DD/YYYY

                  
	
                    APPRAISAL_DATE

                  	
                    The
                      date the appraisal was done.

                  	 	
                    MM/DD/YYYY

                  
	
                    CURR_PROP_VAL

                  	
                     The
                      current "as is" value of the property based on brokers price
                      opinion or
                      appraisal.

                  	
                    2

                  	
                     

                  
	
                    REPAIRED_PROP_VAL

                  	
                    The
                      amount the property would be worth if repairs are completed
                      pursuant to a
                      broker's price opinion or appraisal.

                  	
                    2

                  	
                     

                  
	
                    If
                      applicable:

                  	
                     

                  	 	
                     

                  
	
                    DELINQ_STATUS_CODE

                  	
                    FNMA
                      Code Describing Status of Loan

                  	 	 
	
                    DELINQ_REASON_CODE

                  	
                    The
                      circumstances which caused a borrower to stop paying on a loan.
                      Code
                      indicates the reason why the loan is in default for this
                      cycle.

                  	 	 
	
                    MI_CLAIM_FILED_DATE

                  	
                    Date
                      Mortgage Insurance Claim Was Filed With Mortgage Insurance
                      Company.

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT

                  	
                    Amount
                      of Mortgage Insurance Claim Filed

                  	 	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    MI_CLAIM_PAID_DATE

                  	
                    Date
                      Mortgage Insurance Company Disbursed Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT_PAID

                  	
                    Amount
                      Mortgage Insurance Company Paid On Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_FILED_DATE

                  	
                    Date
                      Claim Was Filed With Pool Insurance Company

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT

                  	
                    Amount
                      of Claim Filed With Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_PAID_DATE

                  	
                    Date
                      Claim Was Settled and The Check Was Issued By The Pool
                      Insurer

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT_PAID

                  	
                    Amount
                      Paid On Claim By Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_FILED_DATE

                  	
                     Date
                      FHA Part A Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_AMT

                  	
                     Amount
                      of FHA Part A Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_PAID_DATE

                  	
                     Date
                      HUD Disbursed Part A Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part A Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_FILED_DATE

                  	
                      Date
                      FHA Part B Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_AMT

                  	
                      Amount
                      of FHA Part B Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_PAID_DATE

                  	
                       Date
                      HUD Disbursed Part B Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part B Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    VA_CLAIM_FILED_DATE

                  	
                     Date
                      VA Claim Was Filed With the Veterans Admin

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_DATE

                  	
                     Date
                      Veterans Admin. Disbursed VA Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_AMT

                  	
                     Amount
                      Veterans Admin. Paid on VA Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  

          

        

         

         

        
          	
                  Exhibit
                    2: Standard
                    File Codes - Delinquency
                    Reporting 

                

        

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          
            	
                    •

                  	
                    ASUM-

                  	
                    Approved
                      Assumption

                  
	
                    •

                  	
                    BAP-

                  	
                    Borrower
                      Assistance Program

                  
	
                    •

                  	
                    CO-

                  	
                    Charge
                      Off

                  
	
                    •

                  	
                    DIL-

                  	
                    Deed-in-Lieu

                  
	
                    •

                  	
                    FFA-

                  	
                    Formal
                      Forbearance Agreement

                  
	
                    •

                  	
                    MOD-

                  	
                    Loan
                      Modification

                  
	
                    •

                  	
                    PRE-

                  	
                    Pre-Sale

                  
	
                    •

                  	
                    SS-

                  	
                    Short
                      Sale

                  
	
                    •

                  	
                    MISC-

                  	
                    Anything
                      else approved by the PMI or Pool
                      Insurer

                  

          

        

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          
            	
                    ·  

                  	
                    Mortgagor

                  
	
                    ·  

                  	
                    Tenant

                  
	
                    ·  

                  	
                    Unknown

                  
	
                    ·  

                  	
                    Vacant

                  

          

           

           

        

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	
                  ·  

                	
                  Damaged

                
	
                  ·  

                	
                  Excellent

                
	
                  ·  

                	
                  Fair

                
	
                  ·  

                	
                  Gone

                
	
                  ·  

                	
                  Good

                
	
                  ·  

                	
                  Poor

                
	
                  ·  

                	
                  Special
                    Hazard

                
	
                  ·  

                	
                  Unknown

                

        

        
 

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

        

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

        

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        
          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

        

         

        
 

        26. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit K:

        

        EXHIBIT
          K

        

        COMPANY’S
          OBLIGATIONS IN CONNECTION 

        WITH
          A
          RECONSTITUTION

        

        • The
          Company shall (i) possess the ability to service to a securitization; (ii)
          service on a “Scheduled/Scheduled” reporting basis (advancing through the
          liquidation of an REO Property), (iii) make compensating interest payments
          on
          payoffs and curtailments and (iv) remit and report to a Master Servicer
          in
          format acceptable to such Master Servicer by the 10th calendar day of each
          month.

        

        • The
          Company shall provide an acceptable annual certification (officer’s certificate)
          to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
          as well
          as any other annual certifications required under the securitization documents
          (i.e. the annual statement as to compliance/annual independent certified
          public
          accountants’ servicing report due by March 1 of each year).

        

        • The
          Company shall allow for the Purchaser, the Master Servicer or their designee
          to
          perform a review of audited financials and net worth of the
          Company.

        

        • The
          Company shall provide information on each Custodial Account as requested
          by the
          Master Servicer or the Purchaser, and each Custodial Accounts shall comply
          with
          the requirements for such accounts as set forth in the securitization
          documents.

        

        • The
          Company shall maintain its servicing system in accordance with the requirements
          of the Master Servicer.

        

        

        

        27. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit L:

        

        EXHIBIT
          L

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        Re: The
          [ ]
          agreement dated as of [ l,
          200[ ]
          (the “Agreement”), among [IDENTIFY PARTIES]

        

        I,
          ____________________________, the _______________________ of [NAME OF COMPANY]
          (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Securities Administrator] [Trustee], and their officers, with
          the
          knowledge and intent that they will rely upon this certification,
          that:

        

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, officer’s certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Securities Administrator]
          [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

        

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

        

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

        

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

        

        The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master Servicer]. Any
          material
          instances of noncompliance described in such reports have been disclosed
          to the
          [Depositor] [Master Servicer]. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

        

        28. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit M:

        

        EXHIBIT
          M

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit M is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit M and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control. 

        

        Item
          1122(d)

         

        
          	(a)  	
                  General
                    servicing considerations.

                

        

         

        (1)  Policies
          and procedures are instituted to monitor any performance or other triggers
          and
          events of default in accordance with the transaction agreements.

         

        (2)  If
          any
          material servicing activities are outsourced to third parties, policies
          and
          procedures are instituted to monitor the third party’s performance and
          compliance with such servicing activities.

         

        (3)  Any
          requirements in the transaction agreements to maintain a back-up servicer
          for
          the mortgage loans are maintained.

         

        (4)  A
          fidelity bond and errors and omissions policy is in effect on the party
          participating in the servicing function throughout the reporting period
          in the
          amount of coverage required by and otherwise in accordance with the terms
          of the
          transaction agreements.

         

        
          	(b)  	
                  Cash
                    collection and administration.

                

        

         

        (1)  Payments
          on mortgage loans are deposited into the appropriate custodial bank accounts
          and
          related bank clearing accounts no more than two business days following
          receipt,
          or such other number of days specified in the transaction
          agreements.

         

        (2)  Disbursements
          made via wire transfer on behalf of an obligor or
          to an
          investor are made only by authorized personnel.

         

        (3)  Advances
          of funds or guarantees regarding collections, cash flows or distributions,
          and
          any interest or other fees charged for such advances, are made, reviewed
          and
          approved as specified in the transaction agreements.

         

        (4)  The
          related accounts for the transaction, such as cash reserve accounts or
          accounts
          established as a form of overcollateralization, are separately maintained
          (e.g.,
          with respect to commingling of cash) as set forth in the transaction
          agreements.

         

        (5)  Each
          custodial account is maintained at a federally insured depository institution
          as
          set forth in the transaction agreements. For purposes of this criterion,
          “federally insured depository institution” with respect to a foreign financial
          institution means a foreign financial institution that meets the requirements
          of
          Rule 13k-1(b)(1) of the Securities Exchange Act.

         

        (6)  Unissued
          checks are safeguarded so as to prevent unauthorized access.

         

        (7)  Reconciliations
          are prepared on a monthly basis for all asset-backed securities related
          bank
          accounts, including custodial accounts and related bank clearing accounts.
          These
          reconciliations are (A) mathematically accurate; (B) prepared within 30
          calendar
          days after the bank statement cutoff date, or such other number of days
          specified in the transaction agreements; (C) reviewed and approved by someone
          other than the person who prepared the reconciliation; and (D) contain
          explanations for reconciling items. These reconciling items are resolved
          within
          90 calendar days of their original identification, or such other number
          of days
          specified in the transaction agreements.

         

        
          	(c)  	
                  Investor
                    remittances and reporting.

                

        

         

        (1)  Reports
          to investors, including those to be filed with the Commission, are maintained
          in
          accordance with the transaction agreements and applicable Commission
          requirements. Specifically, such reports (A) are prepared in accordance
          with
          timeframes and other terms set forth in the transaction agreements; (B)
          provide
          information calculated in accordance with the terms specified in the transaction
          agreements; (C) are filed with the Commission as required by its rules
          and
          regulations; and (D) agree with investors’ or the trustee’s records as to the
          total unpaid principal balance and number of mortgage loans serviced by
          the
          Servicer.

         

        (2)  Amounts
          due to investors are allocated and remitted in accordance with timeframes,
          distribution priority and other terms set forth in the transaction
          agreements.

         

        (3)  Disbursements
          made to an investor are posted within two business days to the Servicer’s
          investor records, or such other number of days specified in the transaction
          agreements.

         

        (4)  Amounts
          remitted to investors per the investor reports agree with cancelled checks,
          or
          other form of payment, or custodial bank statements.

         

        
          	(d)  	
                  Mortgage
                    Loan administration.

                

        

         

        (1)  Collateral
          or security on mortgage loans is maintained as required by the transaction
          agreements or related mortgage loan documents.

         

        (2)  Mortgage
          loan and related documents are safeguarded as required by the transaction
          agreements.

         

        (3)  Any
          additions, removals or substitutions to the asset pool are made, reviewed
          and
          approved in accordance with any conditions or requirements in the transaction
          agreements.

         

        (4)  Payments
          on mortgage loans, including any payoffs, made in accordance with the related
          mortgage loan documents are posted to the Servicer’s obligor records maintained
          no more than two business days after receipt, or such other number of days
          specified in the transaction agreements, and allocated to principal, interest
          or
          other items (e.g., escrow) in accordance with the related mortgage loan
          documents.

         

        (5)  The
          Servicer’s records regarding the mortgage loans agree with the Servicer’s
          records with respect to an obligor’s unpaid principal balance.

         

        (6)  Changes
          with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
          modifications or re-agings) are made, reviewed and approved by authorized
          personnel in accordance with the transaction agreements and related mortgage
          loan documents.

         

        (7)  Loss
          mitigation or recovery actions (e.g., forbearance plans, modifications
          and deeds
          in lieu of foreclosure, foreclosures and repossessions, as applicable)
          are
          initiated, conducted and concluded in accordance with the timeframes or
          other
          requirements established by the transaction agreements.

         

        (8)  Records
          documenting collection efforts are maintained during the period a mortgage
          loan
          is delinquent in accordance with the transaction agreements. Such records
          are
          maintained on at least a monthly basis, or such other period specified
          in the
          transaction agreements, and describe the entity’s activities in monitoring
          delinquent mortgage loans including, for example, phone calls, letters
          and
          payment rescheduling plans in cases where delinquency is deemed temporary
          (e.g.,
          illness or unemployment).

         

        (9)  Adjustments
          to interest rates or rates of return for mortgage loans with variable rates
          are
          computed based on the related mortgage loan documents.

         

        (10)  Regarding
          any funds held in trust for an obligor (such as escrow accounts): (A) such
          funds
          are analyzed, in accordance with the obligor’s mortgage loan documents, on at
          least an annual basis, or such other period specified in the transaction
          agreements; (B) interest on such funds is paid, or credited, to obligors
          in
          accordance with applicable mortgage loan documents and state laws; and
          (C) such
          funds are returned to the obligor within 30 calendar days of full repayment
          of
          the related mortgage loans, or such other number of days specified in the
          transaction agreements.

         

        (11)  Payments
          made on behalf of an obligor (such as tax or insurance payments) are made
          on or
          before the related penalty or expiration dates, as indicated on the appropriate
          bills or notices for such payments, provided that such support has been
          received
          by the Servicer at least 30 calendar days prior to these dates, or such
          other
          number of days specified in the transaction agreements.

         

        (12)  Any
          late
          payment penalties in connection with any payment to be made on behalf of
          an
          obligor are paid from the Servicer’s funds and not charged to the obligor,
          unless the late payment was due to the obligor’s error or omission.

         

        (13)  Disbursements
          made on behalf of an obligor are posted within two business days to the
          obligor’s records maintained by the Servicer, or such other number of days
          specified in the transaction agreements.

         

        (14)  Delinquencies,
          charge-offs and uncollectable accounts are recognized and recorded in accordance
          with the transaction agreements.

         

        (15)  Any
          external enhancement or other support, identified in Item 1114(a)(1) through
          (3)
          or Item 1115 of Regulation AB, is maintained as set forth in the
          transaction agreements.

        

        29. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit N:

         

        EXHIBIT
          N

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit N is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit N and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control. 

         

        Item
          1105(a)(1)-(3) and (c)

        

        -Provide
          static pool information with respect to mortgage loans that were originated
          or
          purchased by the Company and which are of the same type as the Mortgage
          Loans.

         

        -Provide
          static pool information regarding delinquencies, cumulative losses and
          prepayments for prior securitized pools of the Company.

         

        -If
          the
          Company has less than 3 years experience securitizing assets of the same
          type as
          the Mortgage Loans, provide the static pool information by vintage origination
          years regarding loans originated or purchased by the Company, instead of
          by
          prior securitized pool. A vintage origination year represents mortgage
          loans
          originated during the same year.

         

        -Such
          static pool information shall be for the prior five years, or for so long
          as the
          Company has been originating or purchasing (in the case of data by vintage
          origination year) or securitizing (in the case of data by prior securitized
          pools) such mortgage loans if for less than five years.

         

        -The
          static pool information for each vintage origination year or prior securitized
          pool, as applicable, shall be presented in monthly increments over the
          life of
          the mortgage loans included in the vintage origination year or prior securitized
          pool.

         

        -Provide
          summary information for the original characteristics of the prior securitized
          pools or vintage origination years, as applicable and material, including:
          number of pool assets, original pool balance, weighted average initial
          loan
          balance, weighted average mortgage rate, weighted average and minimum and
          maximum FICO, product type, loan purpose, weighted average and minimum
          and
          maximum LTV, distribution of loans by mortgage rate, and geographic
          concentrations of 5% or more.

         

        Item
          1108(b) and (c)

        

        Provide
          the following information with respect to each servicer that will service,
          including interim service, 20% or more of the mortgage loans in any loan
          group
          in the securitization issued in the Pass-Through Transfer: 

         

        -a
          description of the Company’s form of organization;

         

        -a
          description of how long the Company has been servicing residential mortgage
          loans; a general discussion of the Company’s experience in servicing assets of
          any type as well as a more detailed discussion of the Company’s experience in,
          and procedures for the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Company’s portfolio of mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Company that
          may be
          material to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including whether any default or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Company, and the extent
          of
          outsourcing the Company uses;

         

        -a
          description of any material changes to the Company’s policies or procedures in
          the servicing function it will perform under this Agreement and any
          Reconstitution Agreements for mortgage loans of the type similar to the
          Mortgage
          Loans during the past three years;

         

        -information
          regarding the Company’s financial condition to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition could have a material impact on the performance
          of the
          securities issued in the Pass-Through Transfer, or on servicing of mortgage
          loans of the same asset type as the Mortgage Loans;

         

        -any
          special or unique factors involved in servicing loans of the same type
          as the
          Mortgage Loans, and the Company’s processes and procedures designed to address
          such factors;

         

        -statistical
          information regarding principal and interest advances made by the Company
          on the
          Mortgage Loans and the Company’s overall servicing portfolio for the past three
          years; and

         

        -the
          Company’s process for handling delinquencies, losses, bankruptcies and
          recoveries, such as through liquidation of REO Properties, foreclosure,
          sale of
          the Mortgage Loans or workouts.

         

        Item
          1110(a)

        

        -Identify
          any originator or group of affiliated originators that originated, or is
          expected to originate, 10% or more of the mortgage loans in any loan group
          in
          the securitization issued in the Pass-Through Transfer.

         

        

        Item
          1110(b)

        

        Provide
          the following information with respect to any originator or group of affiliated
          originators that originated, or is expected to originate, 20% or more of
          the
          mortgage loans in any loan group in the securitization issued in the
          Pass-Through Transfer:

         

        -the
          Company’s form of organization; and

         

        -a
          description of the Company’s origination program and how long the Company has
          been engaged in originating residential mortgage loans, which description
          must
          include a discussion of the Company’s experience in originating mortgage loans
          of the same type as the Mortgage Loans and information regarding the size
          and
          composition of the Company’s origination portfolio as well as information that
          may be material to an analysis of the performance of the Mortgage Loans,
          such as
          the Company’s credit-granting or underwriting criteria for mortgage loans of the
          same type as the Mortgage Loans.

         

        

        Item
          1117

        

        -describe
          any legal proceedings pending against the Company or against any of its
          property, including any proceedings known to be contemplated by governmental
          authorities, that may be material to the holders of the securities issued
          in the
          Pass-Through Transfer.

         

        

        Item
          1119(a)

        

        -describe
          any affiliations of the Company, each other originator of the Mortgage
          Loans and
          each Subservicer with the sponsor, depositor, issuing entity, trustee,
          any
          originator, any other servicer, any significant obligor, enhancement or
          support
          provider or any other material parties related to the Pass-Through
          Transfer.

         

        

        Item
          1119(b)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          entered into outside of the ordinary course of business or on terms other
          than
          those obtained in an arm’s length transaction with an unrelated third party,
          apart from the Pass-Through Transfer, between the Company, each other originator
          of the Mortgage Loans and each Subservicer, or their respective affiliates,
          and
          the sponsor, depositor or issuing entity or their respective affiliates,
          that
          exists currently or has existed during the past two years, that may be
          material
          to the understanding of an investor in the securities issued in the Pass-Through
          Transfer.

         

        Item
          1119(c)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          involving or relating to the Mortgage Loans or the Pass-Through Transfer,
          including the material terms and approximate dollar amount involved, between
          the
          Company, each other originator of the Mortgage Loans and each Subservicer,
          or
          their respective affiliates and the sponsor, depositor or issuing entity
          or
          their respective affiliates, that exists currently or has existed during
          the
          past two years.

         

        30. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit O:

        

        EXHIBIT
          O

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        

          
            	
                    Servicing
                      Criteria

                  	
                    Applicable
                      

                    Servicing
                      Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                     

                  
	
                     

                  	
                    General
                      Servicing Considerations

                  	
                     

                  
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities.

                  	
                    X

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    X

                  
	
                     

                  	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    X

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange
                      Act.

                  	
                    X

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	
                    X

                  
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	
                    X

                  
	
                     

                  	
                    Investor
                      Remittances and Reporting

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	
                    X

                  
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	
                    X

                  
	
                     

                  	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	
                    X

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    X

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    X

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	
                    X

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	
                    X

                  
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 

          

        

        

         

        
          	 	 	 
	 	
                  [NAME
                    OF COMPANY] [NAME OF SUBSERVICER]

                
	 
 	 
 	 
 
	 	Date:	 
	 	 	 
	 	 	 
	 	
                	 
	 	By:	 
	 	Name:  	 
	 	Title:	 
	 	
                
	 	 

        

         

         

        31. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
          Exhibit P:

        

        EXHIBIT
          P

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

         

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.          
           The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.          
           The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.          
            Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.        Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history 

         

        (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.           
          The
          total
          of lines 1 through 12.

         

        3.  Credits:
          

         

        14-21.    
           Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

          
          Letter of Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note:     For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.        
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

         

        
 

        Calculation
          of Realized Loss/Gain Form 332

        

         

        
          
            	
                    Prepared
                      by: __________________

                  	
                    Date:
                      _______________

                  
	
                    Phone:
                      ______________________

                  	
                    Email
                      Address:_____________________

                  

          

        

        

          
            	
                    Servicer
                      Loan No.

                  	 	
                    Servicer
                      Name

                  	 	
                    Servicer
                      Address 

                     

                  

          

        

         

         

        
          
            	WELLS
                    FARGO
                    BANK, N.A. Loan No._________________________________
	 	 	 	 	 	 
	Borrower's Name:	____________________________	 	 	 	 
	Property Address:	____________________________ 	 	 	 	 
	 	 	 	 	 	 
	Liquidation
                    Type:	
                    REO
                      Sale

                  	
                     3rd
                      Party Sale

                  	
                    Short
                      Sale

                  	
                    Charge
                      Off

                  	 

          

        

         

         

        
          
            	Was
                    this loan granted a Bankruptcy deficiency or cramdown	 	
                    Yes

                  	 	
                    No

                  
	If
“Yes”,
                    provide deficiency or cramdown amount
                    _______________________________	 	 	 	 
	 	 	 	 	 	 
	
                    Liquidation
                      and Acquisition Expenses:

                  	 	 	 	 
	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	 	
                    $
                      ______________

                  	 	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	 	
                    ________________

                  	 	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	 	
                    ________________

                  	 	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	 	
                    ________________

                  	 	
                    (4)

                  
	
                    (5)

                  	
                    Taxes
                      (see page 2)

                  	 	
                    ________________

                  	 	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	 	
                    ________________

                  	 	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums (see page 2)

                  	 	
                    ________________

                  	 	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	 	
                    ________________

                  	 	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	 	
                    ________________

                  	 	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	 	
                    ________________

                  	 	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	 	
                    ________________

                  	 	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	 	
                    ________________

                  	 	
                    (12)

                  
	 	
                    Cash
                      for Keys__________________________

                  	 	
                    ________________

                  	 	
                    (12)

                  
	 	
                    HOA/Condo
                      Fees_______________________

                  	 	
                    ________________

                  	 	
                    (12)

                  
	 	
                    ______________________________________

                  	 	
                    ________________

                  	 	
                    (12)

                  
	 	 	 	
                    ________________

                  	 	 
	 	
                    Total
                      Expenses

                  	 	
                    $
                      ______________

                  	 	
                    (13)

                  
	
                    Credits:

                  	 	 	 	 	 
	
                    (14)

                  	
                    Escrow
                      Balance

                  	 	
                    $
                      _______________

                  	 	
                    (14)

                  
	
                    (15)

                  	
                    HIP
                      Refund

                  	 	
                    ________________

                  	 	
                    (15)

                  
	
                    (16)

                  	
                    Rental
                      Receipts

                  	 	
                    ________________

                  	 	
                    (16)

                  
	
                    (17)

                  	
                    Hazard
                      Loss Proceeds

                  	 	
                    ________________

                  	 	
                    (17)

                  
	
                    (18)

                  	
                    Primary
                      Mortgage Insurance / Gov’t Insurance 

                    HUD
                      Part A

                  	 	
                    ________________

                  	 	
                    (18a)

                  
	 	 	 	 	 	 
	 	
                    HUD
                      Part B 

                  	 	
                    ________________

                  	 	
                    (18b)

                  
	
                    (19)

                  	
                    Pool
                      Insurance Proceeds

                  	 	
                    ________________

                  	 	
                    (19)

                  
	
                    (20)

                  	
                    Proceeds
                      from Sale of Acquired Property

                  	 	
                    ________________

                  	 	
                    (20)

                  
	
                    (21)

                  	
                    Other
                      (itemize)

                  	 	
                    ________________

                  	 	 
	 	
                    _________________________________________

                  	 	
                    ________________

                  	 	
                    (21)

                  
	 	 	 	
                    ________________

                  	 	 
	 	
                    Total
                      Credits

                  	 	
                    $________________

                  	 	
                    (22)

                  
	
                    Total
                      Realized Loss (or Amount of Gain)

                  	 	
                    $________________

                  	 	
                    (23)

                  

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Escrow
            Disbursement Detail

        

         

        
          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

        32. Except
          as
          amended above, the Agreement shall continue to be in full force and effect
          in
          accordance with its terms.

        

        33. This
          Amendment may be executed by one or more of the parties hereto on any number
          of
          separate counterparts and of said counterparts taken together shall be
          deemed to
          constitute one and the same instrument.

        

        [SIGNATURE
          PAGES FOLLOW]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the following parties have caused their names to be signed
          hereto by their respective officers thereunto duly authorized as of the
          day and
          year first above written.

         

        
          	 	 	 
	 	
                  EMC
                    MORTGAGE CORPORATION,

                  
                    as
                      Purchaser

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name: 
                    

                	 
	 	Title:	 
	 	
                
	 	 

        

         

        
           

          
            	 	 	 
	 	
                    GREENPOINT MORTGAGE FUNDING, INC.,

                    
                      as
                        Company

                    

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name: 
                      

                  	 
	 	Title:	 
	 	
                  
	 	 

          

           

        

      

       

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      Q-4

    

    HSBC
      SERVICING AGREEMENT

    

    

    
       

      

      

      
        	 	
                 EMC
                  MORTGAGE
                  CORPORATION

              	 
	 	
                Purchaser,

              	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA) 

              	 
	 	
                Company,

              	 

      

      
 

      AMENDED
        AND RESTATED

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of September 1, 2005

       

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      ARTICLE
        I

      
        

          
            	
                    Section
                      1.01 

                  	
                    Defined
                      Terms

                  
	 	 
	
                    ARTICLE
                      II

                  
	 	 
	
                    Section
                      2.01 

                  	
                    Agreement
                      to Purchase

                  
	
                    Section
                      2.02 

                  	
                    Purchase
                      Price

                  
	
                    Section
                      2.03 

                  	
                    Servicing
                      of Mortgage Loans

                  
	
                    Section
                      2.04 

                  	
                    Record
                      Title and Possession of Mortgage Files; Maintenance of Servicing
                      Files

                  
	
                    Section
                      2.05 

                  	
                    Books
                      and Records

                  
	
                    Section
                      2.06 

                  	
                    Transfer
                      of Mortgage Loans

                  
	
                    Section
                      2.07 

                  	
                    Delivery
                      of Mortgage Loan Documents

                  
	
                    Section
                      2.08 

                  	
                    Quality
                      Control Procedures

                  
	
                    Section
                      2.09 

                  	
                    Near-term
                      Principal Prepayments; Near Term Payment Defaults

                  
	
                    Section
                      2.10 

                  	
                    Modification
                      of Obligations

                  
	 	 
	
                    ARTICLE
                      III

                  
	 	 
	
                    Section
                      3.01 

                  	
                    Representations
                      and Warranties of the Company

                  
	
                    Section
                      3.02 

                  	
                    Representations
                      and Warranties as to Individual Mortgage Loans

                  
	
                    Section
                      3.03 

                  	
                    Repurchase;
                      Substitution

                  
	
                    Section
                      3.04 

                  	
                    Representations
                      and Warranties of the Purchaser

                  
	 	 
	
                    ARTICLE
                      IV

                  
	 	 
	
                    Section
                      4.01 

                  	
                    Company
                      to Act as Servicer

                  
	
                    Section
                      4.02 

                  	
                    Collection
                      of Mortgage Loan Payments

                  
	
                    Section
                      4.03 

                  	
                    Realization
                      Upon Defaulted Mortgage Loans

                  
	
                    Section
                      4.04 

                  	
                    Establishment
                      of Custodial Accounts; Deposits in Custodial Accounts

                  
	
                    Section
                      4.05 

                  	
                    Permitted
                      Withdrawals from the Custodial Account

                  
	
                    Section
                      4.06 

                  	
                    Establishment
                      of Escrow Accounts; Deposits in Escrow Accounts

                  
	
                    Section
                      4.07 

                  	
                    Permitted
                      Withdrawals From Escrow Account

                  
	
                    Section
                      4.08 

                  	
                    Payment
                      of Taxes, Insurance and Other Charges; Maintenance of Primary
                      Mortgage
                      Insurance Policies; Collections Thereunder

                  
	
                    Section
                      4.09 

                  	
                    Transfer
                      of Accounts

                  
	
                    Section
                      4.10 

                  	
                    Maintenance
                      of Hazard Insurance

                  
	
                    Section
                      4.11 

                  	
                    Maintenance
                      of Mortgage Impairment Insurance Policy

                  
	
                    Section
                      4.12 

                  	
                    Fidelity
                      Bond, Errors and Omissions Insurance

                  
	
                    Section
                      4.13 

                  	
                    Title,
                      Management and Disposition of REO Property

                  
	
                    Section
                      4.14 

                  	
                    Notification
                      of Maturity Date

                  
	 	 
	
                    ARTICLE
                      V

                  
	 	 
	
                    Section
                      5.01 

                  	
                    Distributions

                  
	
                    Section
                      5.02 

                  	
                    Statements
                      to the Purchaser

                  
	
                    Section
                      5.03 

                  	
                    Monthly
                      Advances by the Company

                  
	
                    Section
                      5.04 

                  	
                    Liquidation
                      Reports

                  
	 	 
	
                    ARTICLE
                      VI

                  
	 	 
	
                    Section
                      6.01

                  	
                    Assumption
                      Agreements

                  
	
                    Section
                      6.02 

                  	
                    Satisfaction
                      of Mortgages and Release of Mortgage Files

                  
	
                    Section
                      6.03

                  	
                    Servicing
                      Compensation

                  
	
                    Section
                      6.04 

                  	
                    Annual
                      Statement as to Compliance

                  
	
                    Section
                      6.05 

                  	
                    Annual
                      Independent Certified Public Accountants’ Servicing
                      Report

                  
	
                    Section
                      6.06 

                  	
                    Purchaser’s
                      Right to Examine Company Records

                  
	 	 
	
                    ARTICLE
                      VII

                  
	 	 
	
                    Section
                      7.01 

                  	
                    Company
                      Shall Provide Information as Reasonably Required

                  
	 	 
	
                    ARTICLE
                      VIII

                  
	 	 
	
                    Section
                      8.01 

                  	
                    Indemnification;
                      Third Party Claims

                  
	
                    Section
                      8.02 

                  	
                    Merger
                      or Consolidation of the Company

                  
	
                    Section
                      8.03 

                  	
                    Limitation
                      on Liability of the Company and Others

                  
	
                    Section
                      8.04 

                  	
                    Company
                      Not to Assign or Resign

                  
	
                    Section
                      8.05 

                  	
                    No
                      Transfer of Servicing

                  
	 	 
	
                    ARTICLE
                      IX

                  
	 	 
	
                    Section
                      9.01 

                  	
                    Events
                      of Default

                  
	
                    Section
                      9.02 

                  	
                    Waiver
                      of Defaults

                  
	 	 
	
                    ARTICLE
                      X

                  
	 	 
	
                    Section
                      10.01 

                  	
                    Termination

                  
	
                    Section
                      10.02 

                  	
                    Termination
                      without cause

                  
	 	 
	
                    ARTICLE
                      XI

                  
	 	 
	
                    Section
                      11.01 

                  	
                    Successor
                      to the Company

                  
	
                    Section
                      11.02 

                  	
                    Amendment

                  
	
                    Section
                      11.03 

                  	
                    Recordation
                      of Agreement

                  
	
                    Section
                      11.04 

                  	
                    Governing
                      Law

                  
	
                    Section
                      11.05 

                  	
                    Notices

                  
	
                    Section
                      11.06 

                  	
                    Severability
                      of Provisions

                  
	
                    Section
                      11.07 

                  	
                    Exhibits

                  
	
                    Section
                      11.08 

                  	
                    General
                      Interpretive Principles

                  
	
                    Section
                      11.09 

                  	
                    Reproduction
                      of Documents

                  
	
                    Section
                      11.10 

                  	
                    Confidentiality
                      of Information

                  
	
                    Section
                      11.11 

                  	
                    Recordation
                      of Assignment of Mortgage

                  
	
                    Section
                      11.12 

                  	
                    Assignment
                      by Purchaser

                  
	
                    Section
                      11.13 

                  	
                    No
                      Partnership

                  
	
                    Section
                      11.14 

                  	
                    Execution:
                      Successors and Assigns

                  
	
                    Section
                      11.15 

                  	
                    Entire
                      Agreement

                  
	
                    Section
                      11.16 

                  	
                    No
                      Solicitation

                  
	
                    Section
                      11.17 

                  	
                    Closing

                  
	
                    Section
                      11.18 

                  	
                    Cooperation
                      of Company with Reconstitution

                  
	
                    Section
                      11.19 

                  	
                    Monthly
                      Reporting with Respect to a
                      Reconstitution

                  

          

           

        

      

      EXHIBITS

      

        
          	 	
                  A
                    

                	
                  Contents
                    of Mortgage File

                
	 	
                  B
                    

                	
                  Custodial
                    Account Letter Agreement

                
	 	
                  C
                    

                	
                  Escrow
                    Account Letter Agreement

                
	 	
                  D
                    

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	 	
                  E
                    

                	
                  Form
                    of Trial Balance

                
	 	
                  F
                    

                	
                  [reserved]

                
	 	
                  G
                    

                	
                  Request
                    for Release of Documents and Receipt

                
	 	
                  H
                    

                	
                  Company’s
                    Underwriting Guidelines

                
	 	
                  I
                    

                	
                  Form
                    of Term Sheet

                
	 	
                  J
                    

                	
                  Reconstituted
                    Mortgage Loan Reporting

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      This
        is
        an Amended and Restated Purchase, Warranties and Servicing Agreement, dated
        as
        of September 1, 2005, which amends and restates the Purchase, Warranties
        and
        Servicing Agreement, originally dated May 1, 2002, each between EMC MORTGAGE
        CORPORATION, as Purchaser, with offices located at Mac Arthur Ridge II, 909
        Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the "Purchaser") and
        HSBC
        Mortgage Corporation (USA), with offices located at 2929 Walden Avenue, Depew,
        New York 14043 (the "Company").

      

      W I T N E&am
p;am
        p;#1 60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the lesser of (i) the value thereof as
        determined by an appraisal made for the originator of the Mortgage Loan at
        the
        time of origination of the Mortgage Loan by an appraiser who met the minimum
        requirements of Fannie Mae and FHLMC, and (ii) the purchase price paid for
        the
        related Mortgaged Property by the Mortgagor with the proceeds of the Mortgage
        Loan, provided, however, in the case of a Refinanced Mortgage Loan, such
        value
        of the Mortgaged Property is based solely upon the value determined by an
        appraisal made for the originator of such Refinanced Mortgage Loan at the
        time
        of origination of such Refinanced Mortgage Loan by an appraiser who met the
        minimum requirements of FANNIE MAE and FHLMC. However in the case of a mortgage
        made on property in New York State value will always be determined by the
        appraisal for determining any requirement for primary mortgage insurance
        only.

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or (iii) a day on which banks in the State of New York are authorized
        or obligated by law or executive order to be closed.

      

      

      Buydown
        Agreement:
        An agreement between the Seller and a Mortgagor, or an agreement among the
        Company, a Mortgagor and a seller of a Mortgaged Property or a third party
        with
        respect to a Mortgage Loan which provides for the application of Buydown
        Funds.

      

      Buydown
        Funds:
        In respect of any Buydown Mortgage Loan, any amount contributed by seller
        of a
        Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such
        property, the Company or any other source, plus interest earned thereon,
        in
        order to enable the Mortgagor to reduce the payments required to be made
        from
        the mortgagor’s fund in the early years of a Mortgage Loan.

      

      Buydown
        Mortgage Loan:
        Any Mortgage Loan in respect of which, pursuant to a Buydown Agreement, (i)
        the
        Mortgagor pays less than the full monthly payments specified in the Mortgage
        Note for a specified period, and (ii) the difference between the payments
        required under such Buydown Agreement and the Mortgage Note is provided from
        Buydown Funds.

      

      Buydown
        Period:
        The period of time when a Buydown Agreement is in effect with respect to
        a
        related Buydown Mortgage Loan.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code: The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        HSBC
        Mortgage Corporation (USA), their successors in interest and assigns, as
        permitted by this Agreement.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Consumer
        Information:
         Information
        including, but not limited to, all personal information about Mortgagors
        that is
        supplied to the Purchaser by or on behalf of the Company.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Credit
        Score:
        The
        credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or
        such other organization providing credit scores as per HSBC underwriting/program
        guidelines in affect at the time of the origination of a Mortgage
        Loan.

       

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "[_____________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
        in an Eligible Account, in the name of the Person that is the "Purchaser"
        with
        respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        An
        institution having (i) the highest short-term debt rating, and one of the
        two
        highest long-term debt ratings of each Rating Agency; or (ii) with respect
        to
        any Custodial Account, an unsecured long-term debt rating of at least one
        of the
        two highest unsecured long-term debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the HSBC
        underwriting manual in effect at the time of origination. 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "__________________, in trust for the [Purchaser],
        Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
        be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan that requires payment of interest for a period of time specified
        on the related Mortgage Note during the interest-only period followed by
        full
        amortization of the remaining balance for the remaining duration of the
        loan.

       

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to the lower of the Appraised Value or the Sales
        Price of the Mortgaged Property. However, in the case of a mortgage made
        on
        property in New York State, value will always be determined by the appraisal
        for
        determining any requirement for primary mortgage insurance only.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      MERS:
        Mortgage Electronic Registration System, Inc., a subsidiary of MERSCORP,
        Inc.

       

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan registered with MERS on the MERS® System.

       

      MERS®
        System:
        The
        electronic mortgage registration system maintained by MERS.

       

      MIN:
        The
        Mortgage Identification Number for any MERS Mortgage Loan.

       

      MOM
        Mortgage:
        A
        Mortgage Loan naming MERS as the original mortgagee on the mortgage security
        instrument.

       

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal (if applicable) and interest on a
        Mortgage Loan which is payable by a Mortgagor under the related Mortgage
        Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      (6) the
        original months to maturity of the Mortgage Loan;

      

      (7) the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

      (12) the
        amount of the Monthly Payment at origination;

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

      (14) the
        original principal amount of the Mortgage Loan; 

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code indicating the documentation style (i.e. full, alternative, etc.);

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      (20) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Primary Mortgage
        Insurance Policy and the name of the related insurance carrier; 

      

      (21)
        a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
        the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
        product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      (24)
        credit
        score and/or mortgage score, if applicable;

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof;

      

      (27)
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable; 

      

      (28)
        for
        any
        Mortgage Loan originated in the State of New Jersey prior to July 7, 2004,
        whether such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured
        Housing” or “Home Improvement Loan” as defined in the
        New Jersey Home Ownership Security Act of 2002; and

      

      (29) whether
        the Mortgage Loan has a mandatory arbitration clause;

      

      (30) a
        code
        indicating whether the Mortgage Loan is a MERS Mortgage Loan; 

      

      (31)
        MERS
        #,
        if applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, its successors and assigns.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

      Person:
        Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, limited liability company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

      Prepayment
        Period: With
        respect to any Remittance Date, the calendar month preceding the month in
        which
        such Remittance Date occurs.

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, excluding any prepayment
        penalty, and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser who had no interest, direct or indirect in the Mortgaged Property
        or
        in any loan made on the security thereof, and whose compensation is not affected
        by the approval or disapproval of the Mortgage Loan, and such appraiser and
        the
        appraisal made by such appraiser both satisfy the requirements of Title XI
        of
        FIRREA and the regulations promulgated thereunder and the requirements of
        Fannie
        Mae, all as in effect on the date the Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        are not
        in excess of the existing first mortgage, as outlined in the HSBC Underwriting
        Guidelines in effect at the time of origination.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase,; less amounts received
        or
        advanced in respect of such repurchased Mortgage Loan which are being held
        in
        the Custodial Account for distribution in the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

       

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
        Files to the Custodian designated by Purchaser, on or before the related
        Closing
        Date, at the expense of the Company. The Company shall maintain a Servicing
        File
        consisting of a copy of the contents of each Mortgage File and the originals
        of
        the documents in each Mortgage File not delivered to the Purchaser. The
        Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Company is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Company is in a custodial capacity only.
        From the related Closing Date, the ownership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company's
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company's servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without charge to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) (including those listed in (B) relating to Co-op Loans)
        in
        Exhibit A hereto shall be delivered by the Company to the Purchaser or its
        designee no later than three (3) Business Days prior to the related Closing
        Date
        pursuant to a bailee letter agreement. All other documents in Exhibit A hereto,
        together with all other documents executed in connection with the Mortgage
        Loan
        that Company may have in its possession, shall be retained by the Company
        in
        trust for the Purchaser. If the Company cannot deliver the original recorded
        Mortgage Loan Documents or the original policy of title insurance, including
        riders and endorsements thereto, on the related Closing Date, the Company
        shall,
        promptly upon receipt thereof and in any case not later than 180 days from
        the
        related Closing Date, deliver such original documents, including original
        recorded documents, to the Purchaser or its designee (unless the Company
        is
        delayed in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office). If delivery
        is not
        completed within 270 days solely due to delays in making such delivery by
        reason
        of the fact that such documents shall not have been returned by the appropriate
        recording office, the Company shall continue to use its best efforts to effect
        delivery as soon as possible thereafter, provided that if such documents
        are not
        delivered by the 360th day from the date of the related Closing Date, the
        Company shall repurchase the related Mortgage Loans at the Repurchase Price
        in
        accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

       

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Company agrees that it will cause, at its own expense, the MERS® System to
        indicate that such Mortgage Loans have been assigned by the Company to the
        Purchaser in accordance with this Agreement by including (or deleting, in
        the
        case of Mortgage Loans which are repurchased in accordance with this Agreement)
        in such computer files the information required by the MERS® System to identify
        the Purchaser of such Mortgage Loans. The Company further agrees that it
        will
        not alter the information referenced in this paragraph with respect to any
        Mortgage Loan during the term of this Agreement unless and until such Mortgage
        Loan is repurchased in accordance with the terms of this Agreement.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09
        Near-term Principal Prepayments; Near Term Payment Defaults

      

      In
        the
        event any Principal Prepayment in full is made by a Mortgagor on or prior
        to
        three months after the related Closing Date, the Company shall remit to the
        Purchaser an amount equal to the excess, if any, of the Purchase Price
        Percentage over par multiplied by the amount of such Principal Prepayment
        in
        full. Such remittance shall be made by the Company to Purchaser no later
        than
        the third Business Day following receipt of such Principal Prepayment by
        the
        Company.

      

      In
        the
        event the first scheduled Monthly Payment which is due under any Mortgage
        Loan
        after the related Cut-off Date is not made during the month in which such
        Monthly Payment is due, then not later than five (5) Business Days after
        notice
        to the Company by Purchaser (and at Purchaser’s sole option), the Company, shall
        repurchase such Mortgage Loan from the Purchaser pursuant to the repurchase
        provisions contained in this Subsection 3.03.

       

      Section
        2.10  Modification
        of Obligations.
        Purchaser may, without any notice to Company, extend, compromise, renew,
        release, change, modify, adjust or alter, by operation of law or otherwise,
        any
        of the obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan without releasing or otherwise affecting the obligations of Company
        under
        this Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Delaware and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon such Company by any such state,
        and in any event such Company is in compliance with the laws of any such
        state
        to the extent necessary to ensure the enforceability of each Mortgage Loan
        and
        the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; and

      

      (p) At
        the
        time any Mortgage Loan is registered by the Company with MERS, the
        Company will be a member of MERS in good standing, and will comply in all
        material respects with the rules and procedures of MERS in connection with
        the
        servicing of the MERS Mortgage Loans for as long as such Mortgage Loans are
        registered with MERS.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy and title insurance policy, to the extent required by the
        related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Each
Mortgage
        Loan complies with, and the Company has complied with, applicable local,
        state
        and federal laws, regulations and other requirements including, without
        limitation, usury, equal credit opportunity, real estate settlement procedures,
        the Federal Truth-In-Lending Act, disclosure laws and all applicable predatory
        and abusive lending laws and consummation of the transactions contemplated
        hereby, including without limitation, the receipt of interest by the owner
        of
        such Mortgage Loan, will not involve the violation of any such laws, rules
        or
        regulations. None of the Mortgage Loans are (a) Mortgage Loans subject to
        12 CFR
        Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation Z, the regulation
        implementing TILA, which implements the Home Ownership and Equity Protection
        Act
        of 1994, as amended, or (b) except as may be provided in subparagraph (c)
        below,
        classified and/or defined, as a “high cost”, “threshold”, “predatory” “high risk
        home loan” or “covered” loan (or a similarly classified loan using different
        terminology under a law imposing additional legal liability for mortgage
        loans
        having high interest rates, points and or/fees) under any other state, federal
        or local law including, but not limited to, the States of Georgia, New York,
        North Carolina, Arkansas, Kentucky or New Mexico, or (c) Mortgage Loans subject
        to the New Jersey Home Ownership Security Act of 2002 (the “Act”), unless such
        Mortgage Loan is a (1) “Home Loan” as defined in the Act that is a first lien
        Mortgage Loan, which is not a “High Cost Home Loan” as defined in the Act or (2)
“Covered Home Loan” as defined in the Act that is a first lien purchase money
        Mortgage Loan, which is not a High Cost Home Loan under the Act. In addition
        to
        and notwithstanding anything to the contrary herein, no Mortgage Loan for
        which
        the Mortgaged Property is located in New Jersey is a Home Loan as defined
        in the
        Act that was made, arranged, or assigned by a person selling either a
        manufactured home or home improvements to the Mortgaged Property or was made
        by
        an originator to whom the Mortgagor was referred by any such seller. Each
        Mortgage Loan is being (and has been) serviced in accordance with Accepted
        Servicing Practices and applicable state and federal laws, including, without
        limitation, the Federal Truth-In-Lending Act and other consumer protection
        laws,
        real estate settlement procedures, usury, equal credit opportunity and
        disclosure laws. Company shall maintain in its possession, available for
        the
        Purchaser’s inspection, as appropriate, and shall deliver to the Purchaser or
        its designee upon demand, evidence of compliance with all such requirements;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser who had no interest, direct or indirect, in the Mortgaged Property
        or
        in any loan made on the security thereof, and whose compensation is not affected
        by the approval or disapproval of the Mortgage Loan, and the appraisal and
        appraiser both satisfy the requirements of Fannie Mae or FHLMC and Title
        XI of
        the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        regulations promulgated thereunder, all as in effect on the date the Mortgage
        Loan was originated. The appraisal is in a form acceptable to Fannie Mae
        or
        FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain "graduated payment" features. Unless otherwise
        indicated on the related Mortgage Loan Schedule, no Mortgage Loan is subject
        to
        a buydown agreement or contains any buydown provision. With
        respect to any temporary Buydown Mortgage Loan, the maximum CLTV is ninety-five
        percent (95%); the maximum rate discount is three percent (3%), the maximum
        Buydown Period is three (3) years; the maximum increase is one percent (1%)
        per
        year; with respect to LTV that is 80.01% and above, the debt-to-income ratio
        and
        payment shock are calculated at the second year Mortgage Interest Rate;
with
        respect to LTV 80.00% and below, debt-to-income ratio and payment shock are
        calculated at the first year Mortgage Interest Rate. With respect to each
        Mortgage Loan that is a Buydown Mortgage Loan, (i) on or before the date
        of
        origination of such Mortgage Loan, the Company and the Mortgagor, or the
        Company, the Mortgagor and the seller of the Mortgaged Property or a third
        party
        entered into a Buydown Agreement. The Buydown Agreement provides that the
        seller
        of the Mortgaged Property (or third party) shall deliver to the Company
        temporary Buydown Funds in an amount equal to the aggregate undiscounted
        amount
        of payments that, when added to the amount the Mortgagor on such Mortgage
        Loan
        is obligated to pay on each Due Date in accordance with the terms of the
        Buydown
        Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage
        Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the
        Buydown Mortgage Loan. The effective interest rate of a Buydown Mortgage
        Loan if
        less than the interest rate set forth in the related Mortgage Note will increase
        within the Buydown Period as provided in the related Buydown Agreement so
        that
        the effective interest rate will be equal to the interest rate as set forth
        in
        the related Mortgage Note. The Buydown Mortgage Loan satisfies the requirements
        of Fannie Mae guidelines; (ii) The Mortgage and Mortgage Note reflect the
        permanent payment terms rather than the payment terms of the Buydown Agreement.
        The Buydown Agreement provides for the payment by the Mortgagor of the full
        amount of the Monthly Payment on any Due Date that the Buydown Funds are
        available. The Buydown Funds were not used to reduce the original principal
        balance of the Mortgage Loan or to increase the Appraised Value of the Mortgage
        Property when calculating the Loan-to-Value Ratios for purposes of the Agreement
        and, if the Buydown Funds were provided by the Seller and if required under
        Fannie Mae and FHLMC guidelines, the terms of the Buydown Agreement were
        disclosed to the appraiser of the Mortgaged Property; (iii) The Buydown Funds
        may not be refunded to the Mortgagor unless the Mortgagor makes a principal
        payment for the outstanding balance of the Mortgage Loan; (iv) As of the
        date of
        origination of the Mortgage Loan, the provisions of the related Buydown
        Agreement complied with the requirements of Fannie Mae and FHLMC regarding
        buydown agreements.

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Principal
        payments on the Mortgage Loan, other than the Interest Only Mortgage Loan,
        shall
        commence (with respect to any newly originated Mortgage Loans) or commenced
        no
        more than sixty (60) days after the proceeds of the Mortgage Loan were
        disbursed. The Mortgage Loan bears interest at the Mortgage Interest Rate.
        With
        respect to each Mortgage Loan, the Mortgage Note is payable on the first
        day of
        each month in Monthly Payments, which, (A) in the case of a fixed rate Mortgage
        Loan, are sufficient to fully amortize the original principal balance over
        the
        original term thereof and to pay interest at the related Mortgage Interest
        Rate,
        (B) in the case of an adjustable rate Mortgage Loan, other than the Interest
        Only Mortgage Loan, are changed on each Adjustment Date, and in any case,
        are
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate and
        (C)
        in the case of a Balloon Loan, are based on a fifteen (15) or thirty (30)
        year
        amortization schedule, as set forth in the related Mortgage Note, and a final
        monthly payment substantially greater than the preceding monthly payment
        which
        is sufficient to amortize the remaining principal balance of the Balloon
        Loan
        and to pay interest at the related Mortgage Interest Rate. The Index for
        each
        Adjustable Rate Mortgage Loan is as defined in the related Confirmation and
        the
        Mortgage Loan Schedule. The Mortgage Note does not permit negative amortization,
        unless otherwise noted on the related Mortgage Loan Schedule. No Mortgage
        Loan
        is a convertible Mortgage Loan; (D) in the case of an Interest Only Mortgage
        Loan, the monthly payments on each Interest Only Mortgage Loan during the
        related interest only period is equal to the product of the related Mortgage
        Interest Rate and the principal balance of such Mortgage Loan on the first
        day
        of each month and after such interest only period, except with respect to
        Interest Only Mortgage Loan that are adjustable rate Mortgage Loans, such
        Mortgage Loan is payable in equal monthly installments of principal and
        interest;

      

      (bb)
        If
        such Mortgage Loan is a Co-op
        Loan,
        the security instruments create a valid, enforceable and subsisting first
        priority security interest in the related cooperative shares securing the
        related cooperative note, subject only to (x) the lien of the related
        cooperative for unpaid assessments representing the Mortgagor’s pro rata share
        of payments for a blanket mortgage, if any, current and future real property
        taxes, insurance premiums, maintenance fees and other assessments to which
        like
        collateral is commonly subject and (y) other matters to which like collateral
        is
        commonly subject and which do not materially interfere with the benefits
        of the
        security intended to be provided; provided, however, that the related
        proprietary lease for the cooperative apartment may be subordinated or otherwise
        subject to the lien of a mortgage on the cooperative building;

       

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK) 

      

      (hh)
        In
        the event the Mortgage Loan had an LTV at origination greater than 80.00%,
        the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. None of the Mortgage Loans
        are
        subject to “lender-paid” mortgage insurance;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        specified on the related Mortgage Loan Schedule, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property was used for
        commercial purposes, and since the Origination Date, no portion of any Mortgaged
        Property has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal (if applicable)
        and interest, which installments are subject to change due to the adjustments
        to
        the Mortgage Interest Rate on each Adjustment Date, with interest calculated
        and
        payable in arrears. Each of the Mortgage Loans will amortize fully by the
        stated
        maturity date, over an original term of not more than thirty years from
        commencement of amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        Company has no knowledge of any violation of any environmental law, rule
        or
        regulation with respect to the Mortgaged Property; and the Company has not
        received any notice of any environmental hazard on the Mortgaged Property
        and
        nothing further remains to be done to satisfy in full all requirements of
        each
        such law, rule or regulation constituting a prerequisite to use and enjoyment
        of
        said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) [Reserved]; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage;

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee;

      

      (xx)
        There is no Mortgage Loan that was originated on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia;

      

      (yy)
        No
        proceeds from any Mortgage Loan were used to finance single premium credit
        insurance policies;

      

      (zz)
         [Reserved];

      

      (aaa) The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (bbb) With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Servicer shall not impose such prepayment premium
        in
        any instance when the mortgage debt is accelerated as the result of the
        borrower’s default in making the loan payments;

       

      (ccc) No
        borrower was required to purchase any credit life, disability, accident or
        health insurance product as a condition of obtaining the extension of credit.
        No
        borrower obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;
        No proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan; 

       

      (ddd) [Reserved],
        

       

      (eee)
        Any Mortgage Loan with a Mortgaged Property in the State of Illinois complies
        with the Illinois Interest Act, if applicable; 

      

      (fff)
        With
        respect to any Mortgage Loan originated on or after August 1, 2004 and
        underlying the security, neither the related Mortgage nor the related Mortgage
        Note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan
        transaction;

       

      (ggg)
        No Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c);

      

      (hhh)
        For any Mortgage Loan with the related Mortgaged Property located in State
        of
        Texas which is a second lien and the interest rate is in excess of 10% and
        where
        terms of the Mortgage Note contain a provision for which the Mortgagor may
        be
        entitled to prepaid interest upon payoff, no Mortgagor paid any administrative
        fees, points, or loan origination fees which would actually result in any
        prepaid interest being due the Mortgagor under the terms of the Mortgage
        Note;

       

      (iii)  
        The Company has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the Anti-Money Laundering Laws").  The Company has
        established an anti-money laundering compliance program as required by the
        Anti-Money Laundering Laws and has conducted the requisite due diligence in
        connection with the origination of each Mortgage Loan for the purposes of
        the
        Anti-Money Laundering Laws.  The Company further represents that it
        takes reasonable efforts to determine whether any Mortgagor appears on any
        list of blocked or prohibited parties designated by the U.S. Department of
        Treasury; and

       

      (jjj)
        If the Mortgage Loan is secured by a long-term residential lease, (1) the
        terms
        of such lease expressly permit the mortgaging of the leasehold estate, the
        assignment of the lease without the lessor’s consent (or the lessor’s consent
        has been obtained) and the acquisition by the holder of the Mortgage of the
        rights of the lessee upon foreclosure or assignment in lieu of foreclosure
        or
        provide the holder of the Mortgage with substantially similar protection
        (2) the
        terms of such lease do not (a) allow the termination thereof upon the lessee’s
        default without the holder of the Mortgage being entitled to receive written
        notice of, and opportunity to cure, such default, (b) allow the termination
        of a
        lease in the event of damage or destruction as long as the Mortgage is in
        existence or (c) prohibit the holder of the Mortgage from being insured under
        the hazard insurance policy relating to the Mortgaged Property (3) the original
        term of such lease is not less than 15 years (4) the term of such lease does
        not
        terminate earlier than 5 years after the maturity date of the Note and (5)
        the
        Mortgaged Property is located in a jurisdiction in which the use of leasehold
        estates for residential properties is a widely-accepted practice.

       

       

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      If
        pursuant to the foregoing provisions the Company repurchases a Mortgage Loan
        that is a MERS Mortgage Loan, the Company shall either (a) cause MERS to
        execute
        and deliver an assignment of the Mortgage in recordable form to transfer
        the
        Mortgage from MERS to the Company and shall cause such Mortgage to be removed
        from registration on the MERS® System in accordance with MERS’ rules and
        regulations or (b) cause MERS to designate on the MERS® System the Company as
        the beneficial holder of such Mortgage Loan.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Company
        as
        provided herein constitute the sole remedies of the Company respecting a
        breach
        of the foregoing representations and warranties.

       

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies, insurance claims, the title, management
        and disposition of REO Property, permitted withdrawals with respect to REO
        Property, liquidation reports, and reports of foreclosures and abandonments
        of
        Mortgaged Property, the transfer of Mortgaged Property, the release of Mortgage
        Files, annual statements, and examination of records and facilities. In the
        event of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and the related Term Sheet and any of the servicing
        provisions of the Fannie Mae Guides, the provisions of this Agreement and
        the
        related Term Sheet shall control and be binding upon the Purchaser and the
        Company. 

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding
        anything herein to the contrary, the Company may not enter into a forbearance
        agreement or similar arrangement with respect to any Mortgage Loan which
        term
        exceeds 12 months in duration. Any such agreement shall be approved by Purchaser
        and, if required, by the Primary Mortgage Insurance Policy insurer, if required.
        Any other loss mitigation or workout alternatives, such as short sales or
        deeds
        in lieu of foreclosure, shall be subject to the approval of the Purchaser
        and
        the Primary Mortgage Insurance Policy insurer if applicable.

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      The
        Company will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Company agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off.

       

      Section
        4.02  Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows
        with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. Further, the Company will take special care in ascertaining and
        estimating annual escrow payments, and all other charges that, as provided
        in
        the Mortgage, will become due and payable, so that the installments payable
        by
        the Mortgagors will be sufficient to pay such charges as and when they become
        due and payable.

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, to foreclose upon or otherwise comparably convert
        the ownership of properties securing such of the Mortgage Loans as come into
        and
        continue in default and as to which no satisfactory arrangements can be made
        for
        collection of delinquent payments pursuant to Section 4.01. . Loan shall
        be
        demanded within 90 days of default for Mortgaged Properties for which no
        satisfactory arrangements can be made for collection of delinquent payments,
        subject to state and federal law and regulation. Foreclosure or comparable
        proceedings shall be initiated within one
        hundred twenty (120) days of default for Mortgaged Properties for which no
        satisfactory arrangements can be made for collection of delinquent payments,
        subject to state and federal law and regulation. In the event any payment
        due
        under any Mortgage Loan is not paid when the same becomes due and payable,
        or in
        the event the Mortgagor fails to perform any other covenant or obligation
        under
        the Mortgage Loan and such failure continues beyond any applicable grace
        period,
        the Company will proceed diligently to collect all payments due and shall
        take
        such action, including commencing foreclosure, as it shall reasonably deem
        to be
        in the best interests of the Purchaser in a manner consistent with Accepted
        Servicing Practices,
        subject
        to state and federal law and regulation. The Company shall use its best efforts
        to realize upon defaulted Mortgage Loans in such manner as will maximize
        the
        receipt of principal and interest by the Purchaser, taking into account,
        among
        other things, the timing of foreclosure proceedings. The foregoing is subject
        to
        the provisions that, in any case in which a Mortgaged Property shall have
        suffered damage, the Company shall not be required to expend its own funds
        toward the restoration of such property unless it shall determine in its
        discretion (i) that such restoration will increase the proceeds of liquidation
        of the related Mortgage Loan to the Purchaser after reimbursement to itself
        for
        such expenses, and (ii) that such expenses will be recoverable by the Company
        through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
        Property, as contemplated in Section 4.05. Company shall obtain prior approval
        of Purchaser as to repair or restoration expenses in excess of ten thousand
        dollars ($10,000). The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds deposited in the Custodial
        Account, which shall be deposited within 24 hours of receipt, shall at all
        times
        be insured by the FDIC up to the FDIC insurance limits, or must be invested
        in
        Permitted Investments for the benefit of the Purchaser. Funds deposited in
        the
        Custodial Account may be drawn on by the Company in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a letter
        agreement in the form shown in Exhibit B hereto. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        the
        request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

      (i) all
        payments on account of principal, including Principal Prepayments, on the
        Mortgage Loans;

      

      (ii)
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with respect to each full or partial Principal Prepayment, any Prepayment
        Interest Shortfalls, to the extent of the Company’s aggregate Servicing Fee
        received with respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
        to
        clear and terminate the Escrow Account on the termination of this Agreement.
        As
        part of its servicing duties, the Company shall pay to the Mortgagors interest
        on funds in Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary
        Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Company will not cancel or refuse to renew any Primary Mortgage Insurance
        Policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Company shall not take any action which would result in
        non-coverage under any applicable Primary Mortgage Insurance Policy of any
        loss
        which, but for the actions of the Company would have been covered thereunder.
        In
        connection with any assumption or substitution agreement entered into or
        to be
        entered into pursuant to Section 6.01, the Company shall promptly notify
        the
        insurer under the related Primary Mortgage Insurance Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy. If such Primary Mortgage Insurance Policy is terminated as a result
        of
        such assumption or substitution of liability, the Company shall obtain a
        replacement Primary Mortgage Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
        4.04,
        any amounts collected by the Company under any Primary Mortgage Insurance
        Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The Company shall, either itself or through
        an agent selected by the Company, and in accordance with the Fannie Mae Guides
        manage, conserve, protect and operate each REO Property in the same manner
        that
        it manages, conserves, protects and operates other foreclosed property for
        its
        own account, and in the same manner that similar property in the same locality
        as the REO Property is managed. The Company shall cause each REO Property
        to be
        inspected promptly upon the acquisition of title thereto and shall cause
        each
        REO Property to be inspected at least monthly thereafter or more frequently
        as
        required by the circumstances. The Company shall make or cause to be made
        a
        written report of each such inspection. Such reports shall be retained in
        the
        Mortgage File and copies thereof shall be forwarded by the Company to the
        Purchaser upon request.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids. 

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on paper or a disk or tape or other computer-readable format
        in
        such format as may be mutually agreed upon by both Purchaser and Company,
        and no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

      

      Section
        5.05 Prepayment
        Interest Shortfalls.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date in
        the month following the related Prepayment Period, the Company shall deposit
        in
        the Custodial Account an amount equal to any Prepayment Interest Shortfalls
        with
        respect to such Prepayment Period, which in the aggregate shall not exceed
        the
        Company’s aggregate Servicing Fee received with respect to the related Due
        Period.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy,
        if any.
        If the Company reasonably believes it is unable under applicable law to enforce
        such "due-on-sale" clause, the Company, with the approval of the Purchaser,
        will
        enter into an assumption agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed, pursuant to which
        such
        person becomes liable under the Mortgage Note and, to the extent permitted
        by
        applicable state law, the Mortgagor remains liable thereon. Where an assumption
        is allowed pursuant to this Section 6.01, the Company, with the prior consent
        of
        the Purchaser and the primary mortgage insurer, if any, is authorized to
        enter
        into a substitution of liability agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed pursuant to which
        the
        original mortgagor is released from liability and such Person is substituted
        as
        mortgagor and becomes liable under the related Mortgage Note. Any such
        substitution of liability agreement shall be in lieu of an assumption agreement.
        

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Company and delivery
        to the Purchaser of a servicing receipt signed by a Servicing Officer, release
        the portion of the Mortgage File held by the Purchaser to the Company. Such
        servicing receipt shall obligate the Company to return the related Mortgage
        documents to the Purchaser when the need therefor by the Company no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the Custodial
        Account or the Mortgage File or such document has been delivered to an attorney,
        or to a public trustee or other public official as required by law, for purposes
        of initiating or pursuing legal action or other proceedings for the foreclosure
        of the Mortgaged Property either judicially or non-judicially, and the Company
        has delivered to the Purchaser a certificate of a Servicing Officer certifying
        as to the name and address of the Person to which such Mortgage File or such
        document was delivered and the purpose or purposes of such delivery. Upon
        receipt of a certificate of a Servicing Officer stating that such Mortgage
        Loan
        was liquidated, the servicing receipt shall be released by the Purchaser
        to the
        Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than February 28th
        of each
        year, beginning March 15, 2006, an
        executed Officers' Certificate acceptable to the Purchaser stating, as to
        each
        signatory thereof, that (i) a review of the activities of the Company during
        the
        preceding calendar year and of performance under this Agreement has been
        made
        under such officers' supervision, and (ii) to the best of such officers'
        knowledge, based on such review, the Company has fulfilled all of its
        obligations under this Agreement throughout such year, or, if there has been
        a
        default in the fulfillment of any such obligation, specifying each such default
        known to such officers and the nature and status of cure provisions thereof.
        Such Officers’ Certificate shall contain no restrictions or limitations on its
        use. Copies of such statement shall be provided by the Company to the Purchaser
        upon request.

      

      If
        the
        Company cannot deliver the related Officers’ Certificate by March 15th
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Officers’ Certificate, but in no event later than March
        22nd
        of such
        year.

       

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, and
        Purchaser may, in addition to whatever rights the Purchaser may have under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Company under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Company for the same, as provided in Section
        9.01. Such termination shall be considered with cause pursuant to Section
        10.01
        of this Agreement. This paragraph shall supercede any other provision in
        this
        Agreement or any other agreement to the contrary.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      The
        Company, at its expense and not later than March 15th
        of each
        year, beginning March 15, 2006, shall cause a firm of independent public
        accountants which is a member of the American Institute of Certified Public
        Accountants to furnish a statement to the Purchaser acceptable to the Purchaser
        to the effect that such firm has examined certain documents and records relating
        to the Company's servicing of mortgage loans of the same type as the Mortgage
        Loans pursuant to servicing agreements substantially similar to this Agreement,
        which agreements may include this Agreement, and that, on the basis of such
        an
        examination, conducted substantially in the uniform single audit program
        for
        mortgage bankers, such firm is of the opinion that the Company's servicing
        has
        been conducted in compliance with the agreements examined pursuant to this
        Section 6.05, except for (i) such exceptions as such firm shall believe to
        be
        immaterial, and (ii) such other exceptions as shall be set forth in such
        statement. Such statement shall contain no restrictions or limitations on
        its
        use. Copies of such statement shall be provided by the Company to the Purchaser.
        In addition, on an annual basis, Company shall provide Purchaser with copies
        of
        its audited financial statements.

      

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically,
        without notice and without any cure period, and Purchaser may, in addition
        to
        whatever rights the Purchaser may have under Sections 3.03 and 8.01 and at
        law
        or equity or to damages, including injunctive relief and specific performance,
        terminate all the rights and obligations of the Company under this Agreement
        and
        in and to the Mortgage Loans and the proceeds thereof without compensating
        the
        Company for the same,
        as
        provided in Section 9.01. Such termination shall be considered with cause
        pursuant to Section 10.01 of this Agreement.
        This
        paragraph shall supercede any other provision in this Agreement or any other
        agreement to the contrary.

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        federal government, FDIC, OTS, or any other similar regulations.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement
        or in any way related to the alleged breach of any representation or warranty
        in
        Sections 3.01 or 3.02 of this Agreement related to compliance with all
        applicable laws. The Company shall immediately notify the Purchaser if a
        claim
        is made by a third party against Company with respect to this Agreement or
        the
        Mortgage Loans, assume (with the consent of the Purchaser) the defense of
        any
        such claim and pay all expenses in connection therewith, including counsel
        fees,
        whether or not such claim is settled prior to judgment, and promptly pay,
        discharge and satisfy any judgment or decree which may be entered against
        it or
        the Purchaser in respect of such claim. The Company shall follow any written
        instructions received from the Purchaser in connection with such claim. The
        Purchaser shall promptly reimburse the Company for all amounts advanced by
        it
        pursuant to the two preceding sentences except when the claim relates to
        the
        failure of the Company to service and administer the Mortgages in strict
        compliance with the terms of this Agreement, the breach of representation
        or
        warranty set forth in Sections 3.01 or 3.02, or the gross negligence, bad
        faith
        or willful misconduct of Company. The provisions of this Section 8.01 shall
        survive termination of this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole discretion,
        but if
        the purchaser of the Company’s assetshas the qualifications set forth in Section
        8.02, then the Purchaser will not unreasonably withhold consent.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      
 

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshalling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

      (iv)
        the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceedings of or relating to the Company
        or
        of or relating to all or substantially all of its property; or

      

      (v)
        the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement. Termination of the Agreement pursuant
        to Section 10.01 (iii) shall void Purchaser’s obligation to purchase Mortgage
        Loans for which Purchaser has issued a Confirmation, commitment confirmation
        or
        a substantially similar commitment to purchase Mortgage Loans.

      

      Section
        10.02 Termination
        Without Cause.

      

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. In the event that the Company
        is
        terminated pursuant to this Section 10.02 without cause, the Purchaser shall
        solicit, by public announcement, bids from three organizations reasonably
        acceptable to the Purchaser for the purchase of the servicing functions.
        Following receipt of such bids, the Purchaser shall either (a) negotiate
        and
        effect the transfer, sale and assignment of the Agreement to the party
        submitting the highest satisfactory bid, which purchase price shall be paid
        to
        the Company upon transfer of the servicing rights and obligations under this
        Agreement to the Company’s successor, or (b) pay to the Company a termination
        fee equal to the amount of the party submitting the highest satisfactory
        bid.
        Notwithstanding anything herein to the contrary, the Purchaser shall deduct
        all
        costs and expenses of any public announcement and any other expenses relating
        to
        the sale, transfer and assignment of this Agreement from the sum payable
        to
        Company pursuant to the previous sentence.

      

      Section
        10.03 Survival.

       

      Termination
        of this Agreement under Section 10.01 or Section 10.02 shall not affect any
        of
        the Company’s obligations regarding repurchase, indemnification or otherwise,
        all of which shall survive such termination and remain in full force and
        effect.

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)            
        if
        to the
        Company:

       

      Michael
        T. Stilb / Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14043

      

      (ii)           if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Mary Haggerty

      Telecopier
        No.: (212) 272-5591

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)   
        the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)  
        the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley
        Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
        (ii) shall not use Consumer Information in any manner inconsistent with any
        applicable laws and regulations regarding the privacy and security of Consumer
        Information, (iii) shall not disclose Consumer Information to third parties
        except at the specific written direction of the Purchaser, (iv) shall maintain
        adequate physical, technical and administrative safeguards to protect Consumer
        Information from unauthorized access as provided by the applicable laws and
        regulations, and (v) shall immediately notify the Purchaser of any actual
        or
        suspected breach of the confidentiality of Consumer Information that would
        have
        a material and adverse effect on the Purchaser.

      The
        Company agrees that the Company shall indemnify, defend and hold the Purchaser
        harmless from and against any loss, claim or liability the Purchaser may
        suffer
        by reason of the Company's failure to perform the obligations set forth in
        this
        Section 11.10.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Signature
        Pages/Counterparts; Successors and Assigns.
        

      

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party. The Purchaser may deliver a copy of this Agreement
        and/or any Term Sheet, fully executed as provided herein, to each other party
        hereto by mail and/or courier and/or Electronic Transmission, and such copy
        as
        so delivered shall constitute a fully executed original Agreement or Term
        Sheet,
        as applicable, superseding any prior form of the Agreement or Term Sheet,
        as
        applicable, that differs therefrom in any respect. This Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successor and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this Agreement.
        Notwithstanding anything to the contrary in this Section 11.18, the Company
        agrees that it is required to perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affilates for disclosure contained in any offering document relating to the
        Company or its affilates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

      
        
           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION

                    Purchaser

                  
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                  

          

           

          
            	 	 	 
	 	
                    HSBC
                      MORTGAGE CORPORATION (USA) 

                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                  

          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
         Except
        as
        provided below and for each Mortgage Loan that is not a MERS Mortgage
        Loan,
        the
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company. With respect to each MERS
        Mortgage Loan, the original Mortgage, noting the presence of the MIN of the
        Mortgage Loans and either language indicating that the Mortgage Loan is a
        MOM
        Loan or if the Mortgage Loan was not a MOM Loan at origination, the original
        Mortgage and the assignment thereof to MERS, with evidence of recording
        indicated thereon, or a copy of the Mortgage certified by the public recording
        office in which such Mortgage has been recorded.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. In
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, the
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. In
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, originals of
        all
        recorded intervening Assignments, or copies thereof, certified by the public
        recording office in which such Assignments have been recorded showing a complete
        chain of title from the originator to the Company, with evidence of recording
        thereon, or a copy thereof certified by the public recording office in which
        such Assignment has been recorded or, if the original Assignment has not
        been
        returned from the applicable public recording office, a true certified copy,
        certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
         Residential
        loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      

      (B)
         With
        respect to each Co-op Loan, as applicable and as required by the applicable
        laws
        of the state in which the related Cooperative apartment is located, copies
        of:
        (A) the proprietary lease, (B) the security agreement, (C) the assignment
        of the
        proprietary lease, with all intervening assignments showing a complete chain
        of
        title and an assignment thereof by such Seller, (D) the original stock
        certificate evidencing the ownership of the Cooperative apartment endorsed
        or
        accompanied by a stock power relating to such stock certificate executed
        in
        blank, (E) a recognition agreement in form approved by Seller’s underwriting
        guidelines, in substantially the same form as the standard “AZTECH” form, (F)
        copies of the financing statement filed by the applicable Company as secured
        party and, if applicable, a filed UCC-3 assignment of the subject security
        interest showing a complete chain of title, together with an executed UCC-3
        Assignment of such security interest by the Company in a form sufficient
        for
        filing, and (G) such other documents as are necessary for the perfection
        of a
        lien against the related Co-op Loan ownership interests under applicable
        law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2002

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        May 1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as a Custodial Account
        pursuant to Section 4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

       

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	 	 	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA)

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2002

      

      To:         
        [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of May
        1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"), we hereby authorize
        and request you to establish an account, as an Escrow Account pursuant to
        Section 4.06 of the Agreement, to be designated as
        "[__________________________], in trust for the [Purchaser], Owner of Adjustable
        Rate Mortgage Loans, and various Mortgagors." All deposits in the account
        shall
        be subject to withdrawal therefrom by order signed by the Company. This letter
        is submitted to you in duplicate. Please execute and return one original
        to
        us.

       

      
        	 	 	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA)

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and HSBC Mortgage Corporation
        (USA) (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of May 1, 2002, between Assignor and Company
        (the
“Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        	(c)  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this PAAR Agreement is in the ordinary course of Company’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this PAAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on part of Company. This PAAR Agreement has been duly executed
                  and
                  delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

      

      
        	(d)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;
                  and

              

      

      

      
        	(e)  	
                No
                  event has occurred
                  from the Closing Date to the date hereof which would render the
                  representations and warranties as to the related Assigned Loans
                  made by
                  the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to be
                  untrue in any material respect.

              

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)          
        In
        the
        case of Company:

      HSBC
        MORTGAGE CORPORATION (USA) 

         Lori
        Miller / Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14043

       

      With
        a copy to:

       

      (b)          
        In
        the
        case of Assignor:

      [Name
        and address] 

      

      (c)           In
        the
        case of Assignee:

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15. The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        to
        the extent such proceeds are not to be applied to the restoration of the
        related
        Mortgaged Property or released to the Mortgagor in accordance with Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        	 	 	 
	 	
                
                  EMC
                    MORTGAGE CORPORATION

                  Assignor

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              
	 	 	 
	 	 	 
	 	 	 
	 	
                
Assignee

      

       

      
        	 	 	 
	 	
                
                   

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      
        	 	 	 
	 	
                
                  
                    HSBC
                      MORTGAGE CORPORATION (USA)

                    Company

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

       

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between HSBC Mortgage Corporation
        (USA), a Delaware corporation, located at 2929 Walden Avenue, Depew, New
        York
        14043 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving,
        Texas
        75038 (the "Purchaser") is made pursuant to the terms and conditions of that
        certain Purchase, Warranties and Servicing Agreement (the "Agreement") dated
        as
        of May 1, 2002, between the Company and the Purchaser, the provisions of
        which
        are incorporated herein as if set forth in full herein, as such terms and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.            
        Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate: 

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate: 

       

      Except
        as
        modified herein, Section 8.01 of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        	 	 	 
	 	
                
                  
                    HSBC
                      MORTGAGE CORPORATION (USA)

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

          

      
        	 	 	 
	 	
                
                  
                    
                      EMC
                        MORTGAGE CORPORATION

                    

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      [RESERVED]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      
        	·  	
                The
                  Company shall (i) possess the ability to service into a securitization;
                  (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through
                  the liquidation of an REO Property), (iii) make compensating interest
                  payments on payoffs and curtailments and (iv) remit and report
                  to a master
                  servicer in format acceptable to such master servicer by the
                  18th
                  calendar day of each month, unless otherwise provided in the
                  securitization documents.

              

      

      

      
        	·  	
                The
                  Company shall provide an acceptable annual certification (officer’s
                  certificate) to the master servicer (as required by the Sarbanes-Oxley
                  Act
                  of 2002) as well as any other annual certifications required under
                  the
                  securitization documents (i.e. the annual statement as to
                  compliance/annual independent certified public accountants’ servicing
                  report due by March 15 of each
                  year).

              

      

      

      
        	·  	
                The
                  Company shall allow for the Purchaser, the master servicer or their
                  designee to perform a review of audited financials and net worth
                  of the
                  Company.

              

      

      

      
        	·  	
                The
                  Company shall provide a Uniform Single Attestation Program certificate
                  and
                  Management Assertion as requested by the master servicer or the
                  Purchaser.

              

      

      

      
        	·  	
                The
                  Company shall provide information on each Custodial Account as
                  requested
                  by the master servicer or the Purchaser, and each Custodial Accounts
                  shall
                  comply with the requirements for such accounts as set forth in
                  the
                  securitization documents.

              

      

      

      
        	·  	
                The
                  Company shall maintain its servicing system in accordance with
                  the
                  requirements of the master
                  servicer.

              

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q-5

    

    MID
      AMERICA SERVICING AGREEMENT

    

    

    

       

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      MID
        AMERICA
        BANK, FSB

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of February 1, 2006

      

      

      
 

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

      
 

      TABLE
        OF CONTENTS

      

      ARTICLE
        I

      

      

      
        	Section
                1.01	
                Defined
                  Terms

              

      

      

      ARTICLE
        II

      

      
        	Section
                2.01	
                Agreement
                  to Purchase

              

      

      
        	Section
                2.02	
                Purchase
                  Price

              

      

      
        	Section
                2.03	
                Reserved

              

      

      
        	Section
                2.04	
                Record
                  Title and Possession of Mortgage Files;

                Maintenance of Servicing
                  Files

              

      

      
        	Section
                2.05	
                Books
                  and Records

              

      

      
        	Section
                2.06	
                Transfer
                  of Mortgage Loans

              

      

      
        	Section
                2.07	
                Delivery
                  of Mortgage Loan Documents

              

      

      
        	Section
                2.08	
                Quality
                  Control Procedures

              

      

      
        	Section
                2.09	
                Near-term
                  Principal Prepayments; 

                Near
                  Term Payment Defaults

              

      

      

      ARTICLE
        III

      

      
        
          	Section
                  3.01	
                  Representations
                    and Warranties of the Company

                

        

        
          
            	Section
                    3.02	
                    Representations
                      and Warranties as to 

                    Individual
                      Mortgage Loans

                  

          

        

      

      
        
          
            
              
                	Section
                        3.03	
                        Repurchase;
                          Substitution

                      

              

            

          

        

      

      
        
          
            	
                    Section
                      3.04

                  	
                    Representations
                      and Warranties of the
                      Purchaser

                  

          

        

      

      

      ARTICLE
        IV

      

      
        	Section
                4.01	
                Company
                  to Act as Servicer

              

      

      
        	Section
                4.02	
                Collection
                  of Mortgage Loan Payments

              

      

      
        	Section
                4.03	
                Realization
                  Upon Defaulted Mortgage

              

      

      
        	Section
                4.04	
                Establishment
                  of Custodial Accounts; 

                Deposits in Custodial
                  Accounts

              

      

      
        	Section
                4.05	
                Permitted
                  Withdrawals from the 

                Custodial
                  Account

              

      

      
        	Section
                4.06	
                Establishment
                  of Escrow Accounts; 

                Deposits
                  in Escrow Accounts

              

      

      
        	Section
                4.07	
                Permitted
                  Withdrawals From Escrow Account

              

      

      
        	Section
                4.08	
                Payment
                  of Taxes, Insurance and Other

                Charges; Maintenance of Primary
                  Mortgage

                InsurancePolicies;
                  Collections Thereunder 

              

      

      
        	Section 4.09	
                Transfer of
                  Accounts

              

      

      
        	
                Section
                  4.10

              	
                Maintenance
                  of Hazard Insurance

              

      

      
        	Section
                4.11	
                Maintenance
                  of Mortgage Impairment

                Insurance
                  Policy

              

      

      
        	Section
                4.12	
                Fidelity
                  Bond, Errors and Omissions

                Insurance

              

      

      
        	Section
                4.13	
                Title,
                  Management and Disposition of REO
                  Property

              

      

      
        	Section
                4.14	
                Notification
                  of Maturity Date

              

      

      

      ARTICLE
        V

      

      
        	Section
                5.01	
                Distributions

              

      

      
        	Section
                5.02	
                Statements
                  to the Purchaser

              

      

      
        	Section
                5.03	
                Monthly
                  Advances by the Company

              

      

      
        	Section
                5.04	
                Liquidation
                  Reports

              

      

      

      ARTICLE
        VI

      

      
        	Section
                6.01	
                Assumption
                  Agreements

              

      

      
        	Section
                6.02	
                Satisfaction
                  of Mortgages and Release

                of Mortgage
                  Files

              

      

      
        	Section
                6.03	
                Servicing
                  Compensation

              

      

      
        	Section
                6.04	
                Reserved

              

      

      
        	Section
                6.05	
                Reserved

              

      

      
        	Section
                6.06	
                Purchaser’s
                  Right to Examine Company Records

              

      

      

      ARTICLE
        VII

      

      
        	Section
                7.01	
                Company
                  Shall Provide Information as Reasonably 

                Required

              

      

      

      ARTICLE
        VIII

      

      
        	Section
                8.01	
                Indemnification;
                  Third Party Claims

              

      

      
        	Section
                8.02	
                Merger
                  or Consolidation of the Company

              

      

      
        	Section
                8.03	
                Limitation
                  on Liability of the Company and
                  Others

              

      

      
        	Section
                8.04	
                Company
                  Not to Assign or Resign

              

      

      
        	Section
                8.05	
                No
                  Transfer of Servicing

              

      

      ARTICLE
        IX

      

      
        	Section
                9.01	
                Events
                  of Default

              

      

      
        	Section
                9.02	
                Waiver
                  of Defaults

              

      

      

      ARTICLE
        X

      

      
        	Section
                10.01	
                Termination

              

      

      

      ARTICLE
        XI

      

      
        	Section
                11.01	
                Successor
                  to the Company

              

      

      
        	Section
                11.02	
                Amendment

              

      

      
        	Section
                11.03	
                Reserved

              

      

      
        	Section
                11.04	
                Governing
                  Law

              

      

      
        	Section
                11.05	
                Notices

              

      

      
        	Section
                11.06	
                Severability
                  of Provisions

              

      

      
        	Section
                11.07	
                Exhibits

              

      

      
        	Section
                11.08	
                General
                  Interpretive Principles

              

      

      
        	Section
                11.09	
                Reproduction
                  of Documents

              

      

      
        	Section
                11.10	
                Confidentiality
                  of Information

              

      

      
        	Section
                11.11	
                Recordation
                  of Assignment of Mortgage

              

      

      
        	Section
                11.12	
                Assignment

              

      

      
        	Section
                11.13	
                No
                  Partnership

              

      

      
        	Section
                11.14	
                Signature
                  Pages/Counterparts; Successors and
                  Assigns

              

      

      
        	Section
                11.15	
                Entire
                  Agreement

              

      

      
        	Section
                11.16	
                No
                  Solicitation

              

      

      
        	Section
                11.17	
                Closing

              

      

      
        	Section
                11.18	
                Reserved

              

      

      
        	Section
                11.19	
                Monthly
                  Reporting with Respect to a
                  Reconstitution

              

      

      

      EXHIBITS

      
        	
              	A	
                Contents
                  of Mortgage File

              

      

      
        	
              	B	
                Custodial
                  Account Letter Agreement

              

      

      
        	
              	C	
                Escrow
                  Account Letter Agreement

              

      

      
        	
              	D	
                Form
                  of Purchase, Assignment, Assumption and Recognition
                  Agreement

              

      

      
        	
              	E	
                Form
                  of Trial Balance

              

      

      
        	
              	F	
                [Reserved]

              

      

      
        	
              	G	
                Request
                  for Release of Documents and
                  Receipt

              

      

      
        	
              	H	
                Company’s
                  Underwriting Guidelines

              

      

      
        	
              	I	
                Term
                  Sheet

              

      

      
        	
              	J	
                Reconstituted
                  Mortgage Loan Reporting

              

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of February 1, 2006
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038,
        and
Mid
        America Bank, fsb, with offices located at 2650 Warrenville Road, Suite 500,
        Downers Grove, Illinois 60515.

      

      

      W I T N E&am
p;am
        p;#1 60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on
        a
        servicing retained basis;
        

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

       

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        With
        respect to each adjustable rate Mortgage Loan, the date on which the Mortgage
        Interest Rate is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the Origination
        Date
        of the Mortgage Loan by a Qualified Appraiser. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or State of Illinois, or (iii) a day on which banks in the State
        of New
        York or State of Illinois are authorized or obligated by law or executive
        order
        to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code: The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
         Mid
        America Bank, fsb, its successors in interest and assigns, as permitted by
        this
        Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President,
        Secretary or Treasurer of the Company stating the date by which the Company
        expects to receive any missing documents sent for recording from the applicable
        recording office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Consumer
        Information:
        Information including, but not limited to, all personal information about
        Mortgagors that is supplied to the Purchaser by or on behalf of the
        Company.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by a Qualified Appraiser) at the request
        of a
        Mortgagor for the purpose of canceling a Primary Mortgage Insurance Policy
        in
        accordance with federal, state and local laws and regulations or otherwise
        made
        at the request of the Company or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "Mid America Bank, fsb, in trust for the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        With
        respect to each Mortgage Loan, the day of the month on which the Monthly
        Payment
        is due on a Mortgage Loan, exclusive of any days of grace, which is the first
        day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Electronic
        Transmission:
        As
        defined in Section 11.14.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        An
        institution having (i) the highest short-term debt rating, and one of the
        two
        highest long-term debt ratings of each Rating Agency; or (ii) with respect
        to
        any Custodial Account, an unsecured long-term debt rating of at least one
        of the
        two highest unsecured long-term debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "Mid America Bank, fsb, in trust for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors", in the name
        of
        the Person that is the "Purchaser" with respect to the related Mortgage
        Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other related document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
        amended, from time to time, and in effect.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles in the United States of America,
        consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development, or any successor
        thereto.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: With
        respect to
        each
        adjustable rate Mortgage Loan, where applicable, the maximum increase or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Paid Mortgage Insurance Rate:
        A rate
        per annum equal to the percentage shown on the Mortgage Loan
        Schedule.

      

      Lender
        Primary Mortgage Insurance Policy:
        Any
        Primary Mortgage Insurance Policy for which premiums are paid by the Company.
        

      

      Lifetime
        Rate Cap:
        With
        respect to each adjustable rate Mortgage Loan, the maximum Mortgage Interest
        Rate over the term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        The
        proceeds received in connection with the liquidation of a defaulted Mortgage
        Loan, whether through the sale or assignment of such Mortgage Loan, trustee's
        sale, foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, and (ii) the lesser
        of the
        Appraised Value of the Mortgaged Property or the Sales Price of the Mortgaged
        Property with respect to all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        With
        respect to each Mortgage Loan, the mortgage, deed of trust or other instrument
        securing a Mortgage Note which creates a first lien or first priority ownership
        in an estate in fee simple in real property on the Mortgaged
        Property.

      

      Mortgage
        File:
        The
        Mortgage Loan Documents pertaining to a particular Mortgage Loan, and any
        additional documents required to be added to the Mortgage File pursuant to
        this
        Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        Each
        mortgage loan originally sold to the Purchaser and subject to this Agreement
        being identified on the Mortgage Loan Schedule attached to the related Term
        Sheet, which Mortgage Loan includes without limitation the Mortgage File,
        the
        Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation
        Proceeds, Insurance Proceeds, REO Disposition Proceeds, and all other rights,
        benefits, proceeds and obligations arising from or in connection with such
        Mortgage Loan, excluding replaced or repurchased Mortgage Loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in Exhibit
        A
        hereto
        pertaining to any Mortgage Loan.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        sold
        pursuant to such Term Sheet:

      

      
        (1)the
          Company's Mortgage Loan identifying number;

      

      

      
        (2)the
          Mortgagor's first and last name;

      

      

      
        (3)the
          street address of the Mortgaged Property including the city, state and
          zip
          code;

      

      

      
        (4)a
          code
          indicating whether the Mortgaged Property is owner-occupied, a second home
          or an
          investor property;

      

      

      
        (5)the
          type
          of residential property constituting the Mortgaged Property;

      

      

      
        (6)the
          original months to maturity of the Mortgage Loan;

      

      

      
        (7)the
          remaining months to maturity from the related Cut-off Date, based on the
          original amortization schedule and, if different, the maturity expressed
          in the
          same manner but based on the actual amortization schedule;

      

      

      
        (8)the
          Sales
          Price, if applicable, Appraised Value and Loan-to-Value
          Ratio;

      

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

      (12) the
        amount of the Monthly Payment at origination;

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

      (14) the
        original principal amount of the Mortgage Loan; 

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, Equity Take-Out Refinanced Mortgage Loan); 

      

      (17)
        a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled Due Date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      (20)
        a
        code
        indicating whether or not the Mortgage Loan is the subject of a Primary Mortgage
        Insurance Policy and the name of the related insurance carrier; 

      

      (21)
        a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
        the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
        product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      (24)
        credit
        score, if applicable;

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof;

      

      (27)
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable;

      

      (28)
        whether
        such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defined in the
        New Jersey Home Ownership Security Act of 2002;

      

      (29)
        whether
        the Mortgage Loan has
        a mandatory arbitration clause;
        and

      

      (30)
        whether
        the Mortgage Loan is “interest-only”
        “negative amortization”.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        original executed note or other evidence of the indebtedness of a Mortgagor
        secured by a Mortgage.

      

      Mortgaged
        Property:
        With
        respect to each Mortgage Loan, the underlying real property securing repayment
        of the related Mortgage Note, consisting of a single parcel of real estate
        considered to be real estate under the laws of the state in which such real
        property is located which may include condominium units and planned unit
        developments, improved by a residential dwelling; except that with respect
        to
        real property located in jurisdictions in which the use of leasehold estates
        for
        residential properties is a widely-accepted practice, a leasehold estate
        of the
        Mortgage, the term of which is equal to or longer than the term of the Mortgage.
        

      

      Mortgagor:
        With
        respect to each Mortgage Loan, the obligor on the related Mortgage Note.
        

       

      Nonrecoverable
        Advance:
        Any
        portion of a Monthly Advance or Servicing Advance previously made or proposed
        to
        be made by the Company pursuant to this Agreement, that, in the good faith
        judgment of the Company, will not or, in the case of a proposed advance,
        would
        not, be ultimately recoverable by it from the related Mortgagor or the related
        Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
        with respect to the related Mortgage Loan.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

      Pass-Through
        Transfer:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Periodic
        Rate Cap:
        With
        respect to each adjustable rate Mortgage Loan, the maximum increase or decrease
        in the Mortgage Interest Rate on any Adjustment Date, as set forth in the
        related Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency;

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

      Person:
        Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, limited liability company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

      Prepayment
        Period: With
        respect to any Remittance Date, the calendar month preceding the month in
        which
        such Remittance Date occurs.

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder, all as in effect on the date the Mortgage
        Loan was originated.

      

      Qualified
        Insurer:
        A
        mortgage insurance company duly authorized and licensed as such under the
        laws
        of the states in which the related Mortgaged Property is located and approved
        as
        an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Reconstituted
        Mortgage Loans:
        As
        defined in Section 11.19. 

      

      Reconstitution:
        As
        defined in Section 11.18. 

      

      Reconstitution
        Agreement:
        As
        defined in Section 11.18. 

      

      Reconstitution
        Date:
        As
        defined in Section 11.18. 

      

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        (x) 100% or (y) the percentage of par as stated in the related Term Sheet;
        multiplied by the Stated Principal Balance of such Mortgage Loan on the
        repurchase date, plus (ii) interest on such Stated Principal Balance at the
        Mortgage Loan Remittance Rate from the last date through which interest has
        been
        paid and distributed to the Purchaser to the end of the month of repurchase,
        plus, (iii) reasonable and necessary third party expenses incurred in connection
        with the transfer of the Mortgage Loan being repurchased; less amounts received
        or advanced in respect of such repurchased Mortgage Loan which are being
        held in
        the Custodial Account for distribution in the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon the Purchaser’s
        request, provides documentation supporting such expense (which documentation
        would be acceptable to Fannie Mae), and provided further that any such
        enforcement, administrative or judicial proceeding does not arise out of
        a
        breach of any representation, warranty or covenant of the Company hereunder),
        (c) the management and liquidation of the Mortgaged Property if the Mortgaged
        Property is acquired in full or partial satisfaction of the Mortgage, (d)
        taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the unpaid
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05(iii) and in accordance
        with the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
        A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit
        I
        which
        shall be executed and delivered by the Company and the Purchaser to provide
        for
        the sale and servicing pursuant to the terms of this Agreement of the Mortgage
        Loans listed on Schedule I attached thereto, which supplemental agreement
        shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      Whole
        Loan Transfer:
        As
        defined in Section 11.18.

       

       

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      From
        time
        to time, the Company agrees to sell and the Purchaser agrees to purchase
        the
        Mortgage Loans having an aggregate Stated Principal Balance on the related
        Cut-off Date set forth in the related Term Sheet in an amount as set forth
        in
        the Confirmation, or in such other amount as agreed by the Purchaser and
        the
        Company as evidenced by the actual aggregate Stated Principal Balance of
        the
        Mortgage Loans accepted by the Purchaser on the related Closing Date, with
        servicing retained by the Company. The Company shall deliver the related
        Mortgage Loan Schedule attached to the related Term Sheet for the Mortgage
        Loans
        to be purchased on the related Closing Date to the Purchaser at least two
        (2)
        Business Days prior to the related Closing Date. The Mortgage Loans shall
        be
        sold pursuant to this Agreement, and the related Term Sheet shall be executed
        and delivered on the related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        “Purchase Price” for each Mortgage Loan shall be the percentage of par as stated
        in the related Term Sheet, multiplied by the Stated Principal Balance, as
        of the
        related Cut-off Date, of the Mortgage Loan listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet, after application of scheduled
        payments of principal due on or before the related Cut-off Date whether or
        not
        collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      The
        Purchaser shall be entitled to (1) all scheduled principal due after the
        related
        Cut-off Date, (2) all other recoveries of principal collected on or after
        the
        related Cut-off Date (provided, however, that all scheduled payments of
        principal due on or before the related Cut-off Date and collected by the
        Company
        or any successor servicer after the related Cut-off Date shall belong to
        the
        Company), and (3) all payments of interest on the Mortgage Loans net of
        applicable Servicing Fees (minus that portion of any such payment which is
        allocable to the period prior to the related Cut-off Date). The Stated Principal
        Balance of each Mortgage Loan as of the related Cut-off Date is determined
        after
        application of payments of principal due on or before the related Cut-off
        Date
        whether or not collected, together with any unscheduled principal prepayments
        collected prior to the related Cut-off Date; provided, however, that payments
        of
        scheduled principal and interest prepaid for a Due Date beyond the related
        Cut-off Date shall not be applied to the principal balance as of the related
        Cut-off Date. Such prepaid amounts (minus the applicable Servicing Fee) shall
        be
        the property of the Purchaser. The Company shall deposit any such prepaid
        amounts into the Custodial Account, which account is established for the
        benefit
        of the Purchaser for subsequent remittance by the Company to the
        Purchaser.

      

      Section
        2.03 [Reserved]

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. The Company will deliver the
        Mortgage Files to the Custodian designated by the Purchaser, on or before
        the
        related Closing Date, at the expense of the Company. The Company shall maintain
        a Servicing File consisting of a copy of the contents of each Mortgage File
        and
        the originals of the documents in each Mortgage File not delivered to the
        Purchaser. The Servicing File shall contain all documents necessary to service
        the Mortgage Loans. The possession of each Servicing File by the Company
        is at
        the will of the Purchaser, for the sole purpose of servicing the related
        Mortgage Loan, and such retention and possession by the Company is in a
        custodial capacity only. From the related Closing Date, the ownership of
        each
        Mortgage Loan, including the Mortgage Note, the Mortgage, the contents of
        the
        related Mortgage File and all rights, benefits, proceeds and obligations
        arising
        therefrom or in connection therewith, has been vested in the Purchaser. All
        rights arising out of the Mortgage Loans including, but not limited to, all
        funds received on or in connection with the Mortgage Loans and all records
        or
        documents with respect to the Mortgage Loans prepared by or which come into
        the
        possession of the Company shall be received and held by the Company in trust
        for
        the benefit of the Purchaser as the owner of the Mortgage Loans. Any portion
        of
        the Mortgage Files retained by the Company shall be appropriately identified
        in
        the Company's computer system to clearly reflect the ownership of the Mortgage
        Loans by the Purchaser. The Company shall release its custody of the contents
        of
        the Mortgage Files only in accordance with written instructions of the
        Purchaser, except when such release is required as incidental to the Company's
        servicing of the Mortgage Loans or is in connection with a repurchase of
        any
        Mortgage Loan or Loans with respect thereto pursuant to this Agreement and
        the
        related Term Sheet, such written instructions shall not be
        required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by the Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, the Company shall provide to any supervisory agents
        or examiners that regulate the Purchaser, including but not limited to, the
        OTS,
        the FDIC and other similar entities, access, during normal business hours,
        upon
        reasonable advance notice to the Company and without cost to the Company
        or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans; provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit
        D
        hereto
        executed by the transferee shall have been delivered to the Company. The
        Purchaser also shall advise the Company of the transfer. Upon receipt of
        notice
        of the transfer, the Company shall mark its books and records to reflect
        the
        ownership of the Mortgage Loans of such assignee, and the previous Purchaser
        shall be released from its obligations hereunder with respect to the Mortgage
        Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit
        A
        hereto
        shall be delivered by the Company to the Purchaser or its designee no later
        than
        three (3) Business Days prior to the related Closing Date pursuant to a bailee
        letter agreement. All other documents in Exhibit
        A
        hereto,
        together with all other documents executed in connection with the Mortgage
        Loan
        that the Company may have in its possession, shall be retained by the Company
        in
        trust for the Purchaser. If the Company cannot deliver the original recorded
        Mortgage Loan Documents or the original policy of title insurance, including
        riders and endorsements thereto, on the related Closing Date, the Company
        shall,
        promptly upon receipt thereof and in any case not later than 150 days from
        the
        related Closing Date, deliver such original documents, including original
        recorded documents, to the Purchaser or its designee (unless the Company
        is
        delayed in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office). If delivery
        is not
        completed within 150 days solely due to delays in making such delivery by
        reason
        of the fact that such documents shall not have been returned by the appropriate
        recording office, the Company shall deliver such document to Purchaser, or
        its
        designee, within such time period as specified in a Company's Officer's
        Certificate. In the event that documents have not been received by the date
        specified in the Company's Officer's Certificate, a subsequent Company's
        Officer's Certificate shall be delivered by such date specified in the prior
        Company's Officer's Certificate, stating a revised date for receipt of
        documentation. The procedure shall be repeated until the documents have been
        received and delivered. If delivery is not completed within 270 days solely
        due
        to delays in making such delivery by reason of the fact that such documents
        shall not have been returned by the appropriate recording office, the Company
        shall continue to use its best efforts to effect delivery as soon as possible
        thereafter, provided that if such documents are not delivered by the 330th
        day
        from the date of the related Closing Date, the Company shall repurchase the
        related Mortgage Loans at the Repurchase Price in accordance with Section
        3.03
        hereof unless the Company provides evidence that such non-delivery is solely
        due
        to delays by the appropriate recording office.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. The Company shall prepare, in
        recordable form, all assignments of mortgage necessary to assign the Mortgage
        Loans to the Purchaser, or its designee. The Company shall be responsible
        for
        recording the assignments of mortgage as directed by the Purchaser.

      

      The
        Company shall provide an original or duplicate original of the title insurance
        policy to the Purchaser or its designee within ninety (90) days of the receipt
        of the recorded documents (required for issuance of such policy) from the
        applicable recording office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        attached as an exhibit to the related Term Sheet or the certification delivered
        pursuant to this Section 2.07, or otherwise in writing and the Company shall
        cure or repurchase such Mortgage Loan in accordance with Section
        3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        thirty
        (30) days of their execution; provided, however, that the Company shall provide
        the Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within thirty (30) days of its execution, and shall
        provide the original of any document submitted for recordation or a copy
        of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within 120 days of its submission for
        recordation.

      

      From
        time
        to time, the Company may have a need (other than in connection with a payment
        in
        full, which is described more fully in Section 6.02 herein) for Mortgage
        Loan
        Documents to be released from the Purchaser, or its designee. The Purchaser
        shall, or shall cause its designee, upon the written request of the Company
        in
        the form attached hereto as Exhibit
        G,
        within
        ten (10) Business Days, deliver to the Company, any requested documentation
        previously delivered to the Purchaser as part of the Mortgage File, provided
        that such documentation is promptly returned to the Purchaser, or its designee,
        when the Company no longer requires possession of the document, and provided
        that during the time that any such documentation is held by the Company,
        such
        possession is in trust for the benefit of the Purchaser. 

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term
        Principal Prepayments; Near Term Payment Defaults.

      

      In
        the
        event any Principal Prepayment in full is made by a Mortgagor on or prior
        to
        three months (unless such other period is set forth in the related Confirmation
        and Term Sheet) after the related Closing Date, the Company shall, upon written
        notice thereof from the Purchaser received by the Company within sixty (60)
        days
        of the date of such prepayment in full, remit to the Purchaser an amount
        equal
        to the excess, if any, of the Purchase Price Percentage over par multiplied
        by
        the amount of such Principal Prepayment in full. Such remittance shall be
        made
        by the Company to the Purchaser no later than the seventh Business Day following
        receipt of such notice of Principal Prepayment by the Purchaser.

      

      In
        the
        event either of the first three (3) scheduled Monthly Payments (unless such
        other number of Monthly Payments is set forth in the related Confirmation
        or
        Term Sheet) which are due under any Mortgage Loan after the related Cut-off
        Date
        are not made during the month in which such Monthly Payments are due, then
        not
        later than seven (7) Business Days after written notice to the Company by
        the
        Purchaser (and at the Purchaser’s sole option), the Company, shall repurchase
        such Mortgage Loan from the Purchaser pursuant to the repurchase provisions
        contained in Subsection 3.03. However, if the Company provides evidence
        satisfactory to the Purchaser that the delinquency was due to a servicing
        set up
        error, no repurchase shall be required. 

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company.
        

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)
        The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its organization and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon the Company by any such state,
        and
        in any event the Company is in material compliance with the laws of any such
        state to the extent necessary to ensure the enforceability of each Mortgage
        Loan
        and the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has adequate power and authority and legal right to hold each Mortgage
        Loan, to sell each Mortgage Loan and to execute, deliver and perform, and
        to
        enter into and consummate all transactions contemplated by this Agreement
        and
        the related Term Sheet. The Company has duly authorized the execution, delivery
        and performance of this Agreement and the related Term Sheet and any agreements
        contemplated hereby, has duly executed and delivered this Agreement and the
        related Term Sheet, and any agreements contemplated hereby, and, assuming
        due
        authorization, execution and delivery by the Purchaser, this Agreement and
        the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, except as
        enforceability thereof may be limited by bankruptcy, insolvency or
        reorganization; 

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will violate the
        Company's charter or by-laws or constitute a default under or result in a
        material breach or acceleration of any material agreement or instrument to
        which
        the Company is now a party or by which it is bound, or result in the material
        violation of any law, rule, regulation, order, judgment or decree to which
        the
        Company or its properties are subject, or impair the ability of the Purchaser
        to
        enforce its rights under the Mortgage Loans.

      

      (d)
        There
        is no action, suit, proceeding or investigation pending or, to the best of
        the
        Company’s knowledge, threatened against the Company, or any order or decree
        outstanding, with respect to the Company which, either in any one instance
        or in
        the aggregate, could reasonably be expected to have a material adverse effect
        on
        the financial condition of the Company or seeks to prevent the consummation,
        performance or enforceability of any of the transactions contemplated by
        this
        Agreement.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the consummation of the transactions contemplated by this Agreement or the
        related Term Sheet, except for consents, approvals, authorizations and orders
        which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company, and the
        transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by
        the Company pursuant to this Agreement or the related Term Sheet are not
        subject
        to bulk transfer or any similar statutory provisions in effect in any applicable
        jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each
        Mortgage Loan is being (and has been) serviced in accordance with Accepted
        Servicing Practices and applicable state and federal laws, including, without
        limitation, the Federal Truth-In-Lending Act and other consumer protection
        laws,
        real estate settlement procedures, usury, equal credit opportunity and
        disclosure laws. With
        respect to escrow deposits and payments that the Company, on behalf of an
        investor, is entitled to collect, all such payments are in the possession
        of, or
        under the control of, the Company, and there exist no deficiencies in connection
        therewith for which customary arrangements for repayment thereof have not
        been
        made. All escrow payments have been collected in full compliance with state
        and
        federal law and the provisions of the related Mortgage Note and Mortgage.
        As to
        any Mortgage Loan that is the subject of an escrow, escrow of funds is not
        prohibited by applicable law and has been established in an amount sufficient
        to
        pay for every escrowed item that remains unpaid and has been assessed but
        is not
        yet due and payable. No escrow deposits or other charges or payments due
        under
        the Mortgage Note have been capitalized under any Mortgage or the related
        Mortgage Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i)
        The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j)
        The
        Company is an approved seller/servicer of residential mortgage loans for
        Fannie
        Mae, FHLMC and HUD, with such facilities, procedures and personnel necessary
        for
        the sound servicing of such mortgage loans. The Company is duly qualified,
        licensed, registered and otherwise authorized under all applicable federal,
        state and local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OTS, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make the Company unable to comply with eligibility
        requirements or which would require notification to either Fannie Mae or
        FHLMC;

      

      (k)
        The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l)
        No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, the Company pursuant to this Agreement or the related Term Sheet
        or
        in connection with the transactions contemplated hereby, contains or will
        contain any statement that is or will be inaccurate or misleading in any
        material respect;

      

      (m)
        The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of the Company, the consideration received
        by
        the Company upon the sale of the Mortgage Loans to the Purchaser under this
        Agreement and the related Term Sheet constitutes fair consideration for the
        Mortgage Loans under current market conditions. 

      

      (n)
        The
        Company has delivered to the Purchaser financial statements of its parent,
        for
        its last two complete fiscal years as requested. All such financial information
        fairly presents the pertinent results of operations and financial position
        for
        the period identified and has been prepared in accordance with GAAP throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement; and

      

      (o)
        The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      The
        Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b)
        The
        Mortgage is a valid, existing and enforceable first lien or a first priority
        ownership interest in an estate in fee simple in real property on the Mortgaged
        Property securing the related Mortgage Note subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made; there are no material defaults under the terms of the Mortgage Loan;
        the
        Company has not advanced its own funds, or induced, solicited or knowingly
        received any advance of funds from a party other than the owner of the related
        Mortgaged Property, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. All of the Mortgage Loans will have an actual
        interest paid to date of their related Cut-off Date (or later) and will be
        due
        for the scheduled monthly payment next succeeding the Cut-off Date (or later),
        as evidenced by a posting to the Company's servicing collection system. No
        payment under any Mortgage Loan is delinquent nor has any scheduled payment
        been
        delinquent at any time during the twelve (12) months prior to the month of
        the
        related Closing Date. For purposes of this paragraph, a Mortgage Loan will
        be
        deemed delinquent if any payment due thereunder was not paid by the Mortgagor
        in
        the month such payment was due;

      

      (d)
        There
        are no defaults by the Company in complying with the terms of the Mortgage,
        and
        all taxes, governmental assessments, insurance premiums, water, sewer and
        municipal charges, leasehold payments or ground rents which previously became
        due and owing have been paid, or escrow funds have been established in an
        amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such insurance policies are in full force and effect and contain
        a standard mortgagee clause naming the Company and its successors in interest
        and assigns as loss payee and such clause is still in effect and all premiums
        due thereon have been paid. If required by the Flood Disaster Protection
        Act of
        1973, as amended, the Mortgage Loan is covered by a flood insurance policy
        meeting the requirements of the current guidelines of the Federal Insurance
        Administration which policy conforms to Fannie Mae or FHLMC requirements,
        as
        well as all additional requirements set forth in Section 4.10 of this Agreement.
        Such policy was issued by a Qualified Insurer. The Mortgage obligates the
        Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost
        and
        expense, and on the Mortgagor's failure to do so, authorizes the holder of
        the
        Mortgage to maintain such insurance at the Mortgagor's cost and expense and
        to
        seek reimbursement therefor from the Mortgagor. Neither the Company (nor
        any
        prior originator or servicer of any of the Mortgage Loans) nor any Mortgagor
        has
        engaged in any act or omission which has impaired or would impair the coverage
        of any such policy, the benefits of the endorsement provided for therein,
        or the
        validity and binding effect of either;

      

      (h)
        Each
Mortgage
        Loan complies with, and the Company has complied with, applicable local,
        state
        and federal laws, regulations and other requirements including, without
        limitation, usury, equal credit opportunity, real estate settlement procedures,
        the Federal Truth-In-Lending Act, disclosure laws and all applicable predatory
        and abusive lending laws and consummation of the transactions contemplated
        hereby, including without limitation, the receipt of interest by the owner
        of
        such Mortgage Loan, will not involve the violation of any such laws, rules
        or
        regulations. None of the Mortgage Loans are (a) Mortgage Loans subject to
        12 CFR
        Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation Z, the regulation
        implementing TILA, which implements the Home Ownership and Equity Protection
        Act
        of 1994, as amended, or (b) except as may be provided in subparagraph (c)
        below,
        classified and/or defined, as a “high cost”, “threshold”, “predatory” “high risk
        home loan” or “covered” loan (or a similarly classified loan using different
        terminology under a law imposing additional legal liability for mortgage
        loans
        having high interest rates, points and or/fees) under any other applicable
        state, federal or local law including, but not limited to, the States of
        Georgia, New York, North Carolina, Arkansas, Kentucky or New Mexico, (c)
        Mortgage Loans subject to the New Jersey Home Ownership Security Act of 2002
        (the “Act”), unless such Mortgage Loan is a (1) “Home Loan” as defined in the
        Act that is a first lien Mortgage Loan, which is not a “High Cost Home Loan” as
        defined in the Act or (2) “Covered Home Loan” as defined in the Act that is a
        first lien purchase money Mortgage Loan, which is not a High Cost Home Loan
        under the Act, or (d) secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c). In addition
        to and notwithstanding anything to the contrary herein, no Mortgage Loan
        for
        which the Mortgaged Property is located in New Jersey is a Home Loan as defined
        in the Act that was made, arranged, or assigned by a person selling either
        a
        manufactured home or home improvements to the Mortgaged Property or was made
        by
        an originator to whom the Mortgagor was referred by any such seller. The
        Company
        shall maintain in its possession, available for the Purchaser’s inspection, as
        appropriate, and shall deliver to the Purchaser or its designee upon demand,
        evidence of compliance with all such requirements;
        

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j)
        The
        Mortgage is a valid, existing, enforceable and perfected first lien on the
        Mortgaged Property, including all improvements securing the Mortgage Note's
        original principal balance subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors. The Mortgage and the Mortgage Note do not contain any evidence
        of any
        other security interest or other interest or right thereto. Such lien is
        free
        and clear of all adverse claims, liens and encumbrances having priority over
        the
        first lien of the Mortgage subject only to (1) the lien of non-delinquent
        current real property taxes and assessments not yet due and payable, (2)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of the public record as of the date of recording which are acceptable
        to
        mortgage lending institutions generally and either (A) which are referred
        to in
        the lender’s title insurance policy delivered to the originator or otherwise
        considered in the appraisal made for the originator of the Mortgage Loan,
        or (B)
        which do not adversely affect the residential use or Appraised Value of the
        Mortgaged Property as set forth in such appraisal, and (3) other matters
        to
        which like properties are commonly subject which do not, individually or
        in the
        aggregate, materially interfere with the benefits of the security intended
        to be
        provided by the Mortgage or the use, enjoyment, value or marketability of
        the
        related Mortgaged Property. Any security agreement, chattel mortgage or
        equivalent document related to and delivered in connection with the Mortgage
        Loan establishes and creates a valid, existing, enforceable and perfected
        first
        lien and first priority security interest on the property described therein,
        and
        the Company has the full right to sell and assign the same to the
        Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        accordance with its terms subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors, and the Company has taken all action necessary to transfer such
        rights of enforceability to the Purchaser (as applicable). All parties to
        the
        Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage
        Loan and to execute and deliver the Mortgage Note and the Mortgage. The Mortgage
        Loan Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
        Note and the Mortgage have been duly and properly executed by such parties.
        No
        fraud, error, omission, misrepresentation, negligence or similar occurrence
        with
        respect to a Mortgage Loan has taken place on the part of the Company or
        the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note, and had full right to transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        participation interests, lien, pledge, charge, claim or security interest.
        Upon
        the sale of the Mortgage Loan to the Purchaser, the Company will retain the
        Mortgage File or any part thereof with respect thereto not delivered to the
        Purchaser or the Purchaser’s designee in trust only for the purpose of servicing
        and supervising the servicing of the Mortgage Loan. Immediately prior to
        the
        transfer and assignment to the Purchaser, the Mortgage Loan, including the
        Mortgage Note and the Mortgage, were not subject to an assignment, sale or
        pledge to any person other than the Purchaser, and the Company had good and
        marketable title to and was the sole owner thereof. Following the sale of
        the
        Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of
        any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for purposes of servicing the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and, with respect to adjustable rate
        Mortgage Loans, against any loss by reason of the invalidity or unenforceability
        of the lien resulting from the provisions of the Mortgage providing for
        adjustment in the Mortgage Interest Rate and Monthly Payment. Where required
        by
        state law or regulation, the Mortgagor has been given the opportunity to
        choose
        the carrier of the required mortgage title insurance. The Company, its
        successors and assigns, is the sole insured of such lender's title insurance
        policy, such title insurance policy has been duly and validly endorsed to
        the
        Purchaser (to the extent necessary) or the assignment to the Purchaser of
        the
        Company's interest therein does not require the consent of or notification
        to
        the insurer and such lender's title insurance policy is in full force and
        effect
        and will be in full force and effect upon the consummation of the transactions
        contemplated by this Agreement. No claims have been made under such lender's
        title insurance policy, and no prior holder or servicer of the related Mortgage,
        including the Company, nor any Mortgagor, has done, by act or omission, anything
        which would impair the coverage of such lender's title insurance
        policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event of acceleration; and neither
        the Company, nor any prior mortgagee, has waived any default, breach, violation
        or event of acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit
        H
        hereto.
        The Mortgage Loan bears interest at an adjustable rate (if applicable) as
        set
        forth in the related Mortgage Loan Schedule, and Monthly Payments under the
        Mortgage Note are due and payable on the first day of each month. The Mortgage
        contains the usual and enforceable provisions of the Company at the time
        of
        origination for the acceleration of the payment of the unpaid principal amount
        of the Mortgage Loan if the related Mortgaged Property is sold without the
        prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the FIRREA and the regulations promulgated
        thereunder, all as in effect on the date the Mortgage Loan was originated.
        The
        appraisal is in a form acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features and
        no
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than forty (40) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. Unless indicated on the related Mortgage
        Loan Schedule, none of the Mortgage Loans are “interest-only”
        Mortgage Loans or “negative amortization” Mortgage Loans.
        With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        Unless
        indicated on the related Mortgage Loan Schedule, no Mortgage Loan contains
        terms
        or provi-sions which would result in negative amortization. None of the Mortgage
        Loans contain a conversion feature which would cause the Mortgage Interest
        Rate
        to convert to a fixed interest rate. None of the Mortgage Loans are considered
        agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh)
        In
        the event the Mortgage Loan had an LTV at origination greater than 80.00%,
        the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the Sales Price of the Mortgaged Property
        with respect to a purchase money Mortgage Loan was insured as to payment
        defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer.
        Any Mortgage Loan subject to a Lender Primary Mortgage Insurance Policy or
        a
        Primary Mortgage Insurance Policy that is also subject to the Company’s captive
        reinsurance agreement with the applicable insurer shall remain subject to
        such
        captive reinsurance agreement between the Company and the applicable insurer,
        provided that such insurer is a Qualified Insurer. Unless otherwise indicated
        on
        the related Mortgage Loan Schedule, no Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy have been and are being
        complied with, such policy is in full force and effect, and all premiums
        due
        thereunder have been paid. No Mortgage Loan requires payment of such premiums,
        in whole or in part, by the Purchaser. No action, inaction, or event has
        occurred and no state of facts exists that has, or will result in the exclusion
        from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary
        Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain
        the
        Primary Mortgage Insurance Policy, subject to state and federal law, and
        to pay
        all premiums and charges in connection therewith. No action has been taken
        or
        failed to be taken, on or prior to the Closing Date which has resulted or
        will
        result in an exclusion from, denial of, or defense to coverage under any
        Primary
        Mortgage Insurance Policy (including, without limitation, any exclusions,
        denials or defenses which would limit or reduce the availability of the timely
        payment of the full amount of the loss otherwise due thereunder to the insured)
        whether arising out of actions, representations, errors, omissions, negligence,
        or fraud of the Company or the Mortgagor, or for any other reason under such
        coverage. The Mortgage Interest Rate for the Mortgage Loan as set forth on
        the
        related Mortgage Loan Schedule is net of any such insurance premium. Unless
        otherwise indicated on the related Mortgage Loan Schedule, none of the Mortgage
        Loans are subject to “lender-paid”
        mortgage insurance.
        Any
        Mortgage Loan subject to a Lender Primary Mortgage Insurance Policy obligates
        the Company to maintain the Lender Primary Mortgage Insurance Policy and
        to pay
        all premiums and charges in connection therewith;

      

      (ii)
        The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj)
        None
        of the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development; provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        Origination Date, no portion of any Mortgaged Property was used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk)
        Payments on the Mortgage Loan commenced no more than sixty (60) days after
        the
        funds were disbursed in connection with the Mortgage Loan. Each of the Mortgage
        Loans will amortize fully by the stated maturity date;

      

      (ll)
        The
        Mortgage Property was lawfully occupied under applicable law, and all
        inspections, licenses and certificates required to be made or issued with
        respect to all occupied portions of the Mortgaged Property and, with respect
        to
        the use and occupancy of the same, including but not limited to certificates
        of
        occupancy and fire underwriting certificates, have been made or obtained
        from
        the appropriate authorities;

      

      (mm)
        There is no pending action or proceeding directly involving the Mortgaged
        Property in which compliance with any environmental law, rule or regulation
        is
        an issue; there is no violation of any environmental law, rule or regulation
        with respect to the Mortgaged Property; and the Company has not received
        any
        notice of any environmental hazard on the Mortgaged Property and nothing
        further
        remains to be done to satisfy in full all requirements of each such law,
        rule or
        regulation constituting a prerequisite to use and enjoyment of said
        property;

      

      (nn)
        The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act of 2004;

      

      (oo)
        No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        HUD
        pursuant to Sections 203 and 211 of the National Housing Act, a savings and
        loan
        association, a savings bank, a commercial bank, credit union, insurance company
        or similar institution which is supervised and examined by a federal or state
        authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, the Company has performed an audit of
        the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage;

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee;

      

      (xx)
        There is no Mortgage Loan that was originated on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia;

      

      (yy)
        No
        proceeds from any Mortgage Loan were used to finance single-premium credit
        insurance policies;

      

      (zz)
        No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy Mortgagors, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt-to-income ratios for a lower-cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a
        lower-cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting
        consideration;

      

      (aaa)
        The methodology used in underwriting the extension of credit for each Mortgage
        Loan employs objective mathematical principles which relate the Mortgagor’s
        income, assets and liabilities (except for any Mortgage Loan which does not
        require statement of income or assets) to the proposed payment and such
        underwriting methodology does not rely on the extent of the Mortgagor’s equity
        in the collateral as the principal determining factor in approving such credit
        extension. Such underwriting methodology confirmed that at the time of
        origination (application/approval) the Mortgagor had a reasonable ability
        to
        make timely payments on the Mortgage Loan;

       

      (bbb)
        With respect to any Mortgage Loan that contains a provision permitting
        imposition of a premium upon a prepayment prior to maturity: (i) prior to
        the
        loan’s origination, the Mortgagor agreed to such premium in exchange for a
        monetary benefit, including but not limited to a rate or fee reduction, (ii)
        prior to the loan’s origination, the Mortgagor was offered the option of
        obtaining a mortgage loan that did not require payment of such a premium,
        (iii)
        the prepayment premium is disclosed to the Mortgagor in the loan documents
        pursuant to applicable state and federal law, and (iv) notwithstanding any
        state
        or federal law to the contrary, the Company shall not impose such prepayment
        premium in any instance when the Mortgage is accelerated as the result of
        the
        Mortgagor’s default in making the loan payments;

       

      (ccc)
        No Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        Mortgagor obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;

       

      (ddd)
        The
        Company will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Company agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off;

       

      (eee)
        With
        respect to any Mortgage Loan originated on or after August 1, 2004, neither
        the
        related Mortgage nor the related Mortgage Note requires the Mortgagor to
        submit
        to arbitration to resolve any dispute arising out of or relating in any way
        to
        the Mortgage Loan;

      

      (fff)
        No Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c); 

      

      (ggg) 
        For any Mortgage Loan with Mortgaged Property located in Texas which is a
        second
        lien and the interest rate is in excess of 10% where terms of the Mortgage
        Note
        contain a provision for which the Mortgagor may be entitled to prepaid interest
        upon payoff, no Mortgagor paid any administrative fees, points, or loan
        origination fees which would actually result in any prepaid interest being
        due
        the Mortgagor under the terms of the Mortgage Note; and

       

      (hhh)  
        The Company has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the Anti-Money Laundering Laws").  The Company has
        established an anti-money laundering compliance program as required by the
        Anti-Money Laundering Laws and has conducted the requisite due diligence in
        connection with the origination of each Mortgage Loan for the purposes of
        the
        Anti-Money Laundering Laws.  The Company further represents that it
        takes reasonable efforts to determine whether any Mortgagor appears on any
        list of blocked or prohibited parties designated by the U.S. Department of
        Treasury.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at the Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to the
        Purchaser acceptability. Any substituted Loans will comply with the
        representations and warranties set forth in this Agreement as of the
        substitution date.

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify the Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to the Purchaser's reasonable satisfaction in accordance with
        this
        Section 3.03, or to indemnify the Purchaser pursuant to Section 8.01, that
        failure shall be an Event of Default and the Purchaser shall be entitled
        to
        pursue all remedies available in this Agreement as a result thereof. No
        provision of this paragraph shall affect the rights of the Purchaser to
        terminate this Agreement for cause, as set forth in Sections 10.01 and
        11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and covenants to the Company that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise exempt or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation, suit, proceeding or investigation pending or to the best of
        the
        Purchaser’s knowledge, threatened against the Purchaser, or any order or decree
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Company respecting a
        breach
        of the foregoing representations and warranties.

      

       

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety (90) days or forgive any payment of principal
        or
        interest, reduce or increase the outstanding principal balance (except for
        actual payments of principal) or change the final maturity date on such Mortgage
        Loan. In the event of any such modification which has been agreed to in writing
        by the Purchaser and which permits the deferral of interest or principal
        payments on any Mortgage Loan, the Company shall, on the Business Day
        immediately preceding the Remittance Date in any month in which any such
        principal or interest payment has been deferred, deposit in the Custodial
        Account from its own funds, in accordance with Section 4.04, the difference
        between (a) such month's principal and one month's interest at the Mortgage
        Loan
        Remittance Rate on the unpaid principal balance of such Mortgage Loan and
        (b)
        the amount paid by the Mortgagor. The Company shall be entitled to reimbursement
        for such advances to the same extent as for all other advances pursuant to
        Section 4.05. Without limiting the generality of the foregoing, the Company
        shall continue, and is hereby authorized and empowered, to prepare, execute
        and
        deliver on behalf of itself and the Purchaser, all instruments of satisfaction
        or cancellation, or of partial or full release, discharge and all other
        comparable instruments, with respect to the Mortgage Loans and with respect
        to
        the Mortgaged Properties. Notwithstanding anything herein to the contrary,
        the
        Company may not enter into a forbearance agreement or similar arrangement
        with
        respect to any Mortgage Loan which runs more than 180 days after the first
        delinquent Due Date. Any such agreement shall be approved by the Purchaser
        and,
        if required, by the Primary Mortgage Insurance Policy insurer and Lender
        Primary
        Mortgage Insurance Policy insurer, if required. 

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, the Purchaser shall be deemed to have
        given
        consent in connection with a particular matter if the Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        the Purchaser receives a second written request for consent for such matter
        from
        the Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        The
        Company shall notify the Purchaser promptly in writing upon the appointment
        of
        any Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph; provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.03, 4.13, 8.04, 9.01 or 10.01 and if
        requested to do so by the Purchaser, the Company shall at its own cost and
        expense terminate the rights and responsibilities of the Subservicer effective
        as of the date of termination of the Company. The Company shall pay all fees,
        expenses or penalties necessary in order to terminate the rights and
        responsibilities of the Subservicer from the Company's own funds without
        reimbursement from the Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold the Purchaser harmless
        from
        any loss, liability or expense arising out of its use of a Subservicer to
        perform any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and the Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of the Purchaser to pay the Subservicer's fees and expenses.
        For purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of the Purchaser and the Company will use
        diligent efforts to collect same when due except as otherwise provided in
        the
        prepayment penalty provisions provided in the Mortgage Loan Documents.

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage.

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of the Purchaser,
        to
        foreclose upon or otherwise comparably convert the ownership of properties
        securing such of the Mortgage Loans as come into and continue in default
        and as
        to which no satisfactory arrangements can be made for collection of delinquent
        payments pursuant to Section 4.01. Foreclosure or comparable proceedings
        shall
        be initiated within ninety (90) days of default for Mortgaged Properties
        for
        which no satisfactory arrangements can be made for collection of delinquent
        payments, subject to state and federal law and regulation. The Company shall
        use
        its best efforts to realize upon defaulted Mortgage Loans in such manner
        as will
        maximize the receipt of principal and interest by the Purchaser, taking into
        account, among other things, the timing of foreclosure proceedings. The
        foregoing is subject to the provisions that, in any case in which a Mortgaged
        Property shall have suffered damage, the Company shall not be required to
        expend
        its own funds toward the restoration of such property unless it shall determine
        in its discretion (i) that such restoration will increase the proceeds of
        liquidation of the related Mortgage Loan to the Purchaser after reimbursement
        to
        itself for such expenses, and (ii) that such expenses will be recoverable
        by the
        Company through Insurance Proceeds or Liquidation Proceeds from the related
        Mortgaged Property, as contemplated in Section 4.05. The Company shall obtain
        prior approval of the Purchaser as to repair or restoration expenses in excess
        of ten thousand dollars ($10,000). The Company shall notify the Purchaser
        in
        writing of the commencement of foreclosure proceedings and not less than
        five
        (5) days prior to the acceptance or rejection of any offer of reinstatement.
        The
        Company shall be responsible for all costs and expenses incurred by it in
        any
        such proceedings or functions; provided, however, that it shall be entitled
        to
        reimbursement thereof from the related property, as contemplated in Section
        4.05. Notwithstanding anything to the contrary contained herein, in connection
        with a foreclosure or acceptance of a deed in lieu of foreclosure, in the
        event
        the Company has reasonable cause to believe that a Mortgaged Property is
        contaminated by hazardous or toxic substances or wastes, or if the Purchaser
        otherwise requests an environmental inspection or review of such Mortgaged
        Property, such an inspection or review is to be conducted by a qualified
        inspector at the Purchaser's expense. Upon completion of the inspection,
        the
        Company shall promptly provide the Purchaser with a written report of the
        environmental inspection. After reviewing the environmental inspection report,
        the Purchaser shall determine how the Company shall proceed with respect
        to the
        Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed Monthly Advances of the Company's funds made pursuant
        to
        Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees in
        each
        case relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of the
        Purchaser as required pursuant to this Agreement, before the close of the
        third
        taxable year following the taxable year in which the Mortgage Loan became
        an REO
        Property, unless the Company provides to the trustee under such REMIC an
        Opinion
        of Counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. The Company shall manage, conserve, protect and operate each
        such
        REO Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        the Company, protect and conserve such property in the same manner and to
        such
        an extent as is customary in the locality where such property is located.
        Additionally, the Company shall perform the tax withholding and reporting
        related to Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds shall be deposited
        in the
        Custodial Account within twenty-four (24) hours of receipt, and shall at
        all
        times be insured by the FDIC up to the FDIC insurance limits, or must be
        invested in Permitted Investments for the benefit of the Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit
        B
        hereto.
        The original of such letter agreement shall be furnished to the Purchaser
        on the
        Closing Date, and upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

      (i) all
        payments on account of principal, including Principal Prepayments, on the
        Mortgage Loans;

      

      (ii)
         all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
         all
        Liquidation Proceeds;

      

      (iv)
         any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
         all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
         all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
         any
        Monthly Advances;

      

      (viii)
         with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
         any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
         any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05(iv). The Purchaser shall not be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees (or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related Repurchase Price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

      

      (vii)
        to
        reimburse itself for Nonrecoverable Advances to the extent not reimbursed
        pursuant to clause (ii) or clause (iii).

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit
        C.
        The
        original of such letter agreement shall be furnished to the Purchaser on
        the
        Closing Date, and upon request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by the Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse the Company for any Servicing Advance made by the Company with
        respect
        to a related Mortgage Loan but only from amounts received on the related
        Mortgage Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this
        Agreement;

      

      (viii)
         to
        pay to
        the Mortgagors or other parties Insurance Proceeds deposited in accordance
        with
        Section 4.06; and

      

      
        (viii)to
          remove
          funds inadvertently placed in the Escrow Account by the
          Company.

      

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of the
        Purchaser, until the LTV of the related Mortgage Loan is reduced to that
        amount
        for which Fannie Mae no longer requires such insurance to be maintained,
        or as
        required by applicable law or regulation. The Company will not cancel or
        refuse
        to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy and, in this regard, to take such action as shall be necessary
        to permit recovery under any Primary Mortgage Insurance Policy or Lender
        Primary
        Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the greater of (a) the outstanding principal balance of the Mortgage
        Loan, and (b) an amount such that the proceeds thereof shall be sufficient
        to
        prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If
        required by the Flood Disaster Protection Act of 1973, as amended, each Mortgage
        Loan shall be covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration in effect
        with an
        insurance carrier acceptable to Fannie Mae or FHLMC, in an amount representing
        coverage not less than the lesser of (i) the outstanding principal balance
        of
        the Mortgage Loan, (ii) the maximum insurable value of the improvements securing
        such Mortgage Loan or (iii) the maximum amount of insurance which is available
        under the Flood Disaster Protection Act of 1973, as amended. If at any time
        during the term of the Mortgage Loan, the Company determines in accordance
        with
        applicable law and pursuant to the Fannie Mae Guides that a Mortgaged Property
        is located in a special flood hazard area and is not covered by flood insurance
        or is covered in an amount less than the amount required by the Flood Disaster
        Protection Act of 1973, as amended, the Company shall notify the related
        Mortgagor that the Mortgagor must obtain such flood insurance coverage, and
        if
        said Mortgagor fails to obtain the required flood insurance coverage within
        forty-five (45) days after such notification, the Company shall immediately
        force place the required flood insurance on the Mortgagor’s behalf. The Company
        shall also maintain on each REO Property, fire and hazard insurance with
        extended coverage in an amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, and, to the
        extent
        required and available under the Flood Disaster Protection Act of 1973, as
        amended, flood insurance in an amount as provided above. Any amounts collected
        by the Company under any such policies other than amounts to be deposited
        in the
        Escrow Account and applied to the restoration or repair of the Mortgaged
        Property or REO Property, or released to the Mortgagor in accordance with
        Accepted Servicing Practices, shall be deposited in the Custodial Account,
        subject to withdrawal pursuant to Section 4.05. It is understood and agreed
        that
        no other additional insurance need be required by the Company of the Mortgagor
        or maintained on property acquired in respect of the Mortgage Loan, other
        than
        pursuant to this Agreement, the Fannie Mae Guides or such applicable state
        or
        federal laws and regulations as shall at any time be in force and as shall
        require such additional insurance. All such policies shall be endorsed with
        standard mortgagee clauses with loss payable to the Company and its successors
        and/or assigns and shall provide for at least thirty (30) days prior written
        notice of any cancellation, reduction in the amount or material change in
        coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent; provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by a
        Qualified Insurer insuring against hazard losses on all of the Mortgage Loans,
        then, to the extent such policy provides coverage in an amount equal to the
        amount required pursuant to Section 4.10 and otherwise complies with all
        other
        requirements of Section 4.10, it shall conclusively be deemed to have satisfied
        its obligations as set forth in Section 4.10, it being understood and agreed
        that such policy may contain a deductible clause, in which case the Company
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy complying with Section 4.10,
        and
        there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty (30) days' prior written notice to the
        Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Financial Institution Bond Form A and shall protect and insure the Company
        against losses, including forgery, theft, embezzlement and fraud of such
        persons. The errors and omissions insurance shall protect and insure the
        Company
        against losses arising out of errors and omissions and negligent acts of
        such
        persons. Such errors and omissions insurance shall also protect and insure
        the
        Company against losses in connection with the failure to maintain any insurance
        policies required pursuant to this Agreement and the release or satisfaction
        of
        a Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. Upon request
        by
        the Purchaser, the Company shall provide the Purchaser with an insurance
        certificate certifying coverage under this Section 4.12, and will provide
        an
        update to such certificate upon request, or upon renewal or material
        modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an Opinion of Counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date the Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within three (3) years
        after title has been taken to such REO Property. No REO Property shall be
        marketed for less than the Appraised Value, without the prior consent of
        the
        Purchaser. No REO Property shall be sold for less than ninety-five percent
        (95%)
        of its Appraised Value, without the prior consent of Purchaser. All requests
        for
        reimbursement of Servicing Advances shall be in accordance with the Fannie
        Mae
        Guides. The disposition of REO Property shall be carried out by the Company
        at
        such price, and upon such terms and conditions, as the Company deems to be
        in
        the best interests of the Purchaser (subject to the above conditions) only
        with
        the prior written consent of the Purchaser. The Company shall provide monthly
        reports to the Purchaser in reference to the status of the marketing of the
        REO
        Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto; provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five (5) Business Days of any such
        termination, the Company shall, if necessary convey such property to the
        Purchaser and shall further provide the Purchaser with the following information
        regarding the subject REO Property: the related drive by appraisal or brokers
        price opinion, and copies of any related Mortgage Impairment Insurance Policy
        claims. In addition, within five (5) Business Days, the Company shall provide
        the Purchaser with the following information and documents regarding the
        subject
        REO Property: the related trustee’s deed upon sale and copies of any related
        hazard insurance claims, or repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

       

       

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        First
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to the Purchaser an individual loan accounting report,
        as
        of the last Business Day of each month, in the Company's assigned loan number
        order to document Mortgage Loan payment activity on an individual Mortgage
        Loan
        basis. With respect to each month, the corresponding individual loan accounting
        report shall be received by the Purchaser no later than the fifth Business
        Day
        of the following month on a disk or tape or other computer-readable format
        in
        such format as may be mutually agreed upon by both the Purchaser and the
        Company, and no later than the fifth Business Day of the following month
        in hard
        copy, and shall contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; and

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired.

      

      The
        Company shall also provide a trial balance, sorted in the Purchaser's assigned
        loan number order, in the form of Exhibit
        E
        hereto,
        with each such Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to the
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        the
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for the Purchaser to prepare its federal income tax return as the Purchaser
        may
        reasonably request from time to time.

      

      In
        addition, not more than ninety (90) days after the end of each calendar year,
        the Company shall furnish to each Person who was a Purchaser at any time
        during
        such calendar year an annual statement in accordance with the requirements
        of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Company shall deliver to the Purchaser an Officer's Certificate
        of
        the Company to the effect that an officer of the Company has reviewed the
        related Mortgage File and has made the reasonable determination that any
        additional advances are nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to the
        Company
        and the Purchaser. The Company shall also provide reports on the status of
        REO
        Property containing such information as the Purchaser may reasonably
        require.

      

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, will enter into an assumption agreement with the person to whom
        the
        Mortgaged Property has been conveyed or is proposed to be conveyed, pursuant
        to
        which such person becomes liable under the Mortgage Note and, to the extent
        permitted by applicable state law, the Mortgagor remains liable thereon.
        Where
        an assumption is allowed pursuant to this Section 6.01, the Company, with
        the
        prior consent of the Purchaser and the primary mortgage insurer, if any,
        is
        authorized to enter into a substitution of liability agreement with the person
        to whom the Mortgaged Property has been conveyed or is proposed to be conveyed
        pursuant to which the original mortgagor is released from liability and such
        Person is substituted as mortgagor and becomes liable under the related Mortgage
        Note. Any such substitution of liability agreement shall be in lieu of an
        assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request execution
        of any document necessary to satisfy the Mortgage Loan and delivery to it
        of the
        portion of the Mortgage File held by the Purchaser or its designee. The
        Purchaser shall no later than five (5) Business Days after receipt of such
        certification and request, release or cause to be released to the Company,
        the
        related Mortgage Loan Documents and, upon its receipt of such documents,
        the
        Company shall promptly prepare and deliver to the Purchaser the requisite
        satisfaction or release. No later than five (5) Business Days following its
        receipt of such satisfaction or release, the Purchaser shall deliver, or
        cause
        to be delivered, to the Company the release or satisfaction properly executed
        by
        the owner of record of the applicable mortgage or its duly appointed attorney
        in
        fact. No expense incurred in connection with any instrument of satisfaction
        or
        deed of reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial Account or the Mortgage File or such document
        has
        been delivered to an attorney, or to a public trustee or other public official
        as required by law, for purposes of initiating or pursuing legal action or
        other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company has delivered to the Purchaser a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery. Upon receipt of a certificate of a Servicing Officer stating
        that
        such Mortgage Loan was liquidated, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01(iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. The Company shall
        be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 [Reserved]

      

      Section
        6.05 [Reserved]

      

      Section
        6.06 Purchaser's
        Right to Examine the Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as
        applicable.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified above
        if
        reasonably requested.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

       

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement, including, but not limited to, the loss, damage, or misplacement
        of
        any documentation delivered to the Company pursuant to Section 2.07 and the
        Company's
        failure to perform the obligations set forth in Section 11.10.
        The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way from any claim, demand, defense or assertion
        based on or grounded upon, or resulting from any assertion based on, grounded
        upon or resulting from a breach or alleged breach of any of the representation
        or warranty set forth in Sections 3.01 or 3.02 of this Agreement. The Company
        shall immediately notify the Purchaser if a claim covered by the indemnification
        herein is made by a third party against the Company with respect to this
        Agreement or the Mortgage Loans, assume (with the consent of the Purchaser)
        the
        defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, whether or not such claim is settled prior to judgment,
        and promptly pay, discharge and satisfy any judgment or decree which may
        be
        entered against it or the Purchaser in respect of such claim. The Company
        shall
        follow any written instructions received from the Purchaser in connection
        with
        such claim. The Purchaser shall promptly reimburse the Company for all amounts
        advanced by it pursuant to the two preceding sentences except when the claim
        relates to the failure of the Company to service and administer the Mortgages
        in
        strict compliance with the terms of this Agreement, the breach of representation
        or warranty set forth in Sections 3.01 or 3.02, or the negligence, bad faith
        or
        willful misconduct of the Company. The provisions of this Section 8.01 shall
        survive termination of this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises under
        the
        laws of the jurisdiction of organization except as permitted herein, and
        will
        obtain and preserve its qualification to do business in each other jurisdiction
        in which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement, or any of the Mortgage Loans and to perform
        its duties under this Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its servicing duties hereunder are
        no
        longer permissible under applicable law and such incapacity cannot be cured
        by
        the Company. Any such determination permitting the resignation of the Company
        shall be evidenced by an Opinion of Counsel to such effect delivered to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole discretion,
        unless
        the Company meets the requirements of the last sentence of Section 8.02 herein
        after any such disposition.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day after receipt of written notice to the Company; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshalling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        (60)
        days; or

      

      (iv)
        the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceedings of or relating to the Company
        or
        of or relating to all or substantially all of its property; or

      

      (v)
        the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

      

      (vi)
        the
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty (30) days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets (except as
        expressly permitted hereunder) or to assign this Agreement or the servicing
        responsibilities hereunder (except as expressly
        permitted
        hereunder) or to delegate its duties hereunder or any portion thereof;
        or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) the Company may, in addition to whatever
        rights the Purchaser may have under Sections 3.03 and 8.01 and at law or
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Company under this Agreement and in
        and to
        the Mortgage Loans and the proceeds thereof without compensating the Company
        for
        the same. On or after the receipt by the Company of such written notice (or,
        in
        the case of an Event of Default under clauses (iii), (iv) or (v) above, in
        which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of the Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.03, 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall (i) succeed to and assume all of the Company's responsibilities, rights,
        duties and obligations under this Agreement, or (ii) appoint a successor
        having
        the characteristics set forth in Section 8.02 hereof and which shall succeed
        to
        all rights and assume all of the responsibilities, duties and liabilities
        of the
        Company under this Agreement prior to the termination of the Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of the Company pursuant to the aforementioned Sections shall not become
        effective until a successor shall be appointed pursuant to this Section and
        shall in no event relieve the Company of the representations and warranties
        made
        pursuant to Sections 3.01 and 3.02 and the remedies available to the Purchaser
        under Sections 3.03 and 8.01, it being understood and agreed that the provisions
        of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable to the Company
        notwithstanding any such resignation or termination of the Company, or the
        termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or termination of this Agreement pursuant to Section
        4.03, 4.13, 8.04, 9.01 or 10.01 shall not affect any claims that the Purchaser
        may have against the Company arising prior to any such termination or
        resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for Nonrecoverable Advances which the
        successor retains hereunder and which would otherwise have been recovered
        by the
        Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the party who obtained such
        successor shall notify by mail the other party of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 [Reserved]

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      
        	
              	(i)	
                if
                  to the Company:

              

      

       

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Fax:
        (630) 799-7964

      

      and
        with
        respect to notices relating to servicing matters:

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Ann Ryan

      Fax:
        (630) 799-7964

      

      
        	
              	(ii)	
                if
                  to the Purchaser:

              

      

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steven Trombetta

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement; provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction. In addition, confidential information may be provided to
        a
        regulatory authority with supervisory power over the Purchaser, provided
        such
        information is identified as confidential non-public information.

      

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley
        Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
        (ii)
        shall not use Consumer Information in any manner inconsistent with any
        applicable laws and regulations regarding the privacy and security of Consumer
        Information, (iii) shall not disclose Consumer Information to third parties
        except at the specific written direction of the Purchaser, (iv) shall maintain
        adequate physical, technical and administrative safeguards to protect Consumer
        Information from unauthorized access as provided by the applicable laws and
        regulations, and (v) shall immediately notify the Purchaser of any actual
        or
        suspected breach of the confidentiality of Consumer Information that would
        have
        a material and adverse effect on the Purchaser.

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing a Purchase, Assignment, Assumption
        and
        Recognition Agreement substantially in the form of Exhibit
        D
        hereto
        and the assignee or designee shall accede to the rights and obligations
        hereunder of the Purchaser with respect to such Mortgage Loans. In no event
        shall the Purchaser sell a partial interest in any Mortgage Loan without
        the
        written consent of the Company, which consent shall not be unreasonably denied.
        All references to the Purchaser in this Agreement shall be deemed to include
        its
        assignee or designee. The Company shall have the right, only with the consent
        of
        the Purchaser or otherwise in accordance with this Agreement, to assign,
        in
        whole or in part, its interest under this Agreement with respect to some
        or all
        of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for the
        Purchaser.

      

      Section
        11.14 Signature
        Pages/Counterparts; Successors and Assigns.
        

      

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party. The Purchaser may deliver a copy of this Agreement
        and/or any Term Sheet, fully executed as provided herein, to each other party
        hereto by mail and/or courier and/or Electronic Transmission, and such copy
        as
        so delivered shall constitute a fully executed original Agreement or Term
        Sheet,
        as applicable, superseding any prior form of the Agreement or Term Sheet,
        as
        applicable, that differs therefrom in any respect. This Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successor and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the Mortgagor under any Mortgage
        Loan
        to refinance the Mortgage Loan, in whole or in part, without the prior written
        consent of the Purchaser. Notwithstanding the foregoing, it is understood
        and
        agreed that (i) promotions undertaken by the Company or any affiliate of
        the
        Company which are directed to the general public at large, or segments thereof,
        provided that no segment shall consist primarily of the Mortgage Loans,
        including, without limitation, mass mailing based on commercially acquired
        mailing lists, newspaper, radio and television advertisements and (ii) responses
        to unsolicited requests or inquiries made by a Mortgagor or an agent of a
        Mortgagor, shall not constitute solicitation under this Section 11.16. This
        Section 11.16 shall not be deemed to preclude the Company or any of its
        affiliates from soliciting any Mortgagor for any other financial products
        or
        services. The Company shall use its best efforts to prevent the sale of the
        name
        of any Mortgagor to any Person who is not affiliate of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet and an Officer Certificate (on or prior to the initial Closing Date
        only),
        all in such forms as are agreed upon and acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        terms hereof; and

      

      (d) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. [Reserved]
        

      

      Section
        11.19. Monthly
        Reporting with Respect to a Reconstitution.

      

      As
        long
        as the Company continues to service Mortgage Loans, the Company agrees that
        with
        respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
        as
        described in Section 11.18 of this Agreement (a “Reconstituted Mortgage Loan”),
        the Company, at its expense, shall provide the Purchaser with the information
        set forth in Exhibit
        E
        attached
        hereto for each Reconstituted Mortgage Loan in Excel or such electronic
        delimited file format as may be mutually agreed upon by both the Purchaser
        and
        the Company. Such information shall be provided monthly for all Reconstituted
        Mortgage Loans on the fifth (5th)
        Business Day of each month for the immediately preceding monthly period,
        and
        shall be transmitted to fast.data@bear.com.

      
 

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	
                EMC
                  MORTGAGE CORPORATION

                Purchaser

              
	 
 	 
 	 
 
	 	 	By: 
	 	
                
                  

                

              
	 	
                Name:
                  

                Title:
                  

              

      

      
        
          	 	 	 
	 	
                  MID
                    AMERICA BANK, FSB

                  Company

                
	 
 	 
 	 
 
	 	 	By: 
	 	
                  
                    

                  

                
	 	
                  Name:
                    

                  Title:
                    

                

        

        
        

         

      

      EXHIBIT
        A

      

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of _______________________,
        without recourse," and signed via original signature in the name of the Company
        by an authorized officer, with all intervening endorsements showing a complete
        chain of title from the originator to the Company, together with any applicable
        riders. In no event may an endorsement be a facsimile endorsement. If the
        Mortgage Loan was acquired by the Company in a merger, the endorsement must
        be
        by "[Company], successor by merger to the [name of predecessor]". If the
        Mortgage Loan was acquired or originated by the Company while doing business
        under another name, the endorsement must be by "[Company] formerly known
        as
        [previous name]". Mortgage Notes may be in the form of a lost note affidavit
        subject to the Purchaser acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4.
        The
        original Assignment, from the Company to _______________________________,
        or in
        accordance with the Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by the Purchaser, be in form and substance acceptable
        for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5.
        The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6.
        Originals of all recorded intervening Assignments, or copies thereof, certified
        by the public recording office in which such Assignments have been recorded
        showing a complete chain of
        title
        from the originator to the Company, with evidence of recording thereon, or
        a
        copy thereof certified by the public recording office in which such Assignment
        has been recorded or, if the original Assignment has not been returned from
        the
        applicable public recording office, a true certified copy, certified by the
        Company.

      

      7.
        Originals, or copies thereof certified by the public recording office in
        which
        such documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8.
        If the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9.
        Reserved.

      

      10.
        Mortgage Loan closing statement (Form HUD-1) and any other truth-in-lending
        or
        real estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12.
        Uniform underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13.
        Credit report on the mortgagor.

      

      14.
        Business credit report, if applicable.

      

      15.
        Residential appraisal report and attachments thereto.

      

      16.
        The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17.
        Verification of employment and income except for Mortgage Loans originated
        under
        a limited documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18.
        Verification of acceptable evidence of source and amount of down payment,
        in
        accordance with the Company's underwriting guidelines.

      

      19.
        Photograph of the Mortgaged Property (may be part of appraisal)

      .

      20.
        Survey of the Mortgaged Property, if any.

      

      21.
        Sales
        contract, if applicable.

      

      22.
        If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23.
        Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24.
        Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, the Company may provide one certificate
        for all
        of the Mortgage Loans indicating that the documents were delivered for
        recording.

      
 

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2005

      

      To:   [_______________________]
        

       (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
        and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Mortgage Loans". All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. This letter is submitted to you
        in
        duplicate. Please execute and return one original to us.

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
	 	  	
                By:____________________________

                 

              
	 	
                Name:__________________________

                 

              
	 	Title:___________________________ 

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
	 	  	
                By:____________________________

                 

              
	 	
                Name:__________________________

                 

              
	 	Title:___________________________ 

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2005

      

      To:    [_______________________]

       (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 200[_] (the "Agreement"), we hereby authorize and
        request you to establish an account, as an Escrow Account pursuant to Section
        4.06 of the Agreement, to be designated as "[__________________________],
        in
        trust for the [Purchaser], Owner of Mortgage Loans, and various Mortgagors."
        All
        deposits in the account shall be subject to withdrawal therefrom by order
        signed
        by the Company. This letter is submitted to you in duplicate. Please execute
        and
        return one original to us.

      
        
          	 	 	 
	 	
                  [__________________________]

                
	 
 	 
 	 
	 	  	
                  By:____________________________

                   

                
	 	
                  Name:__________________________

                   

                
	 	Title:___________________________ 

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      
        
          	 	 	 
	 	
                  [__________________________]

                
	 
 	 
 	 
	 	  	
                  By:____________________________

                   

                
	 	
                  Name:__________________________

                   

                
	 	Title:___________________________ 

        

         

      

      

      EXHIBIT
        D

      

      FORM
        OF
        PURCHASE, ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (
“Assignor”), ___________________ ( “Assignee”), and Mid America Bank, fsb (
“Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ___________, 200__ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h) Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans,
        or
        any interest in the Assigned Loans with any Person in any manner, or made
        any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
        Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      (c)
        Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this PAAR Agreement and the consummation by it
        of the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Company. This PAAR Agreement has been duly executed
        and delivered by Company, and, upon the due authorization, execution and
        delivery by Assignor and Assignee, will constitute the valid and legally
        binding
        obligation of Company, enforceable against Company in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

      

      (d)
        No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this PAAR Agreement, or the consummation by it of the transactions contemplated
        hereby; 

      

      (e)
        No
        event
        has occurred
        from the
        Closing Date to the date hereof which would render the representations and
        warranties as to the related Assigned Loans made by Company in Sections 3.01
        and
        3.02 of the Purchase Agreement to be untrue in any material respect;
        and

      

      (f)
        Neither
        this PAAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by Company pursuant to
        this
        PAAR Agreement contains or will contain any materially untrue statement of
        fact
        or omits or will omit to state a fact necessary to make the statements contained
        therein not misleading.

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      
        	
              	(a)	
                In
                  the case of Company,

              

      

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Fax:
        (630) 799-7964

      

      and
        with
        respect to notices relating to servicing matters:

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Ann Ryan

      Fax:
        (630) 799-7964

      

      
        	
              	(b)	
                In
                  the case of Assignor,

              

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      
        	
              	(c)	
                In
                  the case of Assignee,

              

      

      
 

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steve Trombetta

      Telecopier
        No.: (212) 272-[___]

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of
        the
        Confirmation with respect to the Assigned Loans, the terms of this PAAR
        Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      15.  Company
        and Assignor hereby amend the Purchase Agreement as follows:

      

      (a)   
        The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator:      
        ________________________

      

      Supplemental
        PMI Insurer:    ________________________

      

      Supplemental
        PMI Policy:    
The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit [_], or any successor Supplemental PMI Policy given to
        the
        Servicer by the Assignee.

      

      Trustee:        ________________________

      

      (b)   
        The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        to
        the extent such proceeds are not to be applied to the restoration of the
        related
        Mortgaged Property or released to the Mortgagor in accordance with Accepted
        Servicing Practices.

      

      (c)   
        The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the

      Purchaser
        and the [Securities Administrator] any statements or other reports given
        by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d)   
        Clause
        (vi) of Section 9.01 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      
        	 	 	 
	 	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 
 	 
 	 
 
	 	  	By:
                __________________________
	 	
                Name:________________________

              
	 	Title:______________________

      

       

      
        
          	 	 	 
	 	
                  
                    _________________________________

                    Assignee

                  

                
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

           

          
            
              	 	 	 
	 	
                      
                        
                          MID
                            AMERICA BANK, FSB

                          Company

                        

                      

                    
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE:    
        Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned Mortgage Loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned Mortgage Loan is being repurchased pursuant to the terms of the
        Agreement. The Company hereby certifies that the repurchase price has been
        credited to the Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned Mortgage Loan is being placed in foreclosure and the original
        documents are required to proceed with the foreclosure action. The Company
        hereby certifies that the documents will be returned to the Purchaser in
        the
        event of reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

       

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original Mortgage Loan Documents in your possession
        relating to this loan.

      

      Dated:_________________

      
        	 	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Signature

              	 	 	 

      

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      The
        Purchaser hereby acknowledges that all original documents previously released
        on
        the above captioned Mortgage Loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

       

       

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between Mid America Bank, fsb,
        located at 2650 Warrenville Road, Suite 500, Downers Grove, Illinois 60515
        (the
“Company”) and EMC Mortgage Corporation, a Delaware corporation, located at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the
        "Purchaser") is made pursuant to the terms and conditions of that certain
        Purchase, Warranties and Servicing Agreement, as amended (the "Agreement")
        dated
        as of February 1, 2006, between the Company and the Purchaser, the provisions
        of
        which are incorporated herein as if set forth in full herein, as such terms
        and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans on a servicing retained basis described on the Mortgage Loan Schedule
        annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.    Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None].

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, the Agreement shall remain in full force and effect as of
        the
        date hereof.

       

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        
          	 	 	 
	 	
                  
                    
                      MID
                        AMERICA BANK, FSB

                    

                  

                
	 
 	 
 	 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

           

          
            
              	 	 	 
	 	
                      
                        
                          EMC
                            MORTGAGE CORPORATION

                        

                      

                    
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

  

          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        AMENDMENT
          NUMBER ONE

        to
          the

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        Dated
          as
          of February 1, 2006

        

        between

        

        EMC
          MORTGAGE CORPORATION, 

        as
          Purchaser

        

        and

        

        MID
          AMERICA BANK, FSB,

        as
          Company

        

        This
          AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
          1st
          day of
          February, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
          as purchaser (the “Purchaser”) and Mid America Bank, fsb, as company (the
“Company”) in connection with the Purchase, Warranties and Servicing Agreement,
          dated as of February 1, 2006, between the above mentioned parties (the
          “Agreement”). This Amendment is made pursuant to Section 11.02 of the
          Agreement.

        

        RECITALS

         

        WHEREAS,
          the parties hereto have entered into the Agreement; 

        

        WHEREAS,
          the Agreement provides that the parties thereto may enter into an amendment
          to
          the Agreement;

        

        WHEREAS,
          the parties hereto desire to amend the Agreement as set forth in this Amendment;
          and

        

        NOW,
          THEREFORE, in consideration of the premises and for other good and valuable
          consideration, the receipt and sufficiency of which is hereby acknowledged,
          the
          parties hereto agree as follows:

        

        1.    
           Capitalized
          terms used herein and not defined herein shall have the meanings assigned
          to
          such terms in the Agreement. 

        

        2.      Article
          I
          of the Agreement is hereby amended effective as of the date hereof by adding
          the
          following definitions to Section 1.01: 

        

        Commission
          or SEC:
          The
          Securities and Exchange Commission.

        

        Delinquency
          Recognition Policies:
          The
          delinquency recognition policies set forth in Exhibit Q.

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Pass-Through Transfer.

        

        Exchange
          Act:
          The
          Securities Exchange Act of 1934, as amended.

        

        Master
          Servicer:
          With
          respect to any Pass-Through Transfer, the “master servicer,” if any, identified
          in the related transaction documents.

        

        Prepayment
          Charge:
          Any
          prepayment premium, penalty or charge payable by a Mortgagor in connection
          with
          any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
          related
          Mortgage Note.

        

        Qualified
          Correspondent:
          Any Person from which the Company purchased Mortgage Loans, provided that
          the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

        Regulation
          AB:
          Subpart
          229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as amended from time to time, and subject to such
          clarification and interpretation as have been provided by the Commission
          in the
          adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
          70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
          or
          as may be provided by the Commission or its staff from time to
          time.

        

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

        

        Servicing
          Criteria:
          As of
          any date of determination, the “servicing criteria” set forth in Item 1122(d) of
          Regulation AB, or any amendments thereto, a summary of the requirements
          of which
          as of the date hereof is attached hereto as Exhibit
          M
          for
          convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit
          M
          and the
          text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
          AB
          shall control (or those Servicing Criteria otherwise mutually agreed to
          by the
          Purchaser, the Company and any Person that will be responsible for signing
          any
          certification required under the Sarbanes-Oxley Act of 2002 with respect
          to a
          Pass-Through Transfer in response to evolving interpretations of Regulation
          AB
          and incorporated into a revised Exhibit
          M).

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a Subservicer.
          

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        3.      Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Subservicer in Section 1.01 and replacing
          it
          with the following:

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.
          Any subservicer shall meet the qualifications set forth in Section
          4.01.

        

        4.      Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Principal Prepayment in Section 1.01
          and
          replacing it with the following:

        

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any Prepayment
          Charge and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment.

        

        5.      Article
          III of the Agreement is hereby amended effective as of the date hereof
          by
          revising Section 3.01(n) as follows (new text underlined):

        

        (n) Company
          has delivered to the Purchaser financial statements of its parent, for
          its last
          two complete fiscal years as requested. All such financial information
          fairly
          presents the pertinent results of operations and financial position for
          the
          period identified and has been prepared in accordance with GAAP throughout
          the
          periods involved, except as set forth in the notes thereto. There has been
          no
          change in the servicing
          policies and procedures,
          business, operations, financial condition, properties or assets of the
          Company
          since the date of the Company’s financial information that would have a material
          adverse effect on its ability to perform its obligations under this
          Agreement;

        

        6.      Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(p):

        

        (p) As
          of the
          date of each Pass-Through Transfer, and except as has been otherwise disclosed
          to the Purchaser, any Master Servicer and any Depositor: (1) no default
          or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company; (2) no
          material
          noncompliance with applicable servicing criteria as to any other securitization
          has occurred, been disclosed or reported by the Company; (3) the Company
          has not
          been terminated as servicer in a residential mortgage loan securitization,
          either due to a servicing default or to application of a servicing performance
          test or trigger; (4) no material changes to the Company’s servicing policies and
          procedures for similar loans has occurred in the preceding three years;
          (5)
          there are no aspects of the Company’s financial condition that could have a
          material adverse impact on the performance by the Company of its obligations
          hereunder; (6) there are no legal proceedings pending, or known to be
          contemplated by governmental authorities, against the Company that could
          be
          material to investors in the securities issued in such Pass-Through Transfer;
          and (7) there are no affiliations, relationships or transactions relating
          to the
          Company of a type that are described under Item 1119 of Regulation
          AB.

        

        7.      Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.02(iii):

        

        With
          respect to each Mortgage Loan, information regarding the borrower credit
          files
          related to such Mortgage Loan has been furnished to credit reporting agencies
          in
          compliance with the provisions of the Fair Credit Reporting Act and the
          applicable implementing regulations.

        

        8.      Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          adding
          this sentence after the first sentence of Section 4.01:

        

        In
          addition, the Company shall furnish information regarding the borrower
          credit
          files related to such Mortgage Loan to credit reporting agencies in compliance
          with the provisions of the Fair Credit Reporting Act and the applicable
          implementing regulations.

        

        9.     Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          deleting in its entirety the last paragraph of Section 4.02 and replacing
          it
          with the following:

        

        The
          Company shall not waive any Prepayment Charge unless: (i) the enforceability
          thereof shall have been limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Company, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Company is required to pay the
          amount of
          such waived Prepayment Charge by remitting such amount to the Purchaser
          by the
          Remittance Date.

        

        10.   Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          revising the first paragraph of Section 4.03 by adding the following after
          the
          first sentence:

        

        In
          determining the delinquency status of any Mortgage Loan, the Company will
          use
Delinquency
          Recognition Policies to be provided by EMC or
          as
          described to and approved by the Purchaser, and shall revise these policies
          as
          reasonably requested by the Purchaser from time to time.

        

        11.   Article
          V
          of the Agreement is hereby amended effective as of the date hereof by deleting
          Section 5.02 in its entirety and replacing it with the following:

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i)      with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to principal (including a separate breakdown of any
          Principal Prepayment, including the date of such prepayment, and any prepayment
          penalties or premiums, along with a detailed report of interest on principal
          prepayment amounts remitted in accordance with Section 4.04);

        

        (ii)      with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to interest;

        

        (iii)      with
          respect to each Mortgage Loan, the amount of servicing compensation received
          by
          the Company during the prior distribution period;

        

        (iv)      the
          Stated Principal Balance of each Mortgage Loan and the aggregate Stated
          Principal Balance of all Mortgage Loans as of the first day of the distribution
          period and the last day of the distribution period;

        

        (v)      with
          respect to each Mortgage Loan, the current Mortgage Interest Rate;

        

        (vi)      with
          respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
          Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
          received during the prior distribution period;

        

        (vii)      with
          respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
          paid by the Company in accordance with Section 4.04(viii) during the prior
          distribution period; 

        

        (viii)      the
          beginning and ending balances of the Custodial Account and Escrow
          Account;

        

        (ix)      the
          number of Mortgage Loans as of the first day of the distribution period
          and the
          last day of the distribution period; 

        

        (x)      with
          respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
          Loan (a) delinquent as grouped in the following intervals through final
          liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
          or
          more; (b) as to which foreclosure has commenced; and (c) as to which REO
          Property has been acquired;

        

        (xi)      with
          respect to each Mortgage Loan, the amount and severity of any realized
          loss
          following liquidation of such Mortgage Loan; 

        

        (xii)      with
          respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
          the
          amount of any Monthly Advances made by the Company during the prior distribution
          period; 

        

        (xiii)      with
          respect to each Mortgage Loan, a description of any Servicing Advances
          made by
          the Company with respect to such Mortgage Loan including the amount, terms
          and
          general purpose of such Servicing Advances, and the aggregate amount of
          Servicing Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xiv)      with
          respect to each Mortgage Loan, a description of any Nonrecoverable Advances
          made
          by the Company with respect to such Mortgage Loan including the amount,
          terms
          and general purpose of such Nonrecoverable Advances, and the aggregate
          amount of
          Nonrecoverable Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xv)      with
          respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
          Advances and Nonrecoverable Advances reimbursed to the Company with respect
          to
          such Mortgage Loan during the prior distribution period pursuant to Section
          4.05, and the source of funds for such reimbursement, and the aggregate
          amount
          of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
          reimbursed to the Company for all Mortgage Loans during the prior distribution
          period pursuant to Section 4.05; 

        

        (xvi)      with
          respect to any Mortgage Loan, a description of any material modifications,
          extensions or waivers to the terms, fees, penalties or payments of such
          Mortgage
          Loan during the prior distribution period or that have cumulatively become
          material over time;

        

        (xvii)    a
          description of any material breach of a representation or warranty set
          forth in
          Section 3.01 or Section 3.02 herein or of any other breach of a covenant
          or
          condition contained herein and the status of any resolution of such
          breach;

        

        (xviii)    
          with
          respect to each Mortgage Loan, the Stated Principal Balance of any substitute
          Mortgage Loan provided by the Company and the Stated Principal Balance
          of any
          Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
          with Section 3.03 herein; and

        

        (xix)     with
          respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
          Loan
          that has been repurchased by the Company in accordance with Section 3.03
          herein.

        

        In
          addition, the Company shall provide to the Purchaser such other information
          known or available to the Company that is necessary in order to provide
          the
          distribution and pool performance information as required under Item 1121
          of
          Regulation AB, as amended from time to time, as determined by the Purchaser
          in
          its sole discretion. The Company shall also provide a monthly report, in
          the
          form of Exhibit
          E
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          F
          with
          respect to defaulted mortgage loans and Exhibit
          P,
          with
          respect to realized losses and gains, with each such report. 

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Company shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than ninety (90) days after the end of each calendar
          year,
          the Company shall furnish to each Person who was a Purchaser at any time
          during
          such calendar year an annual statement in accordance with the requirements
          of
          applicable federal income tax law as to the aggregate of remittances for
          the
          applicable portion of such year.

        

        12.      Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.04 in its entirety and replacing it with the
          following:

        

        Section
          6.04 Annual
          Statement as to Compliance; Annual Certification.

        

        (a) The
          Company will deliver to the Purchaser and any Master Servicer, not later
          than
          March 1 of each calendar year beginning in 2007, an officers’ certificate
          acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
          each signatory thereof, that (i) a review of the activities of the Company
          during the preceding calendar year and of performance under this Agreement
          or
          other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
          review, the Company has fulfilled all of its obligations under this Agreement
          or
          other applicable servicing agreement in all material respects throughout
          such
          year, or, if there has been a failure to fulfill any such obligation in
          any
          material respect, specifying each such failure known to such officer and
          the
          nature and status of cure provisions thereof. Such Annual Statement of
          Compliance shall contain no restrictions or limitations on its use that
          would
          prohibit the Purchaser, the Depositor or any Master Servicer to comply
          with the
          Securities Act, the Exchange Act and the rules and regulations of the Commission
          thereunder, and its filing under such laws and regulations. Copies of such
          statement shall be provided by the Company to the Purchaser upon request
          and by
          the Purchaser to any Person identified as a prospective purchaser of the
          Mortgage Loans. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall deliver an Annual Statement of Compliance of the Subservicer
          as
          described above as to each Subservicer as and when required with respect
          to the
          Company.

        

        (b) With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          by March 1 of each calendar year beginning in 2007, an officer of the Company
          shall execute and deliver an officer’s certificate (an “Annual Certification”)
          to the Purchaser, any Master Servicer and any related Depositor for the
          benefit
          of each such entity and such entity’s affiliates and the officers, directors and
          agents of any such entity and such entity’s affiliates, in the form attached
          hereto as Exhibit
          L.
          In the
          event that the Company has delegated any servicing responsibilities with
          respect
          to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
          Certification of the Subservicer as described above as to each Subservicer
          as
          and when required with respect to the Company.

        

        (c) If
          the
          Company cannot deliver the related Annual Statement of Compliance and Annual
          Certification by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Annual Statement of Compliance and Annual Certification,
          but in no event later than March 15th
          of such
          year.

        

        (d) Failure
          of the Company to timely comply with this Section 6.04 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
          may,
          in addition to whatever rights the Purchaser may have under Sections 3.03
          and
          8.01 and at law or equity or to damages, including injunctive relief and
          specific performance, terminate all the rights and obligations of the Company
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Company for the same, as provided in Section 9.01.
          Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        13.      Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.05 in its entirety and replacing it with the
          following:

        

        Section
          6.05 [Reserved]

        

        14.      Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.07:

        

        Section
          6.07 Assessment
          of Compliance with Servicing Criteria.

        

        On
          and
          after January 1, 2006, the Company shall service and administer, and shall
          cause
          each subservicer to servicer or administer, the Mortgage Loans in accordance
          with all applicable requirements of the Servicing Criteria.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          the Company shall deliver to the Purchaser or its designee, any Master
          Servicer
          and any Depositor on or before March 1 of each calendar year beginning
          in 2007,
          a report (an “Assessment of Compliance”) reasonably satisfactory to the
          Purchaser, any Master Servicer and any Depositor regarding the Company’s
          assessment of compliance with the Servicing Criteria during the preceding
          calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act
          and
          Item 1122 of Regulation AB or as otherwise reasonably required by the Master
          Servicer, which as of the date hereof, require a report by an authorized
          officer
          of the Company that contains the following:

        

        (a) A
          statement by such officer of its responsibility for assessing compliance
          with
          the Servicing Criteria applicable to the Company;

        

        (b) A
          statement by such officer that such officer used the Servicing Criteria
          to
          assess compliance with the Servicing Criteria applicable to the
          Company;

        

        (c) An
          assessment by such officer of the Company’s compliance with the applicable
          Servicing Criteria for the period consisting of the preceding calendar
          year,
          including disclosure of any material instance of noncompliance with respect
          thereto during such period, which assessment shall be based on the activities
          it
          performs with respect to asset-backed securities transactions taken as
          a whole
          involving the Company, that are backed by the same asset type as the Mortgage
          Loans;

        

        (d) A
          statement that a registered public accounting firm has issued an attestation
          report on the Company’s Assessment of Compliance for the period consisting of
          the preceding calendar year; and

        

        (e) A
          statement as to which of the Servicing Criteria, if any, are not applicable
          to
          the Company, which statement shall be based on the activities it performs
          with
          respect to asset-backed securities transactions taken as a whole involving
          the
          Company, that are backed by the same asset type as the Mortgage
          Loans.

        

        Such
          report at a minimum shall address each of the Servicing Criteria specified
          on a
          certification substantially in the form of Exhibit
          O
          hereto
          delivered to the Company concurrently with the execution of this
          Agreement.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          on or before March 1 of each calendar year beginning in 2007, the Company
          shall
          furnish to the Purchaser or its designee, any Master Servicer and any Depositor
          a report (an “Attestation Report”) by a registered public accounting firm that
          attests to, and reports on, the Assessment of Compliance made by the Company,
          as
          required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
          of
          Regulation AB or as otherwise reasonably required by the Master Servicer,
          which
          Attestation Report must be made in accordance with standards for attestation
          reports issued or adopted by the Public Company Accounting Oversight Board.
          

        

        The
          Company shall cause each Subservicer, and each Subcontractor determined
          by the
          Company pursuant to Section 11.20 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Purchaser, any Master Servicer and any Depositor an assessment of compliance
          and
          accountants’ attestation as and when provided in Sections 6.07.

        

        If
          the
          Company cannot deliver the related Assessment of Compliance or Attestation
          Report by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Assessment of Compliance or Attestation Report,
          but in
          no event later than March 15th
          of such
          year.

        

        Failure
          of the Company to timely comply with this Section 6.07 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as described herein, and Purchaser
          may, in
          addition to whatever rights the Purchaser may have under Sections 3.03
          and 8.01
          and at law or equity or to damages, including injunctive relief and specific
          performance, terminate all the rights and obligations of the Company under
          this
          Agreement and in and to the Mortgage Loans and the proceeds thereof without
          compensating the Company for the same, as provided in Section 9.01. Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        15.      Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.08:

        

        Section
          6.08 Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser and the Company acknowledge and agree that a purpose of Sections
          3.01(p), (q), (r) and (s), 5.02, 6.04, 6.07, 11.18 and 11.20 of this Agreement
          is to facilitate compliance by the Purchaser and any Depositor with the
          provisions of Regulation AB and related rules and regulations of the Commission.
          None of the Purchaser, any Master Servicer or any Depositor shall exercise
          its
          right to request delivery of information or other performance under these
          provisions other than in good faith, or for purposes other than compliance
          with
          the Securities Act, the Exchange Act and the rules and regulations of the
          Commission thereunder. The Company acknowledges that interpretations of
          the
          requirements of Regulation AB may change over time, whether due to interpretive
          guidance provided by the Commission or its staff, consensus among participants
          in the asset-backed securities markets, advice of counsel, or otherwise,
          and
          agrees to comply with requests made by the Purchaser or any Depositor in
          good
          faith for delivery of information under these provisions on the basis of
          evolving interpretations of Regulation AB. In connection with any Pass-Through
          Transfer, the Company shall cooperate fully with the Purchaser to deliver
          to the
          Purchaser (including any of its assignees or designees) and any Depositor,
          any
          and all statements, reports, certifications, records and any other information
          necessary in the good faith determination of the Purchaser or any Depositor
          to
          permit the Purchaser or such Depositor to comply with the provisions of
          Regulation AB, together with such disclosures relating to the Company,
          any
          Subservicer, any Third-Party Originator and the Mortgage Loans, or the
          servicing
          of the Mortgage Loans, reasonably believed by the Purchaser or any Depositor
          to
          be necessary in order to effect such compliance.

        

        16.      Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          deleting the first sentence of the last paragraph of Section 9.01 and replacing
          it with the following (new text underlined):

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, or
          as
          otherwise stated herein,
          in
          which case, automatically and without notice) Company may, in addition
          to
          whatever rights the Purchaser may have under Sections 3.03 and 8.01 and
          at law
          or equity or to damages, including injunctive relief and specific performance,
          terminate all the rights and obligations of the Company (and
          if the Company is servicing any of the Mortgage Loans in a Pass-Through
          Transfer, appoint a successor servicer reasonably acceptable to any Master
          Servicer for such Pass-Through Transfer)
          under
          this Agreement and in and to the Mortgage Loans and the proceeds thereof
          without
          compensating the Company for the same.

         

        17.      Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following at the end of the last paragraph of Section 9.01:

        

        The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a Master Servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        18.      Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          restating Section 11.18 in its entirety as follows:

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser agree that with respect to some or all of the
          Mortgage
          Loans, on or after the related Closing Date, on one or more dates (each
          a
          "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
          effect
          a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
          then
          subject to this Agreement, without recourse, to:

        

        (a)      one
          or
          more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

        

        (b)      one
          or
          more trusts or other entities to be formed as part of one or more Pass-Through
          Transfers.

        

        The
          Purchaser and the Company agree that in no event shall there be more than
          three
          (3) Reconstitutions per Mortgage Loan pool.

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
Exhibit
          D
          hereto,
          or, at Purchaser’s request, a seller's warranties and servicing agreement or a
          participation and servicing agreement or similar agreement in form and
          substance
          reasonably acceptable to the parties, and in connection with a Pass-Through
          Transfer, a pooling and servicing agreement in form and substance reasonably
          acceptable to the parties, (collectively the agreements referred to herein
          are
          designated, the “Reconstitution Agreements”). It is understood that any such
          Reconstitution Agreements will not contain any greater obligations on the
          part
          of Company than are contained in this Agreement. Notwithstanding anything
          to the
          contrary in this Section 11.18, the Company agrees that it is required
          to
          perform the obligations described in Exhibit
          K
          hereto.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          and any prospective purchaser with respect to all reasonable requests and
          due
          diligence procedures; (2) to execute, deliver and perform all Reconstitution
          Agreements required by the Purchaser; (3) to restate the representations
          and
          warranties set forth in this Agreement as of the settlement or closing
          date in
          connection with such Reconstitution (each, a "Reconstitution Date").

        

        In
          addition, the Company shall provide to such servicer or issuer, as the
          case may
          be, and any other participants in such Reconstitution: 

        

        (i)      any
          and
          all information and appropriate verification of information which may be
          reasonably available to the Company, whether through letters of its auditors
          and
          counsel (excluding that protected by the attorney-client privilege unless
          waived) or otherwise, as the Purchaser or any such other participant shall
          request upon reasonable demand; 

        

        (ii)      such
          additional representations, warranties, covenants, letters from auditors,
          and
          certificates of public officials or officers of the Company as are reasonably
          agreed upon by the Company and the Purchaser or any such other
          participant;

        

        (iii)      within
          5
          Business Days after request by the Purchaser, the information with respect
          to
          the Company (as originator) and each Third-Party Originator of the Mortgage
          Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
          of the
          requirements of which has of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. If requested by the Purchaser, this will include information
          about
          the applicable credit-granting or underwriting criteria;

        

        (iv)      within
          5
          Business Days after request by the Purchaser, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) Static Pool
          Information with respect to the mortgage loans (of a similar type as the
          Mortgage Loans, as reasonably identified by the Purchaser as provided below)
          originated by (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          and (c) of Regulation AB. To the extent that there is reasonably available
          to
          the Company (or Third-Party Originator) Static Pool Information with respect
          to
          more than one mortgage loan type, the Purchaser or any Depositor shall
          be
          entitled to specify whether some or all of such information shall be provided
          pursuant to this paragraph. The content of such Static Pool Information
          may be
          in the form customarily provided by the Company, and need not be customized
          for
          the Purchaser or any Depositor. Such Static Pool Information for each vintage
          origination year or prior securitized pool, as applicable, shall be presented
          in
          increments no less frequently than quarterly over the life of the mortgage
          loans
          included in the vintage origination year or prior securitized pool. The
          most
          recent periodic increment must be as of a date no later than 135 days prior
          to
          the date of the prospectus or other offering document in which the Static
          Pool
          Information is to be included or incorporated by reference. The Static
          Pool
          Information shall be provided in an electronic format that provides a permanent
          record of the information provided, such as a portable document format
          (pdf)
          file, or other such electronic format reasonably required by the Purchaser
          or
          the Depositor, as applicable;

        

        (v)      within
          5
          Business Days after request by the Purchaser, information with respect
          to the
          Company (as servicer) as required by Item 1108(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall provide the information required pursuant to this clause
          with
          respect to the Subservicer;

        

        (vi)   
               within
          5
          Business Days after request by the Purchaser, 

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Company (as originator and as servicer) and each
          other
          originator of the Mortgage Loans and each Subservicer as required by Item
          1117
          of Regulation AB, a summary of the requirements of which as of the date
          hereof
          is attached hereto as Exhibit N for convenience of reference only, as determined
          by Purchaser in its sole discretion,

        (b)
          information regarding affiliations with respect to the Company (as originator
          and as servicer) and each other originator of the Mortgage Loans and each
          Subservicer as required by Item 1119(a) of Regulation AB, a summary of
          the
          requirements of which as of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion, and

        (c)
          information regarding relationships and transactions with respect to the
          Company
          (as originator and as servicer) and each other originator of the Mortgage
          Loans
          and each Subservicer as required by Item 1119(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion; 

        

        (vii)       
          if
          so
          requested by the Purchaser, the Company shall provide (or, as applicable,
          cause
          each Third-Party Originator to provide), at the expense of the requesting
          party
          (to the extent of any additional incremental expense associated with delivery
          pursuant to this Agreement), such statements and agreed-upon procedures
          letters
          of certified public accountants reasonably acceptable to the Purchaser
          or
          Depositor, as applicable, pertaining to Static Pool Information relating
          to
          prior securitized pools for securitizations closed on or after January
          1, 2006
          or, in the case of Static Pool Information with respect to the Company’s or
          Third-Party Originator’s originations or purchases, to calendar months
          commencing January 1, 2006, or to any financial information included in
          any
          other disclosure provided under this Section 11.18, as the Purchaser or
          such
          Depositor shall reasonably request. Such statements and letters shall be
          addressed to and be for the benefit of such parties as the Purchaser or
          such
          Depositor shall designate, which may include, by way of example, any Sponsor,
          any Depositor and any broker dealer acting as underwriter, placement agent
          or
          initial purchaser with respect to a Pass-Through Transfer. Any such statement
          or
          letter may take the form of a standard, generally applicable document
          accompanied by a reliance letter authorizing reliance by the addressees
          designated by the Purchaser or such Depositor; 

        

        (viii)     
          For the purpose of satisfying the reporting obligation under the Exchange
          Act
          with respect to any class of asset-backed securities, the Company shall
          (or
          shall cause each Subservicer and Third-Party Originator to) (i) within
          two (2)
          Business Days of the event described below, provide notice to the Purchaser,
          any
          Master Servicer and any Depositor in writing of (A) any material litigation
          or
          governmental proceedings involving the Company, any Subservicer or any
          Third-Party Originator, (B) any affiliations or relationships that develop
          following the closing date of a Pass-Through Transfer between the Company,
          any
          Subservicer or any Third-Party Originator and any of the parties specified
          in
          clause (D) of paragraph (a) of this Section (and any other parties identified
          in
          writing by the requesting party) with respect to such Pass-Through Transfer,
          (C)
          any Event of Default under the terms of this Agreement or any Reconstitution
          Agreement, (D) any merger, consolidation or sale of substantially all of
          the
          assets of the Company, and (E) the Company’s entry into an agreement with a
          Subservicer to perform or assist in the performance of any of the Company’s
          obligations under this Agreement or any Reconstitution Agreement and (ii)
          provide to the Purchaser, any Master Servicer and any Depositor a description
          of
          such proceedings, affiliations or relationships; 

         

        All
          notification pursuant to this Section 11.18 (viii)(B) should be sent
          to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 11.18 (viii)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        (ix)     
          As a condition to the succession to the Company or any Subservicer as servicer
          or subservicer under this Agreement or any Reconstitution Agreement by
          any
          Person (i) into which the Company or such Subservicer may be merged or
          consolidated, or (ii) which may be appointed as a successor to the Company
          or
          any Subservicer (unless such successor has been appointed by the Purchaser,
          any
          Master Servicer or any Depositor), the Company shall provide to the Purchaser,
          any Master Servicer, and any Depositor, at least 15 calendar days prior
          to the
          effective date of such succession or appointment, (x) written notice to
          the
          Purchaser and any Depositor of such succession or appointment and (y) in
          writing
          and in form and substance reasonably satisfactory to the Purchaser and
          such
          Depositor, all information reasonably requested by the Purchaser or any
          Depositor in order to comply with its reporting obligation under Item 6.02
          of
          Form 8-K with respect to any class of asset-backed securities; 

        

        (x)     
          In addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Pass-Through Transfer that includes any of the Mortgage
          Loans
          serviced by the Company or any Subservicer, the Company or such Subservicer,
          as
          applicable, shall, to the extent the Company or such Subservicer has knowledge,
          provide to the party responsible for filing such report (including, if
          applicable, the Master Servicer) notice of the occurrence of any of the
          following events along with all information, data, and materials related
          thereto
          as may be required to be included in the related distribution report on
          Form
          10-D (as specified in the provisions of Regulation AB referenced
          below):

        

        (A)      any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (B)      material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (C)      information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB);
          and

        

        (xi)     
          The Company shall provide, as requested, to the Purchaser, any Master Servicer
          and any Depositor, evidence of the authorization of the person signing
          any
          certification or statement, copies or other evidence of Fidelity Bond Insurance
          and Errors and Omission Insurance policy, financial information and reports,
          and
          such other information related to the Company or any Subservicer or the
          Company
          or such Subservicer’s performance hereunder.

        

        In
          the
          event of a conflict or inconsistency between the terms of Exhibit N and
          the text
          of the applicable Item of Regulation AB as cited above, the text of Regulation
          AB, its adopting release and other public statements of the SEC shall
          control.

        

        (xii)      If
          so
          requested by the Purchaser or any Depositor on any date, the Company shall,
          within five Business Days following such request, confirm in writing the
          accuracy of the representations and warranties set forth in Section 3.01(p)
          of
          this Agreement or, if any such representation and warranty is not accurate
          as of
          the date of such request, provide reasonably adequate disclosure of the
          pertinent facts, in writing, to the requesting party.

        

        The
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Pass-Through Transfer: each
          sponsor
          and issuing entity; each Person (including, but not limited to, any Master
          Servicer, if applicable) responsible for the preparation, execution or
          filing of
          any report required to be filed with the Commission with respect to such
          Pass-Through Transfer, or for execution of a certification pursuant to
          Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Pass-Through Transfer; each broker dealer acting as underwriter, placement
          agent
          or initial purchaser, each Person who controls any of such parties or the
          Depositor (within the meaning of Section 15 of the Securities Act and Section
          20
          of the Exchange Act); and the respective present and former directors,
          officers,
          employees, agents and affiliates of each of the foregoing and of the Depositor
          (each, an “Indemnified Party”), and shall hold each of them harmless from and
          against any claims, losses, damages, penalties, fines, forfeitures, legal
          fees
          and expenses and related costs, judgments, and any other costs, fees and
          expenses that any of them may sustain arising out of or based upon:

        

        (i)(A)v
          any untrue statement of a material fact contained or alleged to be contained
          in
          any information, report, certification, data, accountants’ letter or other
          material provided under this Section 11.18 by or on behalf of the Company,
          or
          provided under this Section 11.18 by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided, by
          way of
          clarification, that clause (B) of this paragraph shall be construed solely
          by
          reference to the Company Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Company Information or any portion thereof is presented
          together
          with or separately from such other information;

        

        (ii)     
          any breach by the Company of its obligations under this Section 11.18,
          including
          particularly any failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party Originator to deliver any information, report, certification,
          accountants’ letter or other material when and as required under this Section
          11.18, including any failure by the Company to identify pursuant to Section
          11.20 any Subcontractor “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB; 

        

        (iii)     
          any breach by the Company of a representation or warranty set forth in
          Section
          3.01 or in a writing furnished pursuant to Section 3.01(q) and made as
          of a date
          prior to the closing date of the related Pass-Through Transfer, to the
          extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          3.01(q) to the extent made as of a date subsequent to such closing date;
          or

         

        (iv)      the
          gross
          negligence, bad faith or willful misconduct of the Company in connection
          with
          its performance under this Section
          11.18;

        provided,
          however, that the Purchaser shall indemnify the Company and its present
          and
          former directors, officers, and employees and hold each of them harmless
          from
          and against any claims, losses, damages, penalties, fines, forfeitures,
          legal
          fees and expenses and related costs, judgments, and any other costs, fees
          and
          expenses that any of them may sustain from any untrue statement or alleged
          untrue statement of a material fact or the omission or alleged omission
          to state
          a material fact required to be stated in order to make the statements therein,
          in the light of the circumstances under which they were made, not misleading,
          contained in any prospectus or prospectus supplement containing Company
          Information not arising out of or based upon the Company
          Information.

        

          If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other. 

          

          In
          the
          case of any failure of performance described above, the Company shall promptly
          reimburse the Purchaser, any Depositor, as applicable, and each Person
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission with respect to such Pass-Through Transfer,
          or for
          execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
          under
          the Exchange Act with respect to such Pass-Through Transfer, for all costs
          reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        The
          Purchaser agrees to reimburse the Company for its reasonable out-of-pocket
          expenses incurred in connection with any Reconstitution hereunder; provided,
          however, such amount shall not exceed $5,000 and shall be remitted by the
          Purchaser upon written request from the Company which shall be accompanied
          with
          receipts or bills detailing such expenses; provided, further, in the event
          that
          such amount exceeds $5,000, the Purchaser shall reimburse the Company if
          the
          Purchaser approves in writing of such expenses prior to when incurred by
          the
          Company.

        

        19.      Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.20:

        

        Section
          11.20. Use
          of
          Subservicers and Subcontractors.

        

        (a)      The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (b) of this Section. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (d) of this Section. 

        

        (b)      The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
          of this
          Agreement to the same extent as if such Subservicer were the Company, and
          to
          provide the information required with respect to such Subservicer under
          Section
          3.01(r) of this Agreement. The Company shall be responsible for obtaining
          from
          each Subservicer and delivering to the Purchaser, any Master Servicer and
          any
          Depositor any Annual Statement of Compliance required to be delivered by
          such
          Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
          Report required to be delivered by such Subservicer under Section 6.07
          and any
          Annual Certification required under Section 6.04(b) as and when required
          to be
          delivered.

        

        (c)      The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, any Master Servicer and such Depositor) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

        

        (d)      As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any Assessment of Compliance
          and
          Attestation Report and the other certificates required to be delivered
          by such
          Subservicer and such Subcontractor under Section 6.07, in each case as
          and when
          required to be delivered.

        

        20.      Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.21:

        

        Section
          11.21. Third
          Party Beneficiary.

        

        For
          purposes of this Agreement, each Master Servicer shall be considered a
          third party beneficiary to this Agreement, entitled to all the rights and
          benefits hereof as if it were a direct party to this
          Agreement.

        

        21.      The
          Agreement is hereby amended as of the date hereof by deleting Exhibit E
          in its
          entirety and replacing it with the following:

         

        EXHIBIT
          E

        

        REPORTING
          DATA FOR MONTHLY REPORT

        

        
          	
                  Standard
                    File Layout - Master Servicing

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        22.      The
          Agreement is hereby amended as of the date hereof by adding the following
          new
          Exhibit F:

        EXHIBIT
          F

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	
                   

                	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	
                   

                	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	
                   

                	
                   

                
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	
                   

                	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	
                   

                	
                   

                
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	
                   

                	
                   

                
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	
                   

                	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	
                   

                	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	
                   

                	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	
                   

                	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	
                   

                	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	
                   

                	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	
                   

                	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	
                   

                	
                   

                
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	
                   

                	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	
                   

                	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	
                   

                	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	
                   

                	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	
                   

                	
                   

                
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	
                   

                	
                   

                
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	
                   

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	
                   

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	
                   

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	
                   

                	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        NOTE:
          Wells Fargo Bank will accept alternative Loss Mitigation Types to those
          above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        The
          Occupant
          Code
          field should show the current status of the property code as
          follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        The
          Property
          Condition
          field should show the last reported condition of the property as follows:
          

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field should show the Reason for Delinquency as follows: 

         

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Status Code
          field should show the Status of Default as follows: 

         

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

        23.     The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit K:

        

        EXHIBIT
          K

        

        COMPANY’S
          OBLIGATIONS IN CONNECTION 

        WITH
          A
          RECONSTITUTION

        

        •      The
          Company shall (i) possess the ability to service to a securitization documents;
          (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
          liquidation of an REO Property), (iii) make compensating interest payments
          on
          payoffs and curtailments and (iv) remit and report to a Master Servicer
          in
          format acceptable to such Master Servicer by the 10th calendar day of each
          month.

        

        •      The
          Company shall provide an acceptable annual certification (officer’s certificate)
          to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
          as well
          as any other annual certifications required under the securitization documents
          (i.e. the annual statement as to compliance/annual independent certified
          public
          accountants’ servicing report due by March 1 of each year).

        

        •      The
          Company shall allow for the Purchaser, the Master Servicer or their designee
          to
          perform a review of audited financials and net worth of the
          Company.

        

        •      The
          Company shall provide a Uniform Single Attestation Program certificate
          and
          Management Assertion as requested by the Master Servicer or the
          Purchaser.

        

        •      The
          Company shall provide information on each Custodial Account as requested
          by the
          Master Servicer or the Purchaser, and each Custodial Accounts shall comply
          with
          the requirements for such accounts as set forth in the securitization
          documents.

        

        •      The
          Company shall maintain its servicing system in accordance with the requirements
          of the Master Servicer.

         

        24.  
          The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit L:

        

        EXHIBIT
          L

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        Re: The
          [ ]
          agreement dated as of [ l,
          200[ ]
          (the “Agreement”), among [IDENTIFY PARTIES]

        

        I,
          ____________________________, the _______________________ of [NAME OF COMPANY]
          (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Securities Administrator] [Trustee], and their officers, with
          the
          knowledge and intent that they will rely upon this certification,
          that:

        

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, officer’s certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Securities Administrator]
          [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

        

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

        

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

        

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

        

        The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master Servicer]. Any
          material
          instances of noncompliance described in such reports have been disclosed
          to the
          [Depositor] [Master Servicer]. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

        

        25.     
          The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit M:

        

        EXHIBIT
          M

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit M is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit M and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control. 

        

        Item
          1122(d)

         

        
          	(a)  
                    	
                  General
                    servicing considerations.

                

        

         

        (1)  Policies
          and procedures are instituted to monitor any performance or other triggers
          and
          events of default in accordance with the transaction agreements.

         

        (2)  If
          any
          material servicing activities are outsourced to third parties, policies
          and
          procedures are instituted to monitor the third party’s performance and
          compliance with such servicing activities.

         

        (3)  Any
          requirements in the transaction agreements to maintain a back-up servicer
          for
          the mortgage loans are maintained.

         

        (4)  A
          fidelity bond and errors and omissions policy is in effect on the party
          participating in the servicing function throughout the reporting period
          in the
          amount of coverage required by and otherwise in accordance with the terms
          of the
          transaction agreements.

         

        
          	(b)  
                    	
                  Cash
                    collection and administration.

                

        

         

        (1)  Payments
          on mortgage loans are deposited into the appropriate custodial bank accounts
          and
          related bank clearing accounts no more than two business days following
          receipt,
          or such other number of days specified in the transaction
          agreements.

         

        (2)  Disbursements
          made via wire transfer on behalf of an obligor or
          to an
          investor are made only by authorized personnel.

         

        (3)  Advances
          of funds or guarantees regarding collections, cash flows or distributions,
          and
          any interest or other fees charged for such advances, are made, reviewed
          and
          approved as specified in the transaction agreements.

         

        (4)  The
          related accounts for the transaction, such as cash reserve accounts or
          accounts
          established as a form of overcollateralization, are separately maintained
          (e.g.,
          with respect to commingling of cash) as set forth in the transaction
          agreements.

         

        (5)  Each
          custodial account is maintained at a federally insured depository institution
          as
          set forth in the transaction agreements. For purposes of this criterion,
          “federally insured depository institution” with respect to a foreign financial
          institution means a foreign financial institution that meets the requirements
          of
          Rule 13k-1(b)(1) of the Securities Exchange Act.

         

        (6)  Unissued
          checks are safeguarded so as to prevent unauthorized access.

         

        (7)  Reconciliations
          are prepared on a monthly basis for all asset-backed securities related
          bank
          accounts, including custodial accounts and related bank clearing accounts.
          These
          reconciliations are (A) mathematically accurate; (B) prepared within 30
          calendar
          days after the bank statement cutoff date, or such other number of days
          specified in the transaction agreements; (C) reviewed and approved by someone
          other than the person who prepared the reconciliation; and (D) contain
          explanations for reconciling items. These reconciling items are resolved
          within
          90 calendar days of their original identification, or such other number
          of days
          specified in the transaction agreements.

         

        
          	(c)  
                    	
                  Investor
                    remittances and reporting.

                

        

         

        (1)  Reports
          to investors, including those to be filed with the Commission, are maintained
          in
          accordance with the transaction agreements and applicable Commission
          requirements. Specifically, such reports (A) are prepared in accordance
          with
          timeframes and other terms set forth in the transaction agreements; (B)
          provide
          information calculated in accordance with the terms specified in the transaction
          agreements; (C) are filed with the Commission as required by its rules
          and
          regulations; and (D) agree with investors’ or the trustee’s records as to the
          total unpaid principal balance and number of mortgage loans serviced by
          the
          Servicer.

         

        (2)  Amounts
          due to investors are allocated and remitted in accordance with timeframes,
          distribution priority and other terms set forth in the transaction
          agreements.

         

        (3)  Disbursements
          made to an investor are posted within two business days to the Servicer’s
          investor records, or such other number of days specified in the transaction
          agreements.

         

        (4)  Amounts
          remitted to investors per the investor reports agree with cancelled checks,
          or
          other form of payment, or custodial bank statements.

         

        
          	(d)   
                   	
                  Mortgage
                    Loan administration.

                

        

         

        (1)  Collateral
          or security on mortgage loans is maintained as required by the transaction
          agreements or related mortgage loan documents.

         

        (2)  Mortgage
          loan and related documents are safeguarded as required by the transaction
          agreements.

         

        (3)  Any
          additions, removals or substitutions to the asset pool are made, reviewed
          and
          approved in accordance with any conditions or requirements in the transaction
          agreements.

         

        (4)  Payments
          on mortgage loans, including any payoffs, made in accordance with the related
          mortgage loan documents are posted to the Servicer’s obligor records maintained
          no more than two business days after receipt, or such other number of days
          specified in the transaction agreements, and allocated to principal, interest
          or
          other items (e.g., escrow) in accordance with the related mortgage loan
          documents.

         

        (5)  The
          Servicer’s records regarding the mortgage loans agree with the Servicer’s
          records with respect to an obligor’s unpaid principal balance.

         

        (6)  Changes
          with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
          modifications or re-agings) are made, reviewed and approved by authorized
          personnel in accordance with the transaction agreements and related mortgage
          loan documents.

         

        (7)  Loss
          mitigation or recovery actions (e.g., forbearance plans, modifications
          and deeds
          in lieu of foreclosure, foreclosures and repossessions, as applicable)
          are
          initiated, conducted and concluded in accordance with the timeframes or
          other
          requirements established by the transaction agreements.

         

        (8)  Records
          documenting collection efforts are maintained during the period a mortgage
          loan
          is delinquent in accordance with the transaction agreements. Such records
          are
          maintained on at least a monthly basis, or such other period specified
          in the
          transaction agreements, and describe the entity’s activities in monitoring
          delinquent mortgage loans including, for example, phone calls, letters
          and
          payment rescheduling plans in cases where delinquency is deemed temporary
          (e.g.,
          illness or unemployment).

         

        (9)  Adjustments
          to interest rates or rates of return for mortgage loans with variable rates
          are
          computed based on the related mortgage loan documents.

         

        (10)  Regarding
          any funds held in trust for an obligor (such as escrow accounts): (A) such
          funds
          are analyzed, in accordance with the obligor’s mortgage loan documents, on at
          least an annual basis, or such other period specified in the transaction
          agreements; (B) interest on such funds is paid, or credited, to obligors
          in
          accordance with applicable mortgage loan documents and state laws; and
          (C) such
          funds are returned to the obligor within 30 calendar days of full repayment
          of
          the related mortgage loans, or such other number of days specified in the
          transaction agreements.

         

        (11)  Payments
          made on behalf of an obligor (such as tax or insurance payments) are made
          on or
          before the related penalty or expiration dates, as indicated on the appropriate
          bills or notices for such payments, provided that such support has been
          received
          by the Servicer at least 30 calendar days prior to these dates, or such
          other
          number of days specified in the transaction agreements.

         

        (12)  Any
          late
          payment penalties in connection with any payment to be made on behalf of
          an
          obligor are paid from the Servicer’s funds and not charged to the obligor,
          unless the late payment was due to the obligor’s error or omission.

         

        (13)  Disbursements
          made on behalf of an obligor are posted within two business days to the
          obligor’s records maintained by the Servicer, or such other number of days
          specified in the transaction agreements.

         

        (14)  Delinquencies,
          charge-offs and uncollectable accounts are recognized and recorded in accordance
          with the transaction agreements.

         

        (15)  Any
          external enhancement or other support, identified in Item 1114(a)(1) through
          (3)
          or Item 1115 of Regulation AB, is maintained as set forth in the
          transaction agreements.

        

        26.           The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit N:

        EXHIBIT
          N

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit N is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit N and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control. 

         

        Item
          1105(a)(1)-(3) and (c)

        

        -    
          Provide static pool information with respect to mortgage loans that were
          originated or purchased by the Company and which are of the same type as
          the
          Mortgage Loans.

         

        -    
          Provide static pool information regarding delinquencies, cumulative losses
          and
          prepayments for prior securitized pools of the Company.

         

        -    
          If the Company has less than 3 years experience securitizing assets of
          the same
          type as the Mortgage Loans, provide the static pool information by vintage
          origination years regarding loans originated or purchased by the Company,
          instead of by prior securitized pool. A vintage origination year represents
          mortgage loans originated during the same year.

         

        -    
          Such static pool information shall be for the prior five years, or for
          so long
          as the Company has been originating or purchasing (in the case of data
          by
          vintage origination year) or securitizing (in the case of data by prior
          securitized pools) such mortgage loans if for less than five years.

         

        -    
          The static pool information for each vintage origination year or prior
          securitized pool, as applicable, shall be presented in monthly increments
          over
          the life of the mortgage loans included in the vintage origination year
          or prior
          securitized pool.

         

        -    
          Provide summary information for the original characteristics of the prior
          securitized pools or vintage origination years, as applicable and material,
          including: number of pool assets, original pool balance, weighted average
          initial loan balance, weighted average mortgage rate, weighted average
          and
          minimum and maximum FICO, product type, loan purpose, weighted average
          and
          minimum and maximum LTV, distribution of loans by mortgage rate, and geographic
          concentrations of 5% or more.

         

        Item
          1108(b) and (c)

        

        Provide
          the following information with respect to each servicer that will service,
          including interim service, 20% or more of the mortgage loans in any loan
          group
          in the securitization issued in the Pass-Through Transfer: 

         

        -    
          a description of the Company’s form of organization;

         

        -    
          a description of how long the Company has been servicing residential mortgage
          loans; a general discussion of the Company’s experience in servicing assets of
          any type as well as a more detailed discussion of the Company’s experience in,
          and procedures for the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Company’s portfolio of mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Company that
          may be
          material to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including whether any default or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Company, and the extent
          of
          outsourcing the Company uses;

         

        -    
          a description of any material changes to the Company’s policies or procedures in
          the servicing function it will perform under this Agreement and any
          Reconstitution Agreements for mortgage loans of the type similar to the
          Mortgage
          Loans during the past three years;

         

        -    
          information regarding the Company’s financial condition to the extent that there
          is a material risk that the effect on one or more aspects of servicing
          resulting
          from such financial condition could have a material impact on the performance
          of
          the securities issued in the Pass-Through Transfer, or on servicing of
          mortgage
          loans of the same asset type as the Mortgage Loans;

         

        -    
          any special or unique factors involved in servicing loans of the same type
          as
          the Mortgage Loans, and the Company’s processes and procedures designed to
          address such factors;

         

        -    
          statistical information regarding principal and interest advances made
          by the
          Company on the Mortgage Loans and the Company’s overall servicing portfolio for
          the past three years; and

         

        -    
          the Company’s process for handling delinquencies, losses, bankruptcies and
          recoveries, such as through liquidation of REO Properties, foreclosure,
          sale of
          the Mortgage Loans or workouts.

         

        Item
          1110(a)

        

        -    
          Identify any originator or group of affiliated originators that originated,
          or
          is expected to originate, 10% or more of the mortgage loans in any loan
          group in
          the securitization issued in the Pass-Through Transfer.

         

        Item
          1110(b)

        

        Provide
          the following information with respect to any originator or group of affiliated
          originators that originated, or is expected to originate, 20% or more of
          the
          mortgage loans in any loan group in the securitization issued in the
          Pass-Through Transfer:

         

        -    
          the Company’s form of organization; and

         

        -    
          a description of the Company’s origination program and how long the Company has
          been engaged in originating residential mortgage loans, which description
          must
          include a discussion of the Company’s experience in originating mortgage loans
          of the same type as the Mortgage Loans and information regarding the size
          and
          composition of the Company’s origination portfolio as well as information that
          may be material to an analysis of the performance of the Mortgage Loans,
          such as
          the Company’s credit-granting or underwriting criteria for mortgage loans of the
          same type as the Mortgage Loans.

         

        Item
          1117

        

        -    
          describe any legal proceedings pending against the Company or against any
          of its
          property, including any proceedings known to be contemplated by governmental
          authorities, that may be material to the holders of the securities issued
          in the
          Pass-Through Transfer.

         

        Item
          1119(a)

        

        -    
          describe any affiliations of the Company, each other originator of the
          Mortgage
          Loans and each Subservicer with the sponsor, depositor, issuing entity,
          trustee,
          any originator, any other servicer, any significant obligor, enhancement
          or
          support provider or any other material parties related to the Pass-Through
          Transfer.

         

        Item
          1119(b)

        

        -    
          describe any business relationship, agreement, arrangement, transaction
          or
          understanding entered into outside of the ordinary course of business or
          on
          terms other than those obtained in an arm’s length transaction with an unrelated
          third party, apart from the Pass-Through Transfer, between the Company,
          each
          other originator of the Mortgage Loans and each Subservicer, or their respective
          affiliates, and the sponsor, depositor or issuing entity or their respective
          affiliates, that exists currently or has existed during the past two years,
          that
          may be material to the understanding of an investor in the securities issued
          in
          the Pass-Through Transfer.

         

        Item
          1119(c)

        

        -    
          describe any business relationship, agreement, arrangement, transaction
          or
          understanding involving or relating to the Mortgage Loans or the Pass-Through
          Transfer, including the material terms and approximate dollar amount involved,
          between the Company, each other originator of the Mortgage Loans and each
          Subservicer, or their respective affiliates and the sponsor, depositor
          or
          issuing entity or their respective affiliates, that exists currently or
          has
          existed during the past two years.

         

        27.      The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit O:

        

        EXHIBIT
          O

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	
                   

                
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                   

                
	
                   

                	
                   

                	
                   

                

        

         

        [NAME
          OF COMPANY] [NAME OF SUBSERVICER]

         

        Date: _________________________

         

         

        By: _________________________

        Name:
          

        Title:
          

        

        28.     The
          Agreement is hereby amended as of the date hereof by adding the following
          new
          Exhibit P:

        EXHIBIT
          P

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.            
          The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.            
          The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.           
           Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.       
          Complete
          as applicable. Required documentation:

         

        *     
          For taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period

         

        of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *     
          For escrow advances - complete payment history 

         

        (to
          calculate advances from last positive escrow balance forward)

            

        *     
          Other expenses -  copies of corporate advance history showing all payments

         

        *     
          REO repairs > $1500 require explanation

            

        *     
          REO repairs >$3000 require evidence of at least 2 bids.

         

        *     
          Short Sale or Charge Off require P&L supporting the decision and WFB’s
          approved Officer Certificate 

         

        *     
          Unusual or extraordinary items may require further documentation. 

         

        13.        The
          total
          of lines 1 through 12.

         

        3.         Credits:
          

         

        14-21. Complete
          as applicable. Required documentation:

         

        *     
          Copy of the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        Letter
          of
          Proceeds Breakdown.

         

        *     
          Copy of EOB for any MI or gov't guarantee 

         

        *     
          All other credits need to be clearly defined on the 332
          form      
     

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.      The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        

        Calculation
          of Realized Loss/Gain Form 332

         

        Prepared
          by: __________________   Date:
          _______________

         

        Phone:
          ______________________ Email Address:_____________________

         

         

        
          	
                  Servicer
                    Loan No.

                	
                   

                	
                  Servicer
                    Name

                	
                   

                	
                  Servicer
                    Address 

                   

                

        

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

         

        Property
          Address: _________________________________________________________

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  Short
          Sale Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes 
          No

         

        If
“Yes”,
          provide deficiency or cramdown amount
          _______________________________

         

        Liquidation
          and Acquisition Expenses:

         

        
          
            
              
                	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                         

                      	$	 	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	 	
                         

                      	 	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	 	
                         

                      	 	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	 	
                         

                      	 	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	 	
                         

                      	 	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	 	 	 	
                         

                      	 	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                         

                      	 	 	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	 	 	 	
                         

                      	 	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	 	 	 	
                         

                      	 	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	 	 	 	
                         

                      	 	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	 	 	 	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (12)

                      
	 	 	
                        Cash
                          for Keys

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                        HOA/Condo
                          Fees

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                         

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	 	 	 	 	 	 
	 	 	
                        Total
                          Expenses

                      	 	 	$	 	
                        
                          (13)

                        

                      
	
                        Credits:

                      	 	 	 	 	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	 	 	 	
                        $
                          

                      	 	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	 	 	 	 	 	
                        
                          (15)

                        

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	 	 	 	
                         

                      	 	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	 	 	 	
                         

                      	 	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                         

                      	 	 	(18a)

	
                        HUD
                          Part A

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                        HUD
                          Part B

                      	 	 	 	 	 	(18b)
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	 	 	 	
                         

                      	 	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                         

                      	 	 	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (21)

                      
	 	
                         

                      	 	
                         

                      	
                         

                      	 	 	
                        (21)

                      
	 	 	 	 	 	 	 	 
	 	
                        Total
                          Credits

                      	 	 	 	
                        $

                      	 	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         

                      	
                         

                      	
                        $

                      	 	
                        (23)

                      

              

            

          

        

         

        Escrow
          Disbursement Detail

        

        

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 

        

        

        29.    
          The
          Agreement is hereby amended as of the date hereof by adding the following
          new
          Exhibit Q:

         

        EXHIBIT
          Q

        

        Delinquency
          Recognition Policies 

        [To
          be
          provided by EMC and mutually agreed by the parties]

         

        30.    
          Except
          as
          amended above, the Agreement shall continue to be in full force and effect
          in
          accordance with its terms.

        

        31.    
          This
          Amendment may be executed by one or more of the parties hereto on any number
          of
          separate counterparts and of said counterparts taken together shall be
          deemed to
          constitute one and the same instrument.

        

        [SIGNATURE
          PAGES FOLLOW]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the following parties have caused their names to be signed
          hereto by their respective officers thereunto duly authorized as of the
          day and
          year first above written.

        
           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION,

                    as
                      Purchaser

                  
	 
 	 
 	 
 
	 	By:  	
                  
	 	Name:   	
                    

                  
	 	Title: 	
                  

          

            

          
            	 	 	 
	 	
                    
                      
                        MID
                          AMERICA BANK, FSB,

                        as
                          Company

                      

                    

                  
	 
 	 
 	 
 
	 	By:  	
                  
	 	Name:   	
                    

                  
	 	Title: 	
                  

          

        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q-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 E&am
p;am
        p;#1 60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis, pursuant to the terms of this
        Agreement and the related Term Sheet.

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or Ohio, or (iii) a day on which banks in the State of New York
        or Ohio
        are authorized or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet,
        which
        are expected to be the dates set forth in the related Confirmation.

      

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company: National
        City Mortgage Company, their successors in interest and assigns, as permitted
        by
        this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        Trade
        Confirmation Letter between the Purchaser and the Company which relates to
        the
        Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as
        a trust
        account with the corporate trust department of a depository institution or
        trust
        company organized under the laws of the United States of America or any one
        of
        the states thereof or the District of Columbia which is not affiliated with
        the
        Company (or any sub-servicer) or (iii) with an entity which is an institution
        whose
        deposits are insured by the FDIC, the unsecured and uncollateralized long-term
        debt obligations of which shall be rated “A2” or higher by Moody’s and “A” or
        higher by either Standard & Poor’s or Fitch, Inc. or
        one of
        the two highest short-term ratings by any applicable Rating Agency, and which
        is
        either (a) a federal savings association duly organized, validly existing
        and in
        good standing under the federal banking laws, (b) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (c) a national banking association under the federal banking laws,
        or (d)
        a principal subsidiary of a bank holding company,
        or (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        National City Bank Ohio, or an institution having (i) the highest short-term
        debt rating, and one of the two highest long-term debt ratings of each Rating
        Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
        debt rating of at least one of the two highest unsecured long-term debt ratings
        of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled " National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Primary Mortgage Insurance Policy: Any
        Primary Mortgage Insurance Policy for which premiums are paid by the
        Company.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lifetime
        Rate Cap:
        As to
        each Mortgage Loan, the maximum Mortgage Interest Rate over the term of such
        Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate, if
        any.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        	(6)  
                 	
                the
                  original months to maturity of the Mortgage
                  Loan;

              

      

      

      (7)  the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

      (12) the
        amount of the Monthly Payment at origination;

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

      (14) the
        original principal amount of the Mortgage Loan; 

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
         a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
         a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        	(20)  	
                a
                  code indicating whether or not the Mortgage Loan is the subject
                  of a
                  Primary Mortgage Insurance Policy and
                  the name of the related insurance carrier;
                  

              

      

      

      
        	(21)  	
                a
                  code indicating whether or not the Mortgage Loan is the subject
                  of a
                  Lender Primary Mortgage Insurance Policy and
                  the name of the related insurance carrier;

              

      

      

      
        	(22)  	
                a
                  code indicating whether or not the Mortgage Loan is currently convertible
                  and the conversion spread;

              

      

      

      
        	(23)  	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  unpaid principal balance of the Mortgage
                  Loan.

              

      

      

      
        	(24)  	
                product
                  type (i.e. fixed, 3/1, 5/1, etc.);

              

      

      

      
        	(25)  	
                credit
                  score and/or mortgage score, if
                  applicable;

              

      

      

      
        	(26)  	
                the
                  Lender Paid Mortgage Insurance
                  Rate;

              

      

      

      
        	(27)  	
                a
                  code indicating whether or not the Mortgage Loan has a prepayment
                  penalty
                  and if so, the amount and term thereof;
                  and

              

      

      

      (28) 
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

      Person:
        Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, limited liability company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

      Prepayment
        Period: With
        respect to any Remittance Date, the calendar month preceding the month in
        which
        such Remittance Date occurs.

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Moody’s
        Investors Service, Standard & Poor's, Fitch, Inc. or, in the event that some
        or all of the ownership of the Mortgage Loans is evidenced by mortgage-backed
        securities, the nationally recognized rating agencies issuing ratings with
        respect to such securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the
        product of the greater of 100% or the percentage of par as stated in the
        Confirmation multiplied by the Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii) interest on such outstanding principal balance at the Mortgage Loan
        Remittance Rate from the last date through which interest has been paid and
        distributed to the Purchaser to the end of the month of repurchase, plus,
        (iii)
        third party expenses incurred in connection with the transfer of the Mortgage
        Loan being repurchased; less amounts received or advanced in respect of such
        repurchased Mortgage Loan which are being held in the Custodial Account for
        distribution in the month of repurchase. 

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the related Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      SERVICING
        OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage       Files;
        Maintenance of Servicing Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the FDIC
        and
        other similar entities, access, during normal business hours, upon reasonable
        advance notice to Company and without charge to Company or such supervisory
        agents or examiners, to any documentation regarding the Mortgage Loans that
        may
        be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If
        delivery is not completed within 180 days solely due to delays in making
        such
        delivery by reason of the fact that such documents shall not have been returned
        by the appropriate recording office, the Company shall continue to use its
        best
        efforts to effect delivery as soon as possible thereafter, provided that
        if such
        documents are not delivered by the 270th day from the date of the related
        Closing Date, the Company shall repurchase the related Mortgage Loans at
        the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term Principal Prepayments; Near Term Payment
        Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to sixty
        (60)
        days after the related Closing Date, the Company shall remit to the Purchaser
        an
        amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event any of the first two (2) scheduled Monthly Payments which are due under
        any Mortgage Loan after the related Cut-off Date are not made during the
        month
        in which such Monthly Payments are due, then not later than five (5) Business
        Days after notice to the Company by Purchaser (and at Purchaser’s sole option),
        the Company, shall repurchase such Mortgage Loan from the Purchaser pursuant
        to
        the repurchase provisions contained in this Subsection 3.03.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As
        of the
        related Closing Date, all of the Mortgage Loans will have an actual Interest
        Paid to Date of their related Cut-off Date(or later) and will be due for
        the
        scheduled monthly payment next succeeding the Cut-off Date (or later), as
        evidenced by a posting to Company's servicing collection system. No payment
        under any Mortgage Loan is delinquent as of the related Closing Date nor
        has any
        scheduled payment been delinquent at any time during the twelve (12) months
        prior to the month of the related Closing Date. For purposes of this paragraph,
        a Mortgage Loan will be deemed delinquent if any payment due thereunder was
        not
        paid by the Mortgagor in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor.
        Neither
        the Company (nor any prior originator or servicer of any of the Mortgage
        Loans)
        nor any Mortgagor has engaged in any act or omission which has impaired or
        would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; the Company
        maintains, and shall maintain, evidence of such compliance as required by
        applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        the respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a monthly payment which is suffi-cient (a) during the period prior to the
        first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With the respect to
        each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
         
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg) 
        (INTENTIONALLY LEFT BLANK)

      

      (hh) Unless
        set forth in the related Term Sheet, in the event the Mortgage Loan had an
        LTV
        at origination greater than 80.00%, either (i) the excess of the principal
        balance of the Mortgage Loan over 75.0% of the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, or the lesser of the
        Appraised Value or the purchase price of the Mortgaged Property with respect
        to
        a purchase money Mortgage Loan was insured as to payment defaults by a Primary
        Mortgage Insurance Policy issued by a Qualified Insurer or (ii) the Mortgage
        Loan was insured as to payment defaults by a Lender Primary Mortgage Insurance
        Policy issued by a Qualified Insurer. No Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy, as applicable, have been and are being complied with, such
        policy is in full force and effect, and all premiums due thereunder have
        been
        paid. No Mortgage Loan requires payment of such premiums, in whole or in
        part,
        by the Purchaser. No action, inaction, or event has occurred and no state
        of
        facts exists that has, or will result in the exclusion from, denial of, or
        defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance
        Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage
        Insurance Policy, subject to state and federal law, and to pay all premiums
        and
        charges in connection therewith. Any Mortgage Loan subject to a Lender Primary
        Mortgage Insurance Policy obligates the Company to maintain the Lender Primary
        Mortgage Insurance Policy and to pay all premiums and charges in connection
        therewith. No action has been taken or failed to be taken, on or prior to
        the
        Closing Date which has resulted or will result in an exclusion from, denial
        of,
        or defense to coverage under any Primary Mortgage Insurance Policy or Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage; With respect to any Primary Mortgage Insurance Policy,
        the
        mortgage interest rate for the Mortgage Loan as set forth on the related
        Mortgage Loan Schedule is net of any such insurance premium;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        otherwise specified in the related Term Sheet, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
        No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contriburions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, to
        foreclose upon or otherwise comparably convert the ownership of properties
        securing such of the Mortgage Loans as come into and continue in default
        and as
        to which no satisfactory arrangements can be made for collection of delinquent
        payments pursuant to Section 4.01. Foreclosure or comparable proceedings
        shall
        be initiated or a notice of default sent within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings. The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds
        deposited in the Custodial Account, which shall be deposited within 24 hours
        of
        receipt, shall at all times be insured by the FDIC up to the FDIC insurance
        limits, or must be invested in Permitted Investments for the benefit of the
        Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit B hereto. The original of such
        letter agreement shall be furnished to the Purchaser on the Closing Date,
        and
        upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

      (i) all
        payments on account of principal, including Principal Prepayments on the
        Mortgage Loans;

      

      (ii)
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary
        Mortgage
        Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies and Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
        in
        a timely fashion in accordance with the terms of such Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy and, in this regard, to
        take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy respecting a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The fee for such administrative services
        shall be $2,000 to be paid upon liquidation of the REO Property. No Servicing
        Fee shall be assessed or otherwise accrue on any REO Property from and after
        the
        date on which it becomes an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, plus (iv)
        unless
        otherwise stated in the related Confirmation or related Term Sheet, any amount
        received by the Company that represents a prepayment penalty with respect
        to a
        Mortgage Loan, minus (v) any amounts attributable to Monthly Payments collected
        but due on a Due Date or Dates subsequent to the preceding Determination
        Date,
        which amounts shall be remitted on the Remittance Date next succeeding the
        Due
        Period for such amounts. It is understood that, by operation of Section 4.04,
        the remittance on the first Remittance Date with respect to Mortgage Loans
        purchased pursuant to the related Term Sheet is to include principal collected
        after the Cut-off Date through the preceding Determination Date plus interest,
        adjusted to the Mortgage Loan Remittance Rate collected through such
        Determination Date exclusive of any portion thereof allocable to the period
        prior to the Cut-off Date, with the adjustments specified in clauses (ii),
        (iii)
        and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged Property has been conveyed
        or is
        proposed to be conveyed, pursuant to which such person becomes liable under
        the
        Mortgage Note and, to the extent permitted by applicable state law, the
        Mortgagor remains liable thereon. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage
        Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial Account or the Mortgage File or such document
        has
        been delivered to an attorney, or to a public trustee or other public official
        as required by law, for purposes of initiating or pursuing legal action or
        other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company has delivered to the Purchaser a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery. Upon receipt of a certificate of a Servicing Officer stating
        that
        such Mortgage Loan was liquidated, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2002,
        an
        Officers' Certificate stating, as to each signatory thereof, that (i) a review
        of the activities of the Company during the preceding calendar year and of
        performance under this Agreement has been made under such officers' supervision,
        and (ii) to the best of such officers' knowledge, based on such review, the
        Company has fulfilled all of its obligations under this Agreement throughout
        such year, or, if there has been a default in the fulfillment of any such
        obligation, specifying each such default known to such officers and the nature
        and status of cure provisions thereof. Copies of such statement shall be
        provided by the Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2002 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to FDIC and other similar entities,
        access
        to any documentation regarding the Mortgage Loans in the possession of the
        Company which may be required by any applicable regulations. Such access
        shall
        be afforded without charge, upon reasonable request, during normal business
        hours and at the offices of the Company, and in accordance with the federal
        government, FDIC, or any other similar regulations.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement
        such
        periodic, special or other reports, information or documentation, not provided
        for herein, as shall be necessary, reasonable or appropriate in respect to
        the
        Purchaser, or otherwise in respect to the Mortgage Loans and the performance
        of
        the Company under this Agreement, including any reports, information or
        documentation reasonably required to comply with any regulations regarding
        any
        supervisory agents or examiners of the Purchaser all such reports or information
        to be as provided by and in accordance with such applicable instructions
        and
        directions as the Purchaser may reasonably request in relation to this Agreement
        or the performance of the Company under this Agreement. Such periodic, special
        or other reports, information or documentation furnished to the Purchaser
        at the
        Purchaser’s request pursuant to the preceding sentence shall be at the expense
        of the Purchaser. The Company agrees to execute and deliver all such instruments
        and take all such action as the Purchaser, from time to time, may reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC and/or BIF, and which is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing; provided, further, however, that the Company
        shall give sixty (60) days written notice to the Purchaser of any merger,
        conversion or consolidation to which the Company shall be a party, or of
        any
        Person succeeding to the business of the Company, and the Purchaser, at it
        sole
        option, shall make the determination as to whether such successor of the
        Company
        shall continue to service the Mortgage Loans hereunder.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshalling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

      (iv)
        the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceedings of or relating to the Company
        or
        of or relating to all or substantially all of its property; or

      

      (v)
        the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i) if
        to the
        Company:

       

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        Sheila N. Hansford

      Telecopier
        No.: (937) 910-4137

      

      Servicing
        contact:

      

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        T. Jackson Case

      

       

      (ii)
         if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. 

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements, and customer portfolio and (ii) responses to unsolicited
        requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
        not
        constitute solicitation under this Section 11.16. This Section 11.16 shall
        not
        be deemed to preclude the Company or any of its affiliates from soliciting
        any
        Mortgagor for any other financial products or services. From and after the
        Closing Date, the Purchaser agrees that it will not take any action or permit
        or
        cause any action to be taken by any of its agents or affiliates, or by any
        independent contractors on the Purchaser’s behalf, to personally by telephone or
        mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the
        Mortgage Loan, in whole or in part, without the prior written consent of
        the
        Company,. In addition, the Purchaser or any of its affiliates shall not solicit
        any Mortgagor for any other financial products or services. Notwithstanding
        the
        foregoing, it is understood and agreed that (i) promotions undertaken by
        the
        Purchasr or any affiliate of the Purchaser which are directed to the general
        public at large, or segments thereof, provided that no segment shall consist
        primarily of the Mortgage Loans, including, without limitation, mass mailing
        based on commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16 The Company shall use its best efforts to prevent the
        sale of
        the name of any Mortgagor to any Person who is not affiliate of the
        Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affiliates for disclosure contained in any offering document relating to
        the
        Company or its affiliates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. With respect to each Pass-Through Transfer,
        the Purchaser shall provide thirty (30) days notice of such transfer, unless
        otherwise agreed by the parties in the related Confirmation. With respect
        to
        each Whole Loan Transfer, limits on frequency of Reconstitution may be provided
        in the related Confirmation or related Term Sheet for the related Mortgage
        Loans. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

      

      
        	
                EMC
                  MORTGAGE CORPORATION

                Purchaser

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                NATIONAL
                  CITY MORTGAGE COMPANY

                Company

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1. The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2. The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3. The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if
        required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2001

      

      
        	
                To:

              	
                [_______________________]
                  

              
	 	
                (the
                  "Depository")

              

      

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as a Custodial Account pursuant to Section 4.04 of
        the
        Agreement, to be designated as " National City Mortgage Company, in trust
        for
        the [Purchaser], Owner of Mortgage Loans". All deposits in the account shall
        be
        subject to withdrawal therefrom by order signed by the Company. This letter
        is
        submitted to you in duplicate. Please execute and return one original to
        us.

      

      
        	
                NATIONAL
                  CITY MORTGAGE COMPANY

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        	
                [___________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2001

      
        	 	 
	
                To:

              	
                [_______________________]

              
	 	
                (the
                  "Depository")

              

      

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as an Escrow Account pursuant to Section 4.06 of the
        Agreement, to be designated as "National City Mortgage Company, in trust
        for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors." All deposits
        in
        the account shall be subject to withdrawal therefrom by order signed by the
        Company. This letter is submitted to you in duplicate. Please execute and
        return
        one original to us.

       

      
        	
                NATIONAL
                  CITY MORTGAGE COMPANY

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        	
                [___________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        	(c)
                  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this PAAR Agreement is in the ordinary course of Company’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this PAAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on part of Company. This PAAR Agreement has been duly executed
                  and
                  delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

      

      
        	(d)
                  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;
                  and

              

      

      

      
        	(e)
                  	
                No
                  event has occurred
                  from the Closing Date to the date hereof which would render the
                  representations and warranties as to the related Assigned Loans
                  made by
                  the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to be
                  untrue in any material respect.

              

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a) In
        the
        case of Company,

      

      
        	 
	 
	 
	 

      

       

      With
        a copy to ______________________________________.

      

      
        	(b)  	
                In
                  the case of Assignor,

              

      

      
        

        
          	 
	 
	 
	 

        

      

      

      (c) In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        	15.  	
                The
                  Company and Assignor hereby amend the Purchase Agreement as
                  follows:

              

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator:     ________________________

      

      Supplemental
        PMI Insurer:     ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:      ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy
        or
        Lender Primary Mortgage Insurance Policy,
        the
        Supplemental PMI Policy, any title policy, any hazard insurance policy or
        any
        other insurance policy covering a Mortgage Loan or other related Mortgaged
        Property, including any amounts required to be deposited in the Custodial
        Account pursuant to Section 4.04, to the extent such proceeds are not to
        be
        applied to the restoration of the related Mortgaged Property or released
        to the
        Mortgagor in accordance with Accepted Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

       

      
        	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                Assignee

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                Company

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      

      
        
          
            

            [TPW:
              NYLEGAL:505642.1] 17297-00436 05/12/2006 08:57 PM

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between National City Mortgage
        Company, a ________ corporation, located at 3232 Newmark Drive, Miamisburg,
        Ohio
        45342 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at ______________ (the "Purchaser") is made pursuant to the terms
        and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of October 1, 2001, between the Company and the Purchaser,
        the provisions of which are incorporated herein as if set forth in full herein,
        as such terms and conditions may be modified or supplemented hereby. All
        initially capitalized terms used herein unless otherwise defined shall have
        the
        meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        	
                NATIONAL
                  CITY MORTGAGE COMPANY

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                EMC
                  MORTGAGE CORPORATION

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        AMENDMENT
          REG AB

        TO
          THE PURCHASE, WARRANTIES AND SERVICING AGREEMENT

         

        This
          is
          Amendment Reg AB (the “Amendment
          Reg AB”),
          dated
          as of March 1, 2006 (the “Amendment
          Date”),
          by
          and between EMC Mortgage Corporation (the “Purchaser”), and
          National City Mortgage, Co. (the “Company”)
          to
          that certain Seller’s Purchase, Warranties and Servicing Agreement dated as of
          October 1, 2001 between the Company and the Purchaser (the “Agreement”).

         

        W
          I T N E S S E T H

         

        WHEREAS,
          the Company and the Purchaser have agreed, subject to the terms and conditions
          of this Amendment Reg AB that the Agreement be amended to reflect certain
          agreed
          upon revisions to the terms of the Agreement.

         

        Accordingly,
          the Company and the Purchaser hereby agree, in consideration of the mutual
          premises and mutual obligations set forth herein, that the Agreement is
          hereby
          amended as follows:

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        DEFINED
          TERMS

        

        [Capitalized
          terms not defined are presumed to be defined in the applicable
          Agreement.]

        

        Commission:
          The
          United States Securities and Exchange Commission.

        

        Company
          Information:
          As
          defined in Section 7(a).

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        Exchange
          Act.
          The
          Securities Exchange Act of 1934, as amended.

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company. For the avoidance of doubt,
          a
“Qualified Correspondent” includes a “table broker” or mortgage lender that
          originates loans underwritten and funded by the Company or an Affiliate
          of the
          Company.

        

        Reconstitution:
          Any
          Securitization Transaction or Whole Loan Transfer.

        

        Reconstitution
          Agreement: Any servicing agreement relating to a Reconstitution.

        

        Regulation
          AB:
          Subpart
          229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
          to
          such clarification and interpretation as have been provided by the Commission
          in
          the adopting release (Asset-Backed
          Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
          (Jan.
          7, 2005)) or by the staff of the Commission, or as may be provided by the
          Commission or its staff from time to time.

        

        Securities
          Act:
          The Securities Act of 1933, as amended.

        

        Securitization
          Transaction.
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Servicer:
          As
          defined in Section 3(c).

        

        Servicing
          Criteria:
          The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
          amended from time to time.

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete material functions identified in Item 1122(d) of Regulation AB
          with
          respect to Mortgage Loans under the direction or authority of the Company
          or a
          Subservicer.

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB;
          provided, however, that the term “Subservicer” shall not include any master
          servicer, or any special servicer other than the Company engaged at the
          request
          of a Depositor, Purchaser or investor in a Securitization Transaction,
          nor any
“back-up servicer” or trustee performing servicing functions on behalf of a
          Securitization Transaction.

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company and shall not include a mortgage broker that does
          not
          fund loans.

        

        Whole
          Loan Transfer:
          Any
          sale or transfer of some or all of the Mortgage Loans, other than a
          Securitization Transaction.

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          1

        COMPLIANCE
          WITH REGULATION AB

        

        Section
          1
Intent
          of the Parties.

        

        The
          Purchaser and the Company acknowledge and agree that the purpose of Article
          1 of
          this Agreement is to facilitate compliance by the Purchaser and any Depositor
          with the provisions of Regulation AB and related rules and regulations
          of the
          Commission. Although Regulation AB is applicable by its terms only to offerings
          of asset-backed securities that are registered under the Securities Act,
          the
          Company acknowledges that investors in privately offered securities may
          require
          that the Purchaser or any Depositor provide comparable disclosure in
          unregistered offerings and will provide such comparable disclosure in
          unregistered offerings to the extent such disclosure becomes consistent
          with
          industry practice. References in this Agreement to compliance with Regulation
          AB
          include provision of comparable disclosure in private offerings. Neither
          the
          Purchaser nor any Depositor shall exercise its right to request (if any
          request
          is required) delivery of information or other performance under these provisions
          other than in good faith, or for purposes other than compliance with the
          provisions of the Securities Act, the Exchange Act and the rules and regulations
          of the Commission thereunder (or the provision in a private offering of
          disclosure comparable to that required under the Securities Act). The Company
          acknowledges that interpretations of the requirements of Regulation AB
          may
          change over time, whether due to interpretive guidance provided by the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          reasonable requests made by the Purchaser, any Master Servicer or any Depositor
          in good faith for delivery of information under these provisions on the
          basis of
          evolving interpretations of Regulation AB. In connection
          with any Securitization Transaction, the Company shall cooperate as set
          forth
          herein with the Purchaser to deliver to the Purchaser (including any of
          its
          assignees or designees) and any Depositor, any and all statements, reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Purchaser or any Depositor to permit the Purchaser
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
          believed by the Purchaser or any Depositor to be necessary in order to
          effect
          such compliance.

        

        Section
          2
          Additional Representations and Warranties of the Company.

        

        (a) The
          Company shall be deemed to represent to the Purchaser and to any Depositor,
          as
          of the date on which information is first provided to the Purchaser or
          any
          Depositor under Section 3 that, except as disclosed in writing to the Purchaser
          or such Depositor prior to such date and unless otherwise disclosed in
          such
          information provided under Section 3: (i)
          the Company is not aware and has not received notice that any default,
          early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Company; (ii)
the
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; (iii) no
          material noncompliance
          with the applicable servicing criteria with respect to other securitizations
          of
          residential mortgage loans involving the Company as servicer
          has been disclosed or reported by the Company; (iv) no material
          changes to the Company’s policies or procedures with respect to the servicing
          function it will perform under this Agreement and any Reconstitution Agreement
          for mortgage loans of a type similar to the Mortgage Loans
          have occurred during the three-year period immediately preceding the
scheduled
          closing date of the related
          Securitization Transaction; (v) there are no aspects of the Company’s financial
          condition that could have a material adverse effect on the performance
          by
the
          Company of its servicing obligations under this Agreement or any Reconstitution
          Agreement;
          (v) there are no material
          legal or governmental proceedings pending (or known to be contemplated
          by
          Government authorities) against the Company, or to the knowledge of the
          Company,
          any Subservicer or any Third-Party Originator;
          and (vi) there are no affiliations, relationships or transactions relating
          to
          the Company, any Subservicer or any Third-Party Originator with respect
          to any
          Securitization Transaction and any party thereto identified by the related
          Depositor of a type described in Item 1119 of Regulation AB.

        

        (b) If
          so requested by the Purchaser or any Depositor on any date following
the
          date
          on which information is first provided to the Purchaser or any Depositor
          under
          Section 3,
          the Company shall, within five business days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          paragraph (a) of this Section or, if any such representation and warranty
          is not
          accurate as of the date of such request, provide reasonably adequate disclosure
          of the pertinent facts, in writing, to the requesting party.

        

        Section
          3
Information
          to Be Provided by the Company.

        

        In
          connection with any Securitization Transaction the Company shall (i)
within
          five business days
          following request by the Purchaser or any Depositor, provide to the Purchaser
          and such Depositor (or, as applicable, cause each Third-Party Originator
          and
          each Subservicer to provide), in writing, or in a mutually agreed upon
          electronic format, and in form and substance reasonably satisfactory to
          the
          Purchaser and such Depositor, the information and materials specified in
          paragraphs (a), (b), (c) and (f) of this Section, and (ii) as promptly
          as
          practicable following notice to or discovery by the Company, provide to
          the
          Purchaser and any Depositor (in writing, or in a mutually agreed upon electronic
          format, and in form and substance reasonably satisfactory to the Purchaser
          and
          such Depositor) the information specified in paragraph (d) of this
          Section.

        

        (a) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or cause
          each Third-Party Originator or Subservicer, as applicable, to provide)
          such
          information, as mutually agreed upon by the Purchaser or any Depositor
          and the
          Company (or such Third-Party Originator or Subservicer, as applicable),
          regarding (i) the Company, as originator of the Mortgage Loans (including
          as an
          acquirer of Mortgage Loans from a Qualified Correspondent), or (ii) each
          Third-Party Originator, and (iii) as applicable, each Subservicer, as is
          requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110,
          1117
          and 1119 of Regulation AB. Such information shall include, at a
          minimum:

        

        (A) the
          originator’s form of organization;

        

        (B) a
          description of the originator’s origination program and how long the originator
          has been engaged in originating residential mortgage loans, which description
          shall include a discussion of the originator’s experience in originating
          mortgage loans of a similar type as the Mortgage Loans; information regarding
          the size and composition of the originator’s origination portfolio; and
          information that may be materialin the good faith judgment of the Purchaser
          or
          any Depositor, to an analysis of the performance of the Mortgage Loans,
          including the originators’ credit-granting or underwriting criteria for mortgage
          loans of similar type(s) as the Mortgage Loans and such other information
          as the
          Purchaser or any Depositor may reasonably request for the purpose of compliance
          with Item 1110(b)(2) of Regulation AB;

        

        (C) a
          description of any material legal proceedings pending (or known to be
          contemplated by governmental authorities) against the Company, or to the
          knowledge of the Company, each Third-Party Originator and each Subservicer;
          and

        

        (D) a
          description of any affiliation or relationship between the Company, each
          Third-Party Originator, each Subservicer and any of the following parties
          to a
          Securitization Transaction, as such parties are identified and noticed
          to the
          Company by the Purchaser or any Depositor in writing in advance of such
          Securitization Transaction:

        

        (1) the
          sponsor;

        (2) the
          depositor;

        (3) the
          issuing entity;

        (4) any
          servicer;

        (5) any
          trustee;

        (6) any
          originator;

        (7) any
          significant obligor;

        (8) any
          enhancement or support provider; and

        (9) any
          other
          material transaction party.

        

        (b) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) Static Pool
          Information with respect to the mortgage loans (of a similar type as the
          Mortgage Loans, as reasonably identified by the Purchaser as provided below)
          originated by (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          of Regulation AB. To the extent that there is reasonably available to the
          Company (or Third-Party Originator) Static Pool Information with respect
          to more
          than one mortgage loan type, the Purchaser or any Depositor shall be entitled
          to
          specify whether some or all of such information shall be provided pursuant
          to
          this paragraph. The content of such Static Pool Information may be in the
          form
          customarily provided by the Company, and need not be customized for the
          Purchaser or any Depositor. Such Static Pool Information for each vintage
          origination year or prior securitized pool, as applicable, shall be presented
          in
          increments no less frequently than quarterly over the life of the mortgage
          loans
          included in the vintage origination year or prior securitized pool. The
          most
          recent periodic increment must be as of a date no later than 135 days prior
          to
          the date of the prospectus or other offering document in which the Static
          Pool
          Information is to be included or incorporated by reference. The Static
          Pool
          Information shall be provided in an electronic format that provides a permanent
          record of the information provided, such as a portable document format
          (.pdf)
          file, or other such electronic format as mutually agreed upon by the Purchaser
          or the Depositor and the Company, as applicable.

        

        Promptly
          following notice or discovery of a material error in Static Pool Information
          provided pursuant to the immediately preceding paragraph (including an
          omission
          to include therein information required to be provided pursuant to such
          paragraph), the Company shall provide corrected Static Pool Information
          to the
          Purchaser or any Depositor, as applicable, in the same format in which
          Static
          Pool Information was previously provided to such party by the
          Company.

        

        If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide), at the expense
          of the
          Purchaser or Depositor, as applicable (to the extent of any additional
          incremental expense associated with delivery pursuant to this Agreement),
          such
          agreed-upon procedures letters of certified public accountants reasonably
          acceptable to the Purchaser or Depositor, as applicable, pertaining
          to Static Pool Information relating to prior securitized pools for
          securitizations closed on or after January 1, 2006 or, in the case of Static
          Pool Information with respect to the Company’s or Third-Party Originator’s
          originations or purchases, to calendar months commencing January 1,
          2006,
          as the
          Purchaser or such Depositor shall reasonably request. Such statements and
          letters shall be addressed to and be for the benefit of such parties as
          the
          Purchaser or such Depositor shall designate, which may include, by way
          of
          example, any Sponsor, any Depositor and any broker dealer acting as underwriter,
          placement agent or initial purchaser with respect to a Securitization
          Transaction[, and shall also be addressed to and for the benefit of the
          Company,
          its assignees and such Third-Party Originator. Any such statement or letter
          may
          take the form of a standard, generally applicable document accompanied
          by a
          reliance letter authorizing reliance by the addressees designated by the
          Purchaser or such Depositor.

        

        (c) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          such
          information regarding the Company, as servicer of the Mortgage Loans, and
          cause
          each Subservicer to so provide such information (each of the Company and
          each
          Subservicer, for purposes of this paragraph, a “Servicer”), as is requested for
          the purpose of compliance with Item 1108 of Regulation AB. Such information
          shall include, at a minimum:

        

        (A) the
          Servicer’s form of organization;

         

        (B) a
          description of how long the Servicer has been servicing residential mortgage
          loans; a general discussion of the Servicer’s experience in servicing assets of
          any type as well as a more detailed discussion of the Servicer’s experience in,
          and procedures for, the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Servicer’s portfolio of residential mortgage loans of a type
          similar to the Mortgage Loans and information on factors related to the
          Servicer
          that may be material, in the good faith judgment of the Purchaser or any
          Depositor, to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including, without
          limitation:

         

        (1) whether
          any prior securitizations of mortgage loans of a type similar to the Mortgage
          Loans involving the Servicer have defaulted or experienced an early amortization
          or other performance triggering event because of servicing during the three-year
          period immediately preceding the scheduled closing date of the related
          Securitization Transaction;

        (2) the
          extent of outsourcing the Servicer utilizes;

        (3) whether
          there has been previous disclosure of material noncompliance with the applicable
          servicing criteria with respect to other securitizations of residential
          mortgage
          loans involving the Servicer as a servicer during the three-year period
          immediately preceding the scheduled closing date of the related Securitization
          Transaction; and

        (4) whether
          the Servicer has been terminated as servicer in a residential mortgage
          loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; and

        (5) such
          other information as the Purchaser or any Depositor may reasonably request
          for
          the purpose of compliance with Item 1108(b)(2) of Regulation AB;

         

        (C) a
          description of any material changes during the three-year period immediately
          preceding the scheduled closing date of the related Securitization Transaction
          to the Servicer’s policies or procedures with respect to the servicing function
          it will perform under this Agreement and any Reconstitution Agreements
          for
          mortgage loans of a type similar to the Mortgage Loans;

         

        (D) information
          regarding the Servicer’s financial condition, to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition would have a material impact on pool performance
          or on
          the performance by the Company of its servicing obligations under this
          Agreement
          or any Reconstitution Agreement;

         

        (E) information
          regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
          overall servicing portfolio of residential mortgage loans for the three-year
          period immediately preceding the scheduled closing date of the related
          Securitization Transaction, which may be limited to a statement by an authorized
          officer of the Servicer to the effect that the Servicer has made all advances
          required to be made on residential mortgage loans serviced by it during
          such
          period, or, if such statement would not be accurate, information regarding
          the
          percentage and type of advances not made as required, and the reasons for
          such
          failure to advance;

         

        (F) a
          description of the Servicer’s processes and procedures designed to address any
          special or unique factors involved in servicing loans of a similar type
          as the
          Mortgage Loans;

        

        (G) a
          description of the Servicer’s processes for handling delinquencies, losses,
          bankruptcies and recoveries, such as through liquidation of mortgaged
          properties, sale of defaulted mortgage loans or workouts; and

        

        (H) information
          as to how the Servicer defines or determines delinquencies and charge-offs,
          including the effect of any grace period, re-aging, restructuring, partial
          payments considered current or other practices with respect to delinquency
          and
          loss experience.

        

        (d) For
          the
          purpose of satisfying the reporting obligation under the Exchange Act with
          respect to any class of asset-backed securities, at the time the Company
          knows
          or should have known of any of the circumstances in subsection (i) of this
          paragraph, the Company shall (or shall cause each Subservicer and Third-Party
          Originator to) (i) immediately notify the Purchaser, any Master Servicer
          and any
          Depositor in writing of (A) any material litigation proceedings pending
          or
          governmental proceedings known to be contemplated against the Company,
          any
          Subservicer or any Third-Party Originator, as applicable, (B) any affiliations
          or relationships that develop following the closing date of a Securitization
          Transaction between the Company, any Subservicer or any Third-Party Originator
          and any of the parties specified in clause (D) of paragraph (a) of this
          Section
          (and any other parties identified in writing by the requesting party) with
          respect to such Securitization Transaction, (C) any Event of Default under
          the
          terms of this Agreement or any Reconstitution Agreement, (D) any merger,
          consolidation or sale of substantially all of the assets of the Company,
          and (E)
          the Company’s entry into an agreement with a Subservicer to perform or assist in
          the performance of any of the Company’s obligations under this Agreement or any
          Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
          a
          description of such proceedings, affiliations or relationships.

        

        All
          notification pursuant to this Section 3(d) should
          be
          sent to EMC by e-mail to regABnotifications@bear.com.
          In
          addition, each
          such
          notice
          other
          than those pursuant to Section 3(d)(i)(A), should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 3(d)(i)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        (e) As
          a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Company or such Subservicer may be merged or consolidated,
          or
          (ii) which may be appointed as a successor to the Company or any Subservicer,
          the Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, at least fifteen calendar days prior to the effective date of
          such
          succession or appointment, (x) written notice to the Purchaser and any
          Depositor
          of such succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Purchaser and such Depositor, all information
          reasonably requested by the Purchaser or any Depositor in order to comply
          with
          its reporting obligation under Item 6.02 of Form 8-K with respect to the
          related
          Securitization Transaction.

        

        (f) In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, if so requested
          by the
          Purchaser or any Depositor, the Company shall provide such information
          regarding
          the performance or servicing of the Mortgage Loans as is reasonably required
          to
          facilitate preparation of distribution reports in accordance with Item
          1121 of
          Regulation AB as applicable to the Company. The Company shall also provide
          a
          monthly report, in the form of Exhibit
          C
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          D
          with
          respect to defaulted mortgage loans and Exhibit
          E,
          with
          respect to realized losses and gains, with each such report. Such information
          shall be provided concurrently with the monthly reports otherwise required
          to be
          delivered by the servicer under this Agreement, commencing with the first
          such
          report due not less than ten Business Days following such request. 

        

        (g)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

        (i) any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (ii) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (iii) information
          regarding any pool asset changes (such as, additions, substitutions or
          repurchases), and any material changes in origination, underwriting or
          other
          criteria for acquisition or selection of pool assets (Item 1121(a)(14)
          of
          Regulation AB).

        

        (h)
          The
          Company shall provide, as may be reasonably requested by the Purchaser,
          any
          Master Servicer or any Depositor, evidence of the authorization of the
          person
          signing any certification or statement, copies or other evidence of Fidelity
          Bond Insurance and Errors and Omission Insurance policy, financial information
          and reports, and such other information related to the Company or any
          Subservicer or the Company or such Subservicer’s performance hereunder to the
          Purchaser, any Master Servicer and any Depositor.

        

        Section
          4
Servicer
          Compliance Statement.

        

        On
          or
          before March 1 of each calendar year, commencing in 2007, the Company shall
          deliver to the Purchaser, any Master Servicer and any Depositor a statement
          of
          compliance addressed to the Purchaser, such Master Servicer and such Depositor
          and signed by an authorized officer of the Company, to the effect that
          (i) a
          review of the Company’s activities as servicer during the immediately preceding
          calendar year (or applicable portion thereof) and of its performance under
          this
          Agreement and any applicable Reconstitution Agreement during such period
          has
          been made under such officer’s supervision, and (ii) to the best of such
          officers’ knowledge, based on such review, the Company has fulfilled all of its
          obligations under this Agreement and any applicable Reconstitution Agreement
          in
          all material respects throughout such calendar year (or applicable portion
          thereof) or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifically identifying each such failure known to such
          officer and the nature and the status thereof.

         

        Section
          5
Report
          on Assessment of Compliance and Attestation.

        

        (a) On
          or
          before March 1 of each calendar year, commencing in 2007, the Company
          shall:

        

        (i) deliver
          to the Purchaser, any Master Servicer and any Depositor a report (in form
          and
          substance reasonably satisfactory to the Purchaser, such Master Servicer
          and
          such Depositor) regarding the Company’s assessment of compliance with the
          Servicing Criteria during the immediately preceding calendar year, as required
          under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
          AB. Such report shall be addressed to the Purchaser, such Master Servicer
          and
          such Depositor and signed by an authorized officer of the Company, and
          shall
          address each of the applicable Servicing Criteria specified on Exhibit
          B
          hereto;

        

        (ii) deliver
          to the Purchaser, any Master Servicer and any Depositor a report of a registered
          public accounting firm reasonably acceptable to the Purchaser, such Master
          Servicer and such Depositor that attests to, and reports on, the assessment
          of
          compliance made by the Company and delivered pursuant to the preceding
          paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
          and
          2-02(g) of Regulation S-X under the Securities Act and the Exchange
          Act;

        

        (iii) cause
          each Subservicer, and each Subcontractor determined by the Company pursuant
          to
          Section 6(b) to be “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, to deliver to the Purchaser, any Master
          Servicer
          and any Depositor an assessment of compliance and accountants’ attestation as
          and when provided in paragraphs (a) and (b) of this Section; and

        

        (iv) deliver
          and cause each Subservicer and Subcontractor described in clause (iii)
          to
          provide to the Purchaser, any Master Servicer any Depositor and any other
          Person
          that will be responsible for signing the certification (a “Sarbanes
          Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
          (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of
          an
          asset-backed issuer with respect to a Securitization Transaction a certification
          signed by the appropriate officer of the Company in the form attached hereto
          as
          Exhibit A; provided that such certification delivered by the Company may
          not be
          filed as an exhibit to, or included in, any offering document or registration
          statement.

        

        The
          Company acknowledges that the parties identified in clause (a)(iv) above
          may
          rely on the certification provided by the Company pursuant to such clause
          in
          signing a Sarbanes Certification and filing such with the
          Commission.

        

        (b) Each
          assessment of compliance provided by a Subservicer pursuant to 

        Section
          5(a)(i) shall address each of the Servicing Criteria specified on Exhibit
          B
          hereto. An assessment of compliance provided by a Subcontractor pursuant
          to
          Section 5(a)(iii) need not address any elements of the Servicing Criteria
          other
          than those specified by the Company pursuant to Section 6.

        

        Section
          6
Use
          of
          Subservicers and Subcontractors.

        

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (a) of this Section. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (b) of this Section.

        

        (a) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subservicer.
          The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 2, 3(c), (e), (f) and (g), 4, 5, and
          07 of
          this Agreement to the same extent as if such Subservicer were the Company,
          and
          to provide the information required with respect to such Subservicer under
          Section 3(d) of this Agreement. The Company shall be responsible for obtaining
          from each Subservicer and delivering to the Purchaser and any Depositor
          any
          servicer compliance statement required to be delivered by such Subservicer
          under
          Section 4, any assessment of compliance and attestation required to be
          delivered
          by such Subservicer under Section 5 and any certification required to be
          delivered to the Person that will be responsible for signing the Sarbanes
          Certification under Section 5 as and when required to be delivered.

        

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as a
          master
          servicer or administrator) a written description (in form and substance
          satisfactory to the Purchaser, any Master Servicer and such Depositor)
          of the
          role and function of each Subcontractor utilized by the Company or any
          Subservicer, specifying (i) the identity of each such Subcontractor, (ii)
          which
          (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
          of
          the Servicing Criteria will be addressed in assessments of compliance provided
          by each Subcontractor identified pursuant to clause (ii) of this
          paragraph.

        

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 5 and 7 of this Agreement
          to
          the same extent as if such Subcontractor were the Company. The Company
          shall be
          responsible for obtaining from each Subcontractor and delivering to the
          Purchaser and any Depositor any assessment of compliance and attestation
          and the
          other certifications required to be delivered by such Subcontractor under
          Section 5, in each case as and when required to be delivered.

        

        Section
          7
Indemnification;
          Remedies.
          

        

        (a) The
          Company
          shall
          indemnify the Purchaser and each of the following parties participating
          in a Securitization Transaction: each
          sponsor and issuing entity; each Person (including, but not limited to,
          any
          Master Servicer) responsible for the preparation, execution or filing of
          any
          report required to be filed with the Commission with respect to such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction; each broker dealer acting as underwriter, placement
          agent or initial purchaser,
          each
          Person who controls any of such parties or the Depositor (within
          the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act);
          and the
          respective present and former directors, officers, employees, agents and
          affiliates of each of the foregoing and the Depositor (each, an “Indemnified
          Party”), and shall hold each of them (each, an “Indemnified Party”) harmless
          from and against any claims, losses, damages, penalties, fines, forfeitures,
          legal fees and expenses and related costs, judgments, and any other costs,
          fees
          and expenses that any of them may sustain arising out of or based
          upon:

        

        (i)(A) any
          untrue statement of a material fact contained or alleged to be contained
          in
any
          information, report, certification, accountants’ letter or other
          material
          provided
under
          this Article 1 by
          or on
          behalf of the Company,
          or provided under this Article 1 by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”),
          or (B)
          the omission or alleged omission to state in the Company Information a
          material
          fact required to be stated in the Company Information or necessary in order
          to
          make the statements therein, in the light of the circumstances under which
          they
          were made, not misleading; provided,
          by way of clarification,
          that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

        

        (ii) any
          breach by the Company of its obligations under this Article I, including
          particularly the failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, including
          any failure by the Company to identify pursuant to Section 6(b) any
          Subcontractor “participating in the servicing function” within the meaning of
          Item 1122 of Regulation AB; or

        

        (iii) any
          breach by the Company of a representation or warranty set forth in Section
          2(a)
          or in a writing furnished pursuant to Section 2(b) and made as of a date
          prior
          to the closing date of the related Securitization Transaction, to the extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          2(b)
          to the extent made as of a date subsequent to such closing date; or

        

        (iv) if
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other.

         

        In
          the
          case of any failure of performance described in clause (a)(ii) of this
          Section,
          the Company shall promptly reimburse the Purchaser, any Depositor, as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any
          Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        (b) (i) Any
          failure by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, or
          any
          breach by the Company of a representation or warranty set forth in Section
          2(a)
          or in a writing furnished pursuant to Section 2(b) and made as of a date
          prior
          to the closing date of the related Securitization Transaction, to the extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          2(b)
          to the extent made as of a date subsequent to such closing date, shall,
          except
          as provided in clause (ii) of this paragraph, immediately and automatically,
          without notice or grace period, constitute an Event of Default with respect
          to
          the Company under this Agreement and any applicable Reconstitution Agreement,
          if
          such failure or breach is not cured within two (2) Business Days after
          the
          Company receives written notice of such failure or breach (which may be
          provided
          by e-mail), and shall entitle the Purchaser or any Depositor, as applicable,
          in
          its sole discretion to terminate the rights and obligations of the Company
          as
          servicer under this Agreement and/or any applicable Reconstitution Agreement
          without payment (notwithstanding anything in this Agreement or any applicable
          Reconstitution Agreement to the contrary) of any compensation to the Company
          except for reimbursing
          the Company for any servicing advances that the Company actually made as
          servicer pursuant to this Agreement and rights
          arising
          prior to such termination (and if the Company is servicing any of the Mortgage
          Loans in a Securitization Transaction, appoint a successor servicer reasonably
          acceptable to any Master Servicer for such Securitization Transaction);
          provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect.

         

        (ii) Any
          failure by the Company, any Subservicer or any Subcontractor to deliver
          any
          information, report, certification or accountants’ letter when and as required
          under Section 4 or 5, including any failure by the Company to identify
          pursuant
          to Section 6(b) any Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, which continues unremedied
          for
          ten calendar days after the date of written notice from the Master Servicer
          shall constitute an Event of Default (notwithstanding any other provision
          in
          this Agreement or any Reconstitution Agreement to the contrary) with respect
          to
          the Company under this Agreement and any applicable Reconstitution Agreement,
          and shall entitle the Purchaser, any Master Servicer or any Depositor,
          as
          applicable, in its sole discretion to terminate the rights and obligations
          of
          the Company as servicer under this Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement to the contrary) of any compensation to the Company except for
          reimbursing
          the Company for any servicing advances that the Company actually made as
          servicer pursuant to this Agreement and rights
          arising
          prior to such termination; provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect. 

         

        (iii) The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        (c) Notification
          and Cooperation.
          The parties hereto further agree, and any Indemnified Party not a party
          hereto
          is deemed to agree, as a condition to its reliance on such indemnification,
          that
          the Company’s indemnification obligations under this Section 7 are subject to
          the following terms and conditions:

        

        (i) An
          Indemnified Party seeking indemnification hereunder shall give written
          notice to
          the Company within a reasonable time after the Indemnified Party receives
          notice
          of an indemnifiable claim provided that failure to give such notice within
          a
          reasonable time shall not invalidate the Company’s obligations to indemnify such
          Indemnified Party except if, and then only to the extent that, such failure
          materially prejudices the Indemnifying Party or its ability to defend such
          claim, and the Indemnifying Party shall have the burden of proving such
          material
          prejudice;

        (ii) The
          Company shall undertake the defense of the action or claim with counsel
          or other
          representatives of its own choosing and reasonably acceptable to the Indemnified
          Party (which counsel shall not, except with the consent of the Indemnified
          Party, be counsel to the Indemnifying Party);

        (iii) The
          Indemnified Party shall have the right to participate and assist in, but
          not
          control, the defense of such claim and employ separate counsel in any action
          or
          claim, at the expense of the Indemnified Party (i.e., at its own expense),
          provided that if the interests of the Company and the Indemnified Party
          diverge,
          the Indemnified Party shall be entitled to separate counsel at the Company’s
          expense, provided
          such expense is reasonable;
          and

        (iv) The
          Company shall not settle or compromise any claim suit or action against
          the
          Indemnified Party without the express prior written consent of the Indemnified
          Party.

        

        (d) Exclusive
          Remedy.
          Except for remedies under the Agreement and remedies that cannot be waived
          as a
          matter of law and injunctive relief, the rights under this Section 7 shall
          be
          the exclusive remedy for breaches of this Section 7 (including any covenant,
          obligation, representation or warranty contained herein or
          therein).

        

        (e) Limitations. Notwithstanding
          anything in this Agreement to the contrary, in no event shall the Company
          be
          obligated under this Section 7 to indemnify an Indemnified Party otherwise
          entitled to indemnity hereunder in respect of any indemnifiable claims
          or losses
          to the extent that such claims or losses result directly from the willful
          misconduct, bad faith or negligent acts of the Indemnified Party.

        

        (f) The
          parties hereto agree that any written notice under this Section 7 may be
          made
          via email.

        

        Section
          8
Third
          Party Beneficiary.

         

        For
          purposes of this Article I and any related provisions thereto, each Master
          Servicer shall be considered a third-party beneficiary of this Agreement,
          entitled to all the rights and benefits hereof as if it were a direct party
          to
          this Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the Seller and the Purchaser have caused this Amendment
          to be
          executed and delivered by their duly authorized officers as of the day
          and year
          first above written.

        

        
          	 	 	 
	 	
                  NATIONAL
                    CITY MORTGAGE CO.

                  (Seller)

                
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                   

                  Name:  

                	
                  

                
	 	Title:	
                  
 
	 	 	
                  

                

        

         

        
          	 	 	 
	 	
                  
                    EMC
                      MORTGAGE CORPORATION

                    (Purchaser)

                  

                
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                   

                  Name:  

                	
                  

                
	 	Title:	
                  
 
	 	 	
                  

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

         

        FORM
          OF
          ANNUAL CERTIFICATION

         

        
          	Re:      
                   	
                  The
                    [ ] agreement dated as of [ ],
                    200[ ] (the “Agreement”), among [IDENTIFY
                    PARTIES]

                

        

         

        I,
          ________________________________, the _______________________ of [NAME
          OF
          COMPANY] (the “Company”), certify to [the Purchaser], [the Depositor], and the
          [Master Servicer] [Securities Administrator] [Trustee], and their officers,
          with
          the knowledge and intent that they will rely upon this certification,
          that:

         

        (1) I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation
          Report”), and all servicing reports, officer’s certificates and other
          information relating to the servicing of the Mortgage Loans by the Company
          during 200[ ] that were delivered by the Company to the [Depositor] [Master
          Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement
          (collectively, the “Company Servicing Information”);

         

        (2) Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made , not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3) Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

         

        (4) I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement; and

         

        (5) The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor “participating
          in the servicing function” pursuant to the Agreement, have been provided to the
          [Depositor] [Master Servicer]. Any material instances of noncompliance
          described
          in such reports have been disclosed to the [Depositor] [Master Servicer].
          Any
          material instance of noncompliance with the Servicing Criteria has been
          disclosed in such reports.

         

        
          	 	 	 
	 	
                  
                     

                  

                
	 	Date:	 
	
                	By:	
                  
 
	 	
                   

                  Name:  

                	
                  

                
	 	Title:	
                  
 
	 	 	
                  

                

        

         

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by the Company [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	
                   

                
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations (A) are mathematically accurate;
                    (B) were
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    were reviewed and approved by someone other than the person who
                    prepared
                    the reconciliation; and (D) contain explanations for reconciling
                    items.
                    These reconciling items are resolved within 90 calendar days
                    of their
                    original identification, or such other number of days specified
                    in the
                    transaction agreements.

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                   

                
	
                   

                	
                   

                	
                   

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          C

        

        REPORTING
          DATA FOR MONTHLY REPORT

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        

        EXHIBIT
          D

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	
                   

                	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	
                   

                	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	
                   

                	
                   

                
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	
                   

                	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	
                   

                	
                   

                
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	
                   

                	
                   

                
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	
                   

                	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	
                   

                	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	
                   

                	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	
                   

                	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	
                   

                	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	
                   

                	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	
                   

                	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	
                   

                	
                   

                
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	
                   

                	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	
                   

                	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	
                   

                	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	
                   

                	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	
                   

                	
                   

                
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	
                   

                	
                   

                
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	
                   

                	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	
                   

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	
                   

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	
                   

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	
                   

                	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	
                   

                	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        NOTE:
          Wells Fargo Bank will accept alternative Loss Mitigation Types to those
          above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        The
          Occupant
          Code
          field should show the current status of the property code as
          follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        The
          Property
          Condition
          field should show the last reported condition of the property as follows:
          

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field should show the Reason for Delinquency as follows: 

         

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Status Code
          field should show the Status of Default as follows: 

         

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          E

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.            
          The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.            
          The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.            
          Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.       
          Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period

         

        of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history 

         

        (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.          
          The
          total
          of lines 1 through 12.

         

        3.           
          Credits:
          

         

        14-21.    
          Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        Letter
          of
          Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.          
          The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        

        Calculation
          of Realized Loss/Gain Form 332

         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________ Email Address:_____________________

         

        
          	
                  Servicer
                    Loan No.

                	
                   

                	
                  Servicer
                    Name

                	
                   

                	
                  Servicer
                    Address 

                   

                

        

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  Short
          Sale                   
 Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes        
           
          No

         

        If
“Yes”,
          provide deficiency or cramdown amount
          _______________________________

         

        Liquidation
          and Acquisition Expenses:

         

        
          
            
              
                	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                         

                      	$	 	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	 	
                         

                      	 	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	 	
                         

                      	 	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	 	
                         

                      	 	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	 	
                         

                      	 	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	 	 	 	
                         

                      	 	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                         

                      	 	 	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	 	 	 	
                         

                      	 	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	 	 	 	
                         

                      	 	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	 	 	 	
                         

                      	 	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	 	 	 	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (12)

                      
	 	 	
                        Cash
                          for Keys

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                        HOA/Condo
                          Fees

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                         

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	 	 	 	 	 	 
	 	 	
                        Total
                          Expenses

                      	 	 	$	 	
                        
                          (13)

                        

                      
	
                        Credits:

                      	 	 	 	 	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	 	 	 	
                        $
                          

                      	 	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	 	 	 	 	 	
                        
                          (15)

                        

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	 	 	 	
                         

                      	 	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	 	 	 	
                         

                      	 	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                         

                      	 	 	(18a)

	
                        HUD
                          Part A

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                        HUD
                          Part B

                      	 	 	 	 	 	(18b)
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	 	 	 	
                         

                      	 	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                         

                      	 	 	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (21)

                      
	 	
                         

                      	 	
                         

                      	
                         

                      	 	 	
                        (21)

                      
	 	 	 	 	 	 	 	 
	 	
                        Total
                          Credits

                      	 	 	 	
                        $

                      	 	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         

                      	
                         

                      	
                        $

                      	 	
                        (23)

                      

              

            

          

        

         

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Escrow
          Disbursement Detail

         

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 

        

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R-1

    

    FORM
      OF COUNTRYWIDE

    ASSIGNMENT
      AGREEMENT

    

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        Assignment, Assumption and Recognition Agreement (the “Agreement”) is made and
        entered into as of April 30, 2007 (the “Effective Date”), among EMC Mortgage
        Corporation, having an address at 2780
        Lake Vista Drive, Lewisville, Texas 75067
        (the
“Assignor”), Wells Fargo Bank, National Association, not individually but solely
        as Trustee for the holders of Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4, having an address at
        9062
        Old Annapolis Road, Columbia, Maryland 21045 (the “Assignee”) and Countrywide
        Home Loans Servicing LP, having an address at 400 Countrywide Way, Simi Valley,
        California 93065 (the “Company”) and Countrywide Home Loans, Inc., having an
        address at 4500 Park Granada, Calabasas, California 91302 (the
“Seller”).

       

      WHEREAS,
        the Assignor has acquired certain mortgage loans set
        forth
        on Attachment
        1
        (the
“Mortgage Loans”) from the Seller pursuant to (a) that certain Seller’s
        Warranties and Servicing Agreement, dated as of September 1, 2002, as amended
        by
        Amendment No. 1, dated January 1, 2003, Amendment No. 2, dated September
        1, 2004
        and as amended by Amendment Reg AB to the Master Mortgage Loan Purchase and
        Servicing Agreement, dated as of January 1, 2006, by and between the Assignor
        and Countrywide Home Loans, Inc. (the “SWS Agreement”) and (b) the Term Sheet,
        dated March 29, 2007 between Assignor and Company. 

      

      WHEREAS,
        the Seller has assigned its rights and obligations under the SWS Agreement
        to
        the Company and the Company is currently servicing the Mortgage Loans for
        the
        benefit of the Assignor in accordance with the terms and conditions of the
        SWS
        Agreement.

      

      For
        and
        in consideration of the mutual promises and agreements contained herein,
        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 Agreement and not otherwise defined herein shall have
        the
        meaning set forth in the SWS
        Agreement.

       

      2.  The
        Company recognizes the Assignor as owner of the Mortgage Loans and acknowledges
        that it is currently servicing the Mortgage Loans for the benefit of the
        Assignor. From and after the date hereof, the Company agrees that it will
        service the Mortgage Loans pursuant to the terms of the SWS Agreement (as
        modified herein) which terms are incorporated herein by reference.

       

      3.  The
        Assignor hereby grants, transfers and assigns to the Assignee all of the
        right,
        title, interest and obligations of the Assignor, as purchaser, in, to and
        under
        (a) the Mortgage Loans and (b) the SWS Agreement with respect to the Mortgage
        Loans.

       

      4.  The
        Assignor specifically reserves and does not assign to the Assignee hereunder
        any
        and all right, title and interest in, to and under any and all obligations
        of
        the Assignor with respect to any mortgage loans subject to the SWS Agreement
        which are not Mortgage Loans and are not the subject of this
        Agreement.

       

      5.  The
        Assignor warrants and represents to, and covenants with, the Assignee that
        as of
        the date hereof:

       

      
        	(a)  	
                Attached
                  hereto as Attachment
                  2
                  is
                  a true and accurate copy of the servicing provisions of the SWS
                  Agreement
                  (Articles IV, V, and VI). The SWS 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 material 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 SWS 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, the
                  Assignee shall have good title to each and every Mortgage Loan,
                  as well as
                  any and all of the Assignor’s interests, rights and obligations under the
                  SWS Agreement, except as otherwise set forth herein, as they relate
                  to the
                  Mortgage Loans, free and clear of any and all liens, claims and
                  encumbrances;

              

      

       

      
        	(c)  	
                There
                  are no known offsets, counterclaims or other defenses available
                  to the
                  Company with respect to the Mortgage Loans or the SWS
                  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 Agreement, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this 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 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 Assignor. This 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 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 Seller and 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 SWS Agreement
                  with
                  respect to the Mortgage Loans and has not received, and has not
                  requested
                  from the Seller or Company, any additional
                  documents.

              

      

       

      6.  The
        Assignee
        warrants and represents to, and covenants with, the Assignor and the 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 as trustee on behalf of the
                  holders
                  of Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
                  Certificates, Series 2007-AC4;

              

      

       

      
        	(b)  	
                The
                  Assignee has full corporate power and authority to execute and
                  deliver
                  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 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
                  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 Assignee. This 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 the Assignee enforceable against the Assignee
                  in
                  accordance with its terms except as enforceability may be limited
                  by
                  bankruptcy, reorganization, insolvency, moratorium or other similar
                  laws
                  now or hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	(c)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Assignee of this Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby;
                  and

              

      

       

      
        	(d)  	
                The
                  Assignee assumes for the benefit of each of the Assignor and the
                  Company
                  all of the Assignor’s rights and obligations as “Purchaser” thereunder but
                  solely with respect to such Mortgage Loans; provided however, that
                  the
                  Assignee is assuming such obligations solely in its capacity as
                  trustee
                  for Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
                  Certificates, Series 2007-AC4 and not individually, and any recourse
                  against the Assignee in respect of such obligations shall be limited
                  solely to the assets it may hold as trustee of Bear Stearns Asset
                  Backed
                  Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
                  2007-AC4.

              

      

       

      7.  The
        Company warrants
        and represents to, and covenants with, the Assignor and the Assignee as of
        the
        date hereof:

       

      
        	(a)  	
                The
                  SWS 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 material respect,
                  except
                  as contemplated herein, nor has any notice of termination been
                  given
                  thereunder;

              

      

       

      
        	(b)  	
                The
                  Company is duly organized, validly existing and in good standing
                  under the
                  laws of the jurisdiction of its formation, and has all requisite
                  power and
                  authority to service the Mortgage Loans and otherwise to perform
                  its
                  obligations under the SWS
                  Agreement;

              

      

       

      
        	(c)  	
                The
                  Company has full 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 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 formation documents 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 Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of the Company. This 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 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 SWS Agreement in favor of the Assignee with respect to the
                  Mortgage
                  Loans separate from the Custodial Account and Escrow Account previously
                  established in favor of the Assignor;
                  and

              

      

       

      8.  The
        Company hereby restates the representations and warranties set forth in Section
        2(b) of the Amendment Reg AB as of the date hereof.

       

      Each
        such
        notice/update required to be sent to the Assignor as set forth in the Amendment
        Reg AB shall be sent to the Assignor by e-mail to regABnotifications@bear.com.
        Additionally, all such notifications should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      With
        a copy to:

       

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

       

      Notifications
        pursuant to (i)(b)(2) above should be sent to: 

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Associate General Counsel 

      Facsimile:
        (469) 759-4714

       

      With
        copies to:

       

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      9.  The
        Assignor hereby agrees to indemnify and hold the Assignee (and its successors
        and assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that the Assignee (and its successors and assigns) may sustain
        in
        any way related to any breach of the representations or warranties of the
        Assignor set forth in this Agreement or the breach of any covenant or condition
        contained herein.

       

      10.  The
        Seller guarantees the performance by the Company of the Company’s obligations
        under this Agreement and under the SWS Agreement.

       

      Recognition
        of the
        Assignee

       

      11.  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 SWS
        Agreement. It is the intention of the Assignor, the Company and the Assignee
        that this Agreement shall be binding upon and for the benefit of the respective
        permitted 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 SWS Agreement which amendment,
        modification, waiver or other alteration would in any way affect the Mortgage
        Loans without the prior written consent of the Assignee, which shall not
        be
        unreasonably withheld.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 acquires any REO Property as aforesaid or otherwise in connection
        with
        a default or default becoming reasonably foreseeable on an Assigned Loan,
        the
        Company shall cause such REO Property to be disposed prior to three years
        after
        its acquisition by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee
        or the Securities Administrator) to the effect that the holding by the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 of such REO Property subsequent to such three-year period
        will
        not result in the imposition of taxes on “prohibited transactions” of any REMIC
        as defined in Section 860F of the Code or cause any REMIC to fail to qualify
        as
        a REMIC, in which case the Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 may continue to hold
        such
        REO Property (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4shall be rented (or allowed to
        continue to be rented) or otherwise used for the production of income by
        or on
        behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 with respect to the imposition of any such taxes.

       

      12.  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 Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 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 Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4.

       

      Modification
        of the SWS Agreement:

       

      13.  The
        Company and the Assignor hereby amend the SWS Agreement as follows:

       

      (a)  Section
        6.04, 6.05 and 6.07 and clause (x) of Section 10.01, all as added by Amendment
        No. 2 to the Servicing Agreement are deleted in their entirety.

       

      (b)  Section
        2(d) of the SWS Agreement as added by Amendment Reg AB to
        the
        Master Mortgage Loan Purchase and Servicing Agreement is hereby amended by
        adding the following paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 2(d) or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (c)  Section
        2(e) of the SWS Agreement as added by Amendment Reg AB to
        the
        Master Mortgage Loan Purchase and Servicing Agreement is hereby amended by
        adding the following paragraph to the end of the section:

       

      In
        the event the Servicer or any subservicer or subcontractor engaged by it
        is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 2(e) or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (d)  The
        definition of Remittance Date is deleted in its entirety and replaced with
        the
        following:

       

      Remittance
        Date: The 18th day (or if such 18th day is not a Business Day, the first
        Business Day immediately preceding) of any month, beginning with the First
        Remittance Date.  

       

      (e)  The
        definition of Master Servicer is deleted in its entirety and replaced with
        the
        following:

       

      Master
        Servicer:
        EMC
        Mortgage Corporation, or
        its successors in interest. 

       

      (f)  The
        definition
        of
        Servicing Fee Rate is deleted in its entirety and replaced with the
        following:

       

      Servicing
        Fee Rate:
        A per
        annum rate equal to 0.25%.

       

      (g)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan in full or partial
        which is received in advance of its scheduled Due Date and which is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of prepayment.
        Partial principal Prepayments shall be applied in accordance with the terms
        of
        the related Mortgage Note.

       

      (h)  The
        second paragraph of Section 4.01 of the SWS Agreement shall be deleted in
        its
        entirety and replaced with the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement, if a Mortgage
        Loan is in default or such default is reasonably foreseeable, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of strict compliance with any such term or in any manner grant
        indulgence to any mortgagor, including without limitation, to (1) capitalize
        any
        amounts owing on the Mortgage Loan by adding such amount to the outstanding
        principal balance of the Mortgage Loan, (2) defer such amounts to a later
        date
        or the final payment date of such Mortgage Loan, (3) extend the maturity
        of any
        such Mortgage Loan, (4) amend the related Mortgage Note to reduce the related
        Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage
        Rate
        on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa,
        (6)
        with respect to a mortgage loan with an initial fixed rate period followed
        by an
        adjustable rate period, extend the fixed period and reduce the adjustable
        rate
        period, and/or (7) forgive the amount of any interest and principal owed
        by the
        related Mortgagor; provided that, in the Company’s reasonable and prudent
        determination, such waiver, modification, postponement or indulgence: (A)
        is not
        materially adverse to the interests of the Owner on a present value basis
        using
        reasonable assumptions (including taking into account any estimated Realized
        Loss that might result absent such action); and (B) does not amend the related
        Mortgage Note to extend the maturity thereof later than the date of the Latest
        Possible Maturity Date (as such term is defined in the related pooling and
        servicing agreement); provided, further, with respect to any Mortgage Loan
        that
        is not in default or if default is not reasonably foreseeable, unless the
        Company has provided to the Owner a certification addressed to the Owner,
        based
        on the advice of counsel or certified public accountants that have a national
        reputation with respect to taxation of REMICs that a modification of such
        Mortgage Loan will not result in the imposition of taxes on or disqualify
        from
        REMIC status any of the REMICs and has obtained the prior written consent
        of the
        Owner, the Company shall not permit any modification with respect to any
        Mortgage Loan. Notwithstanding the foregoing, for any modification which
        may
        result in a realized loss of 20% or more of the outstanding principal balance
        of
        a Mortgage Loan, the Company shall present such proposed modification, together
        with any supporting documentation, to the Master Servicer for consideration
        and
        approval. 

       

      In
        the
        event of any such waiver, modification, postponement or indulgence which
        has
        been agreed to in writing by the Owner and which permits the deferral of
        interest or principal payments on any Mortgage Loan, the Company shall, on
        the
        Business Day immediately preceding the related 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 and
        Section 5.03, the difference between (a) such month's principal and one month's
        interest at the related 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.

       

      (i)  The
        first
        sentence of Section 5.02 of the SWS Agreement is hereby deleted and replaced
        with the following:

       

      Not
        later
        than the 5th business day of each calendar month, the Company shall provide
        a
        monthly report substantially in the form of Exhibit
        I
        and
Exhibit
        J,
        with
        respect to remittances, Exhibit
        K,
        with
        respect to realized losses and gains, Exhibit
        L,
        with
        respect to defaulted mortgage loans, Exhibit
        M,
        with
        respect to modified mortgage loans, Exhibit
        N,
        with
        respect to claims submitted and Exhibit
        O,
        with
        respect to loss severity, with each such report.

       

      (j)  Exhibit
        F
        to the SWS Agreement is hereby deleted in its entirety and replaced with
        the
        reporting exhibits attached hereto as Attachment
        3
        in
        formats mutually agreeable to the Company and the Master Servicer.
        Notwithstanding the foregoing, the Company is not required to report data
        relating to prepayment charges or penalties. 

       

      (k)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        I,
        a copy of which is annexed hereto as Attachment 4, or such other format
        as mutually agreed upon between the Company and the Assignor for a period
        of
        seventy (70) days from the Effective Date.

       

      (l)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        J,
        a copy of which is annexed hereto as Attachment
        5,
        or such
        other format as mutually agreed upon between the Company and the Assignor
        for a
        period of seventy (70) days from the Effective Date.

       

      (m)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        K,
        a copy of which is annexed hereto as Attachment
        6.

       

      (n)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        L,
        a copy of which is annexed hereto as Attachment
        7,
        or such
        other format as mutually agreed upon between the Company and the Assignor
        for a
        period of seventy (70) days from the Effective Date.

       

      (o)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        M,
        a copy of which is annexed hereto as Attachment
        8.

       

      (p)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        N,
        a copy of which is annexed hereto as Attachment
        9.

       

      (q)  The
        SWS
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        O,
        a copy of which is annexed hereto as Attachment
        10.

       

      14.  The
        Company hereby acknowledges that EMC
        Mortgage Corporation (the “Master Servicer”) has been appointed as the master
        servicer of the Mortgage Loans pursuant to the pooling and servicing
        agreement for the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4, and therefore has the right to
        enforce on behalf of the Assignee all obligations of the Company under the
        SWS Agreement.  Such right will include, without limitation, the right to
        terminate the Servicer under the SWS 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 SWS Agreement, the right to receive all monthly
        reports
        and other data required to be delivered by the Company under the SWS Agreement,
        the right to examine the books and records of the Company and the right to
        exercise certain rights of consent and approval relating to actions taken
        by the
        Company; provided, however, all parties hereto agree that such enforcement
        of a
        right shall only be exercised by one party. Notwithstanding the foregoing,
        it is
        understood that the Company shall not be obligated to defend and indemnify
        and
        hold harmless the Master Servicer, the Assignor and the Assignee against
        any
        losses, damages, penalties, fines, forfeiture, judgments and any related
        costs
        including, without limitation, reasonable and necessary legal fees, resulting
        from (i) actions or inactions of the Company which were taken or omitted
        upon
        the instruction or direction of the Master Servicer or Assignee, as applicable,
        or (ii) the failure of the Assignee or the Assignee’s designee, as applicable,
        to perform the obligations of the “Purchaser” under the SWS Agreement, as
        modified by the Agreement. 

       

      The
        Company shall make all distributions under the SWS Agreement to the Master
        Servicer by wire transfer of immediately available funds to:

       

      EMC
        Master Servicing Remittances

      Bank: 
        Chase Bank of Texas

      Branch: 
        Irving, Texas

      Account
        Name:  EMC Mortgage Corporation

      ABA
        # 113000609

      ACCOUNT
        # 000000709377717

      Reference:
        M/S Remittance [date]
        Remit for  [name of Servicer].

      Attention: 
        LSBO Group-MS

      

      and
        the Company shall deliver all reports required to be delivered under the
        SWS
        Agreement to the Master Servicer at:

       

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

       

      15.  Notices:

       

      The
        Assignor’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Agreement is:

       

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

       

      The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Agreement is:

       

      Wells
        Fargo Bank, National Association, 

      as
        Trustee 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380

      

      The
        Company’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Agreement is:

       

      Countrywide
        Home Loans Servicing LP

      400
        Countrywide Way

      Simi
        Valley, California 93065

      Attention:
        John
        Lindberg, Rachel Meza, Eric Varnen and Yuan Li 

       

      The
        Seller’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Agreement is:

       

      Countrywide
        Home Loans, Inc.

      4500
        Park
        Granada

      Calabasas,
        California 91302

      Attention:
        Darren Bigby

       

      Miscellaneous:

       

      16.  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 Agreement.

       

      17.  This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles
        (other
        than Section 5-1401 of the New York Obligations Law), and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws.

       

      18.  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.

       

      19.  This
        Agreement shall inure to the benefit of the permitted successors and assigns
        of
        the parties hereto. Any entity into which the Assignor, the Assignee, or
        the
        Company may be merged or consolidated shall, without the requirement for
        any
        further writing, be deemed the Assignor, the Assignee, or the Company,
        respectively, hereunder.

       

      20.  This
        Agreement shall survive the conveyance of the Mortgage Loans, the assignment
        of
        the SWS Agreement to the extent of the Mortgage Loans by the Assignor to
        the
        Assignee and the termination of the SWS Agreement.

       

      21.  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.

       

      22.  In
        the
        event that any provision of this Agreement conflicts with any provision of
        the
        SWS Agreement with respect to the Mortgage Loans, the terms of this Agreement
        shall control.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be executed by
        their
        duly authorized officers as of the date first above written.

       

      
        
          	 	 	 	 	 	 	 	
                  EMC
                    MORTGAGE CORPORATION

                  Assignor
                    and Master Servicer

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                   

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION,
                    not individually but solely as Trustee for the holders of Bear
                    Stearns
                    Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
                    Series 2007-AC4

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                   

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      
         

        
          	 	 	 	 	 	 	 	
                  COUNTRYWIDE
                    HOME LOANS SERVICING LP

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                   

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

       

      
        
          	 	 	 	 	 	 	 	
                  COUNTRYWIDE
                    HOME LOANS, INC. 

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                   

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

      

      Acknowledged
        and Agreed:

       

      
        
          	
                  BEAR
                    STEARNS ASSET BACKED SECURITIES
                    I LLC

                	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	 
	
                  Name:

                	 	 	 
	
                  Title:

                	 	 	 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        1

       

      Mortgage
        Loans

       

      [Provided
        Upon Request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        2

       

      Articles
        IV, V, and VI of the SWS Agreement.

       

      [Provided
        Upon Request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        3

       

      EXHIBIT
        F to the SWS Agreement

       

      
        	
                Standard
                  File Layout - Master Servicing 

              	 	 	 
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                
                  ACTION_CODE

                

              	
                
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              

      

      
        	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

       

      

      Attachment
        4

      

      EXHIBIT
        I
        to the SWS Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer seventy (70) days from the Effective Date. 

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

       

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	
              
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        5

       

      EXHIBIT
        J
        to the SWS Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer for a period of seventy (70) days from the Effective Date.

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

       

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Attachment
        6

      

      EXHIBIT
        K
        to the SWS Agreement

       

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

       

      
        	Date:	                                                         
                   

      

            

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	
                 

                 

                 

              	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously modified?   Yes   No

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

       Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Attorney’s
                  Costs

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Taxes

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Property
                  Maintenance

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Property
                  Inspection

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                PMI/Hazard
                  Insurance Premiums

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Utility
                  Expenses

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Appraisal/BPO
                  Expenses

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                HOA
                  Dues

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Cash
                  For Keys

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Miscellaneous
                  (itemized)

                 

              	
                Requires
                  Itemization and supporting detail

                 

              	 
	
                Total
                  Expenses

                 

              	
                ------------------------------------------------

                 

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

                 

              	
                Payment
                  history showing disbursements and ending balance

                 

              	 
	
                Rental
                  Receipts

                 

              	
                Payment
                  history showing application of funds to loan

                 

              	 
	
                Hazard
                  Claim Proceeds

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                PMI
                  Funds

                 

              	
                EOB
                  document

                 

              	 
	
                Government
                  Insurance Funds (Part A Funds)

                 

              	
                EOB
                  document

                 

              	 
	
                REO
                  Proceeds

                 

              	
                HUD
                  1 Settlement Statement

                 

              	 
	
                Government
                  Insurance Funds (Part B Funds)

                 

              	
                EOB
                  document

                 

              	 
	
                Pool
                  Insurance Proceeds

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                Other
                  Credits (itemized)

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                Total
                  Credits

                 

              	
                ------------------------------------------------

                 

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

       

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        7

      

      EXHIBIT
        L
        to the SWS Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer for a period of seventy (70) days from the Effective Date.

       

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

       

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Attachment
        8

      

      EXHIBIT
        M
        to the SWS Agreement

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order below:
        

       

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Attachment
        9

      

      EXHIBIT
        N
        to the SWS Agreement

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

       

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

       

      

      Attachment
        10

      

      EXHIBIT
        O
        to the SWS Agreement

      

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

       

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

    

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R-2

    

    FORM
      OF FIFTH THIRD

    ASSIGNMENT
      AGREEMENT

    

     

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      THIS
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the “Assignment”) is dated as
        of April 30, 2007, by and among EMC
        Mortgage Corporation (the “Assignor”), Wells Fargo Bank, National Association,
        as trustee for the holders of Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 (the “Assignee”) and
Fifth
        Third Mortgage Company
        (the
“Company”).

      

      In
        consideration of the mutual promises and agreements contained herein, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        hereby are acknowledged, the parties hereto agree that the residential mortgage
        loans (the “Mortgage Loans”) listed on Exhibit A annexed hereto purchased by the
        Assignor from the Company and now serviced by Company for the Assignor and
        its
        successors and assigns pursuant to (a) that certain Purchase, Warranties
        and
        Servicing Agreement, dated as of September 1, 2002, between the Company and
        the
        Assignor, as amended by Amendment Number One, dated as of April 1, 2006,
        between
        the Company and the Assignor (the “Purchase Agreement”) and (b) the term sheet
        dated February 28, 2007, between the Company and the Assignor, (the “Term Sheet”
and together with the Purchase Agreement, the “Agreements”) shall be subject to
        the terms of this Assignment. Capitalized terms used herein but not defined
        shall have the meanings ascribed to them in the Agreements.

       

      Assignment
        and Assumption

       

      1.  Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Mortgage Loans and (b) the Agreements
        with
        respect to the Mortgage Loans; provided, however, that the Assignor is not
        assigning to the Assignee any of its right, title or interest, in, to and
        under
        the Agreements with respect to any mortgage loan other than the Mortgage
        Loans
        listed on Exhibit A. Notwithstanding anything to the contrary contained herein,
        the Assignor specifically reserves and does not assign to the Assignee any
        right, title and interest in, to or under the representations and warranties
        contained in Section 3.01 and Section 3.02 of the Purchase Agreement and
        in the
        Term Sheet, and any obligation of the Company to cure, repurchase or substitute
        for a mortgage loan and to indemnify the Assignor with respect to a breach
        of
        such representations and warranties pursuant to Section 3.03 and Section
        8.01 of
        the Purchase Agreement, and the Assignor is retaining the right to enforce
        the
        representations and warranties and the obligations of the Company set forth
        in
        those sections and in the Term Sheet against the Company. In addition, the
        Assignor specifically reserves and does not assign to the Assignee any right,
        title and interest in, to or under Section 4.03 and Section 4.13 of the Purchase
        Agreement (but only insofar as such Sections grant to the Purchaser the right
        to
        terminate the servicing of defaulted Mortgage Loans and/or REO Properties
        by the
        Company). Except as is otherwise expressly provided herein, the Assignor
        makes
        no representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Agreements or otherwise relating to the transaction contemplated
        herein (including, but not limited to, any obligation to indemnify the
        Assignee).

       

      2.  The
        Assignor warrants and represents to the Assignee and to the Company as of
        the
        date hereof:

       

      
        	(a)  	
                Attached
                  hereto as Exhibit
                  B
                  are true and accurate copies of the Agreements, which agreements
                  are in
                  full force and effect as of the date hereof and the provisions
                  of which
                  have not been waived, amended or modified in any respect, nor has
                  any
                  notice of termination been given
                  thereunder;

              

      

       

      
        	(b)  	
                The
                  Assignor was the lawful owner of the Mortgage Loans with full right
                  to
                  transfer the Mortgage Loans and any and all of its interests, rights
                  and
                  obligations under the Agreements as they relate to the Mortgage
                  Loans,
                  free and clear from any and all claims and encumbrances; and upon
                  the
                  transfer of the Mortgage Loans to the Assignee as contemplated
                  herein, the
                  Assignee shall have good title to each and every Mortgage Loan,
                  as well as
                  any and all of the Assignor’s interests, rights and obligations under the
                  Agreements as they relate to the Mortgage Loans, free and clear
                  of any and
                  all liens, claims and encumbrances;

              

      

       

      
        	(c)  	
                There
                  are no offsets, counterclaims or other defenses available to the
                  Assignor
                  with respect to the Mortgage Loans or the
                  Agreements;

              

      

       

      
        	(d)  	
                The
                  Assignor has no knowledge of, and has not received notice of, any
                  waivers
                  under, or any modification of, any Mortgage
                  Loan;

              

      

       

      
        	(e)  	
                The
                  Assignor is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Mortgage
                  Loans;

              

      

       

      
        	(f)  	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this Assignment is in the ordinary course of the
                  Assignor’s business and will not conflict with, or result in a breach of,
                  any of the terms, conditions or provisions of the Assignor’s charter or
                  by-laws or any legal restriction, or any material agreement or
                  instrument
                  to which the Assignor is now a party or by which it is bound, or
                  result in
                  the violation of any law, rule, regulation, order, judgment or
                  decree to
                  which the Assignor or its property is subject. The execution, delivery
                  and
                  performance by the Assignor of this Assignment and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action on part of the Assignor. This Assignment
                  has
                  been duly executed and delivered by the Assignor and, upon the
                  due
                  authorization, execution and delivery by the Assignee, and the
                  Company,
                  will constitute the valid and legally binding obligation of the
                  Assignor
                  enforceable against the Assignor in accordance with its terms except
                  as
                  enforceability may be limited by bankruptcy, reorganization, insolvency,
                  moratorium or other similar laws now or hereafter in effect relating
                  to
                  creditors’ rights generally, and by general principles of equity
                  regardless of whether enforceability is considered in a proceeding
                  in
                  equity or at law;

              

      

       

      
        	(g)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignor in connection with the execution, delivery
                  or
                  performance by the Assignor of this Assignment, or the consummation
                  by it
                  of the transactions contemplated hereby. Neither the Assignor nor
                  anyone
                  acting on its behalf has offered, transferred, pledged, sold or
                  otherwise
                  disposed of the Mortgage Loans or any interest in the Mortgage
                  Loans, or
                  solicited any offer to buy or accept a transfer, pledge or other
                  disposition of the Mortgage Loans, or any interest in the Mortgage
                  Loans
                  or otherwise approached or negotiated with respect to the Mortgage
                  Loans,
                  or any interest in the Mortgage Loans with any Person in any manner,
                  or
                  made any general solicitation by means of general advertising or
                  in any
                  other manner, or taken any other action which would constitute
                  a
                  distribution of the Mortgage Loans under the Securities Act of
                  1933, as
                  amended (the “1933 Act”) or which would render the disposition of the
                  Mortgage Loans a violation of Section 5 of the 1933 Act or require
                  registration pursuant thereto; and

              

      

       

      
        	(h)  	
                The
                  Assignor has received from the Company, and has delivered to the
                  Assignee,
                  all documents required to be delivered to the Company prior to
                  the date
                  hereof pursuant to Section 2.07 of the Purchase Agreement with
                  respect to
                  the Mortgage Loans and has not received, and has not requested
                  from the
                  Company, any additional documents.

              

      

       

      3.  The
        Assignee represents, warrants and covenants with the Assignor and the Company
        that:

       

      
        	(a)  	
                The
                  Assignee is a national banking association, duly organized, validly
                  existing and in good standing under the laws of the United States,
                  and has
                  all requisite power and authority to acquire, own and purchase
                  the
                  Mortgage Loans;

              

      

       

      
        	(b)  	
                The
                  Assignee has full power and authority to execute, deliver and perform
                  under this Assignment, and to consummate the transactions set forth
                  herein. The consummation of the transactions contemplated by this
                  Assignment is in the ordinary course of the Assignee’s business and will
                  not conflict with, or result in a breach of, any of the terms,
                  conditions
                  or provisions of the Assignee’s charter or bylaws, or any legal
                  restriction, or any material agreement or instrument to which the
                  Assignee
                  is now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which the Assignee
                  or
                  its property is subject. The execution, delivery and performance
                  by the
                  Assignee of this Assignment and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action of the Assignee. This Assignment has been duly executed
                  and
                  delivered by the Assignee and, upon the due authorization, execution
                  and
                  delivery by the Assignor and the Company, will constitute the valid
                  and
                  legally binding obligation of the Assignee enforceable against
                  the
                  Assignee in accordance with its terms, except as enforceability
                  thereof
                  may be limited by bankruptcy, insolvency, or reorganization or
                  other
                  similar laws now or hereinafter in effect relating to creditor’s rights
                  generally and by general principles of equity, regardless of whether
                  such
                  enforceability is considered in a proceeding in equity or in
                  law;

              

      

       

      
        	(c)  	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by the Assignee in connection with the execution,
                  delivery or performance by the Assignee of this Assignment, or
                  the
                  consummation by it of the transactions contemplated
                  hereby;

              

      

       

      
        	(d)  	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  the Assignee’s knowledge, threatened, which either in any instance or in
                  the aggregate, if determined adversely to the Assignee, would adversely
                  affect the Assignee’s execution or delivery of, or the enforceability of,
                  this Assignment, or the Assignee’s ability to perform its obligations
                  under this Assignment; and 

              

      

       

      
        	(e)  	
                The
                  Assignee assumes for the benefit of the Trust, all of the rights
                  of the
                  Purchaser under the Agreements with respect to the Mortgage Loans
                  listed
                  on Exhibit
                  A,
                  other than the right to enforce the obligations of the Company
                  under the
                  Agreements.

              

      

       

      4.  The
        Company warrants and represents to, and covenants with, the Assignor and
        the
        Assignee as of the date hereof:

       

      
        	(a)  	
                Attached
                  hereto as Exhibit
                  B
                  are true and accurate copy of the Agreements, which agreements
                  are in full
                  force and effect as of the date hereof and the provisions of which
                  have
                  not been waived, amended or modified in any respect, nor has any
                  notice of
                  termination been given thereunder;

              

      

       

      
        	(b)  	
                The
                  Company is duly organized, validly existing and in good standing
                  under the
                  laws of the jurisdiction of its incorporation, and has all requisite
                  power
                  and authority to service the Mortgage Loans and to perform its
                  obligations
                  under the Agreements;

              

      

       

      
        	(c)  	
                The
                  Company has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this Assignment is in the ordinary course of the
                  Company’s
                  business and will not conflict with, or result in a breach of,
                  any of the
                  terms, conditions or provisions of its charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which it
                  is now a
                  party or by which it is bound, or result in the violation of any
                  law,
                  rule, regulation, order, judgment or decree to which the Company
                  or its
                  property is subject. The execution, delivery and performance by
                  the
                  Company of this Assignment and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on the part of the Company. This Assignment has been duly
                  executed
                  and delivered by the Company, and, upon the due authorization,
                  execution
                  and delivery by the Assignor and the Assignee, will constitute
                  the valid
                  and legally binding obligation of the Company, enforceable against
                  it in
                  accordance with its terms except as enforceability may be limited
                  by
                  bankruptcy, reorganization, insolvency, moratorium or other similar
                  laws
                  now or hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	(d)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Company of this Assignment, or the consummation
                  by it
                  of the transactions contemplated
                  hereby;

              

      

       

      
        	(e)  	
                The
                  Company shall establish a Custodial Account and an Escrow Account
                  under
                  the Agreements in favor of Assignee with respect to the Mortgage
                  Loans
                  separate from the Custodial Account and Escrow Account previously
                  established under the Agreements in favor of the Assignor;
                  and

              

      

       

      
        	(f)  	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheet with respect to the Company
                  and
                  the Mortgage Loans as of the date
                  hereof.

              

      

       

      5.  The
        Company warrants and represents to, and covenants with, the Assignor and
        Bear
        Stearns Asset Backed Securities I LLC (“BSABS I”) as of the date
        hereof:

       

      
        	a.  	
                The
                  Company is not aware and has not received notice that any default,
                  early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	b.  	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	c.  	
                The
                  Company has not been terminated as servicer in a residential mortgage
                  loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	d.  	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Agreements and
                  this
                  Assignment for mortgage loans of a type similar to the Mortgage
                  Loans have
                  occurred during the three-year period immediately preceding the
                  date
                  hereof;

              

      

       

      
        	e.  	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Agreements and this
                  Assignment;

              

      

       

      
        	f.  	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	g.  	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify the Assignor and BSABS
        I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Mortgage Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation 

      2780
        Lake Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

       

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

       

      Notifications
        pursuant to (i)(A) above should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

       

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      6.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Mortgage Loans
        pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007,
        among BSABS I, the Assignee, the Master Servicer and the Assignor. The Company
        shall deliver all reports required to be delivered under the Agreements
        to:

       

      EMC
        Mortgage Corporation

      2780
        Lake Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      Recognition
        of Assignee

       

      7.  From
        and
        after the date hereof the Company shall recognize the Assignee as owner of
        the
        Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
        a
        REMIC. The Company will service the Mortgage Loans in accordance with the
        Agreements, but in no event in a manner that would (i) cause the REMIC to
        fail
        to qualify as a REMIC or (ii) result in the imposition of a tax upon the
        REMIC
        (including but not limited to the tax on prohibited transactions as defined
        in
        Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
        forth
        in Section 860G(d) of the Code). It is the intention of the Assignor, the
        Company and the Assignee that this Agreement shall be binding upon and for
        the
        benefit of the respective successors and assigns of the parties hereto. Neither
        the Company nor the Assignor shall amend or agree to amend, modify, waiver,
        or
        otherwise alter any of the terms or provisions of the Agreements, which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Mortgage Loans without the prior written consent of the Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 acquires any REO Property as aforesaid or otherwise in connection
        with
        a default or default becoming reasonably foreseeable on an Assigned Loan,
        the
        Company shall cause such REO Property to be disposed prior to three years
        after
        its acquisition by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee
        or the Securities Administrator) to the effect that the holding by the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 of such REO Property subsequent to such three-year period
        will
        not result in the imposition of taxes on “prohibited transactions” of any REMIC
        as defined in Section 860F of the Code or cause any REMIC to fail to qualify
        as
        a REMIC, in which case the Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 may continue to hold
        such
        REO Property (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 shall be rented (or allowed to
        continue to be rented) or otherwise used for the production of income by
        or on
        behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 with respect to the imposition of any such taxes.

       

      In
        addition, the Company hereby acknowledges that from and after the date hereof,
        the Mortgage Loans will be subject to the terms and conditions of the Pooling
        Agreement pursuant to which the Master Servicer is required to monitor the
        performance by the Company of its servicing obligations under the Agreements
        and
        has the right to enforce the obligations of the Company under the Purchase
        Sale
        and Servicing Agreement with respect to the servicing of the Mortgage Loans.
        Such right will include, without limitation, the right to terminate the Company
        under the Agreements upon the occurrence of an event of default thereunder,
        the
        right to receive all remittances required to be made by the Company under
        the
        Agreements, the right to receive all monthly reports and other data required
        to
        be delivered by the Company under the Agreements, the right to examine the
        books
        and records of the Company, indemnification rights, and the right to exercise
        certain rights of consent and approval relating to actions taken by the Company.
        In connection therewith, the Company hereby agrees to make all remittances
        required under the Agreements with respect to the Mortgage Loans to the Master
        Servicer for the benefit of the Assignee in accordance with the following
        wire
        transfer instructions:

       

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        # 113000609

      ACCOUNT
        # 000000709377717

      Reference:
        M/S Remittance April 1, 2007 Remit for Fifth Third Mortgage Company

      Attention:
        LSBO Group-MS

       

      It
        is the
        intention of the Assignor, the Company and the Assignee that this Agreement
        will
        be a separate and distinct servicing agreement between the Assignee and the
        Company, to the extent of the Mortgage Loans, and shall be binding upon and
        for
        the benefit of the respective successors and assigns of the parties hereto.
        Neither the Company nor the Assignor shall amend or agree to amend, modify,
        waive, or otherwise alter any of the terms or provisions of the Agreements
        which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Mortgage Loans without the prior written consent of the Assignee.

       

      8.  Modification
        of the Purchase Agreement :

       

      The
        Company and the Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

       

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and related provisions and regulations
        promulgated thereunder, as the foregoing may be in effect from time to
        time.

       

      Master
        Servicer:
        EMC
        Mortgage Corporation.

       

      Nonrecoverable
        Advance:
        Any
        advance previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or otherwise. The
        determination by the Company that it has made a Nonrecoverable Advance, shall
        be
        evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
        and the Master Servicer and detailing the reasons for such
        determination.

       

      Trustee:
        Wells
        Fargo Bank, National Association.

       

      (b)  The
        definition of “Business Day” in Section 1.01 of the Purchase Agreement is
        deleted in its entirety and replaced with the following definition:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        Maryland, Minnesota, New York or Ohio, or (iii) a day on which banks in the
        States of Maryland, Minnesota, New York or Ohio are authorized or obligated
        by
        law or executive order to be closed.

       

      (c)  The
        definition of Eligible Account in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Eligible
        Account:
        Any of
        (i) an account or accounts maintained with a federal or state chartered
        depository institution or trust company, the long-term unsecured debt
        obligations and short-term unsecured debt obligations of which (or, in the
        case
        of a depository institution or trust company that is the principal subsidiary
        of
        a holding company, the debt obligations of such holding company, so long
        as
        Moody’s is not a Rating Agency) are rated by each Rating Agency in one of its
        two highest long-term and its highest short-term rating categories respectively,
        at the time any amounts are held on deposit therein, 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.

       

      (d)  The
        definition of Principal Prepayment in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. Partial principal Prepayments shall be applied in
        accordance with the terms of the related Mortgage Note.

       

      (e)  The
        definition of Servicing Fee Rate in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Servicing
        Fee Rate:
        A per
        annum rate equal to 0.625%.

       

      (f)  Section
        3.01(s) of the Purchase Agreement is hereby amended by changing the reference
        in
        Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
        calendar days”.

       

      (g)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Assignment and the related
        Term Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliace with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a mortgage loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest and principal owed by the related Mortgagor; provided
        that, in the Company’s reasonable and prudent determination, such waiver,
        modification, postponement or indulgence: (A) is not materially adverse to
        the
        interests of the Purchaser on a present value basis using reasonable assumptions
        (including taking into account any estimated Realized Loss that might result
        absent such action); and (B) does not amend the related Mortgage Note to
        extend
        the maturity thereof later than the date of the Latest Possible Maturity
        Date
        (as such term is defined in the related pooling and servicing agreement);
        provided,
        further, with respect to any Mortgage Loan that is not in default or if default
        is not reasonably foreseeable, unless the Company has provided to the Purchaser
        a certification addressed to the Purchaser, based on the advice of counsel
        or
        certified public accountants that have a national reputation with respect
        to
        taxation of REMICs that a modification of such Mortgage Loan will not result
        in
        the imposition of taxes on or disqualify from REMIC status any of the REMICs
        and
        has obtained the prior written consent of the Purchaser, the Company shall
        not
        permit any modification with respect to any Mortgage Loan. Notwithstanding
        the
        foregoing, for any modification which may result in a realized loss of 20%
        or
        more of the outstanding principal balance of a Mortgage Loan, the Company
        shall
        present such proposed modification, together with any supporting documentation,
        to the Master Servicer for consideration and approval. 

       

      (h)  Section
        4.03 of the Purchase
        Agreement
        is
        hereby amended by adding the following paragraph to the end of the
        section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit T hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan. The Master Servicer shall provide such approval or denial
        to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting documentation. The
        Company’s obligation to make such Servicing Advances and Monthly Advances as to
        any Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        Officer’s Certificate in accordance with Section 5.03.

       

      (i)  Subsection
        4.05(iii) of the Purchase
        Agreement
        is
        hereby amended by deleting “Liquidation Proceeds,” after “limited to related
        proceeds” in Subsection 4.05(iii) of the Purchase Agreement.

       

      (j)  Section
        4.05 of the Purchase Agreement is hereby amended by adding the following
        as
        Subsection 4.05(ix):

       

      (vii) to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer. The Master Servicer shall provide such approval or denial to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting
        documentation.

       

      (k)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and Company, and” in the first
        paragraph.

       

      (l)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit J and
        Exhibit
        K, with respect to remittances, Exhibit Q, with respect to realized losses
        and
        gains, Exhibit R and Exhibit S, with respect to defaulted mortgage loans,
        Exhibit T, with respect to modified mortgage loans, Exhibit U, with respect
        to
        claims submitted and Exhibit V, with respect to loss severity, with each
        such
        report.

       

      (m)  Section
        6.04 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section: 

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (n)  Section
        6.07 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 6.07 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (o)  The
        first
        paragrpah of Section 11.04 of the of the Purchase Agreement is hereby deleted
        and replaced with the following:

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York without giving effect to principles of conflicts of laws
        and
        except to the extent preempted by Federal law and the obligations, rights
        and
        remedies of the parties hereunder shall be determined in accordance with
        such
        laws.

       

      (p)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit J to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit C.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit K to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit D.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit Q to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit E.

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit F.

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit G.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit H.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit I.

       

      (w)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit J.

       

      9.  Notice
        Addresses.

       

      If
        to the Assignee:

      

      Wells
        Fargo Bank, National Association

      as
        Trustee

      9062
        Old Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380

      

      If
        to the Assignor:

      

      EMC
        Mortgage Corporation

      2780
        Lake Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      If
        to the
        Company:

      

      Fifth
        Third Mortgage Company

      38
        Fountain Square Plaza

      MD
        1MOB2Y

      Cincinnatti,
        Ohio 45263

      Attention:Stephen
        Johnson

      Telecopy:
        (513) 358-0893

       

      10.  This
        Assignment shall be construed in accordance with the substantive laws of
        the
        State of New York (without regard to conflict of laws principles other than
        Section 5-1401 of the New York General Obligations Law) and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws, except to the extent preempted by federal law.

       

      11.  From
        and
        after the date hereof, the Company, as servicer shall recognize the Assignee
        as
        the owner of the Mortgage Loans, the Company will service the Mortgage Loans
        in
        accordance with the Agreements for the benefit of the Assignee, and shall
        look
        solely to the Assignee for performance of the obligations of Purchaser under
        the
        Agreements with respect to the Mortgage Loans. From and after the date hereof,
        the Assignee shall recognize the Company as the seller and servicer of the
        Mortgage Loans, and shall look solely to the Company for performance of the
        obligations of the Seller under the Agreements with respect to the Mortgage
        Loans.

       

      12.  This
        Assignment shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which the Company, the Assignor or the Assignee
        may be merged or consolidated shall, without the requirement for any further
        writing, be deemed the Company, the Assignor or the Assignee, respectively,
        hereunder.

       

      13.  No
        term
        or provision of this Assignment may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

       

      14.  This
        Assignment shall survive the conveyance of the Mortgage Loans and the assignment
        of the Agreements to the extent of the Mortgage Loans by the Assignor to
        the
        Assignee and the termination of the Agreements.

       

      15.  This
        Assignment may be executed simultaneously in any number of counterparts,
        each of
        which counterparts shall be deemed to be an original, and such counterparts
        shall constitute and be one and the same instrument.

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
        Recognition Agreement to be executed by their duly authorized officers as
        of the
        date first above written.

       

      
        	EMC
                MORTGAGE CORPORATIONthe
                Assignor and Master Servicer	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOICATION, the Trustee for the holders of
                  Bear
                  Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
                  Certificates, Series 2007-AC4

              
	 	 	 	
                the
                  Assignee

              
	
                By:

              	
              	
                By:

              	
                 

              
	 	
                
                  

                

              	
              	
                
                  

                

              
	
                Name:

              	
              	
                Name:

              	
              
	
                Title:

              	
                
 	
                Title:

              	
                
 
	 	
                

              	 	
                

              
	 	 	 	 
	FIFTH
                THIRD MORTGAGE COMPANYthe
                Company	 	 
	 	 	 	 
	
                By:

              	
              	 	 
	
                Name:

              	
                
 	 	 
	
                Title:

              	
                
 	 	 
	 	
                

              	 	 
	 	 	 	 
	
                Acknowledged
                  and Agreed:

                 

                BEAR
                  STEARNS ASSET BACKEDSECURITIES
                  I LLC

              	 	 
	 	 	 	 
	
                By:

              	
              	 	 
	
                Name:

              	
                
 	 	 
	
                Title:

              	
                
 	 	 
	 	
                

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

       

      EXHIBIT
        A TO THE AAR

       

      Mortgage
        Loan Schedule

       

      [Provided
        Upon Request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        B TO THE AAR

       

      

      PURCHASE
        AGREEMENT

       

      TERM
        SHEET

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        C TO THE AAR

      Exhibit
        J
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	
                 

              
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	
                 

              
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        D TO THE AAR

      Exhibit
        K
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        E TO THE AAR

      Exhibit
        Q
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

       

      Date:     
        ____________________________________

      

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                        Yes   No

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

      If
        “Yes”, provide amount _______________________________

       

       

      Liquidation
        and Acquisition Expenses:

       

      Amounts
        requiring Amortization Schedule for backup:

       

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                 

              
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	
                 

              
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Taxes

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	
                 

              
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	
                 

              
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	
                 

              
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                PMI
                  Funds

              	
                EOB
                  document

              	
                 

              
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	
                 

              
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	
                 

              
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	
                 

              
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

      

      

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        F TO THE AAR

      Exhibit
        R
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        G TO THE AAR

      Exhibit
        S
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:
        Provides summary data at the servicer investor level regarding loan performance
        that will be submitted to EMC Master Servicing and contains the following
        data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        H TO THE AAR

      Exhibit
        T
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        I TO THE AAR

      Exhibit
        U
        to the Purchase, Warranties and Servicing Agreement

       

      EMC
        FORM - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        J TO THE AAR

       

      Exhibit
        V to the Purchase, Warranties and Servicing Agreement

       

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

    

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R-3

    

    FORM
      OF GREENPOINT

    ASSIGNMENT
      AGREEMENT

     

     

     

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 30, 2007 (the “Closing Date”), among EMC Mortgage Corporation (the
“Assignor”), Wells Fargo Bank, National Association, not individually but solely
        as trustee for the holders of the Bear Stearns Asset Backed Securities I
        Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 (the “Assignee”) and
        GreenPoint Mortgage Funding, Inc. (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") purchased by the Assignor
        from
        the Company and now serviced by Company for Assignor and its successors and
        assigns pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of September 1, 2003, between Assignor and Company, as amended by Amendment
        Number One, dated as of January 1, 2006 (the “Purchase Agreement”) and (b) the
        term sheets dated September 9, 2005, July 25, 2006, October 11, 2006 and
        January
        19, 2007 between Assignor and Company, (the “Term Sheets” and together with the
        Purchase Agreement, the “Agreements”) shall be subject to the terms of this AAR
        Agreement. Capitalized terms used herein but not defined shall have the meanings
        ascribed to them in the Purchase Agreement.

       

      Assignment
        and Assumption

      

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1. Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Purchase Agreement and in the Term Sheets, and
        any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
        Agreement and the Assignor is retaining the right to enforce the representations
        and warranties and the obligations of the Company set forth in those sections
        against the Company. In addition, the Assignor specifically reserves and
        does
        not assign to the Assignee any right, title and interest in, to or under
        Section
        2.09 of the Purchase Agreement and Section 4.03 and Section 4.13 of the Purchase
        Agreement (but only insofar as such Sections grant to the Purchaser the right
        to
        terminate the servicing of defaulted Assigned Loans and/or REO Properties
        by the
        Company). Except as is otherwise expressly provided herein, the Assignor
        makes
        no representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Purchase Agreement or otherwise relating to the transaction
        contemplated herein (including, but not limited to, any obligation to indemnify
        the Assignee).

       

      
        Representations,
          Warranties and Covenants

      

       

      1.
          Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
        and the Term Sheets which agreements are in full force and effect as of the
        date
        hereof and the provisions of which have not been waived, amended or modified
        in
        any respect, nor has any notice of termination been given
        thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Assignor. This AAR Agreement has been duly
        executed and delivered by Assignor and, upon the due authorization, execution
        and delivery by Assignee and Company, will constitute the valid and legally
        binding obligation of Assignor enforceable against Assignor in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from Company, and has delivered to the Assignee, all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and 

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.
          Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This AAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans.

       

      3.
          Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
        and the Term Sheets which agreements are in full force and effect as of the
        date
        hereof and the provisions of which have not been waived, amended or modified
        in
        any respect, nor has any notice of termination been given thereunder;

       

      (b)  Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

       

      (c)  Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this AAR Agreement and the consummation by it of
        the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Company. This AAR Agreement has been duly
        executed and delivered by Company, and, upon the due authorization, execution
        and delivery by Assignor and Assignee, will constitute the valid and legally
        binding obligation of Company, enforceable against Company in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this AAR Agreement, or the consummation by it of the transactions contemplated
        hereby; 

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event
        has occurred from the date of the Term Sheets to the date hereof which would
        render the representations and warranties as to the related Assigned Loans
        made
        by the Company in Sections 3.01 and 3.02 of the Purchase Agreement or in
        the
        Term Sheets to be untrue in any material respect; 

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a material fact necessary to make the
        statements contained therein not misleading; and

       

      (h)  Pursuant
        to Section 11.18 of the Purchase Agreement, the Company hereby restates the
        representations and warranties set forth in Article III of the Purchase
        Agreement and in the Term Sheets with respect to the Company and the Assigned
        Loans as of the Closing Date.

       

      4.
          Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      (c)  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      (d)  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the Purchase Agreement and this
        AAR
        Agreement for mortgage loans of a type similar to the Assigned Loans have
        occurred during the three-year period immediately preceding the date
        hereof;

       

      (e)  There
        are
        no aspects of the Company’s financial condition that could have a material
        adverse effect on the performance by the Company of its servicing obligations
        under the Purchase Agreement and this AAR Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, any Subservicer or any third-party
        originator; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to: 

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        General Counsel

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      5.
          Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

      

      6.
          From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Purchase Agreement
        (as
        modified by this AAR Agreement) but in no event in a manner that would (i)
        cause
        any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
        of a
        tax upon any REMIC (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code). It is
        the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the Purchase
        Agreement which amendment, modification, waiver or other alteration would
        in any
        way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Master Servicer for the benefit
        of
        the Assignee a statement with respect to each mortgaged property acquired
        through foreclosure or deed-in-lieu of foreclosure in connection with a
        defaulted Assigned Loan (“REO Property”) that has been rented showing the
        aggregate rental income received and all expenses incurred in connection
        with
        the management and maintenance of such REO Property at such times as is
        necessary to enable the Assignee to comply with the reporting requirements
        of
        the REMIC provisions of the Code. The net monthly rental income, if any,
        from
        such REO Property shall be deposited in the related collection account no
        later
        than the close of business on each determination date. The Company shall
        perform, or cause to be performed, the tax reporting and withholding related
        to
        foreclosures, abandonments and cancellation of indebtedness income as specified
        by Sections 1445, 6050J and 6050P of the Code by preparing and filing such
        tax
        and information returns, as may be required. In the event that Bear Stearns
        Asset Backed Securities I Trust, Asset-Backed Certificates, Series 2007-AC4
        acquires any REO Property as aforesaid or otherwise in connection with a
        default
        or default becoming reasonably foreseeable on an Assigned Loan, the Company
        shall cause such REO Property to be disposed prior to three years after its
        acquisition by Bear Stearns Asset Backed Securities I Trust, Asset-Backed
        Certificates, Series 2007-AC4 or, at the expense of Bear Stearns Asset Backed
        Securities I Trust, Asset-Backed Certificates, Series 2007-AC4, request more
        than 60 days prior to the day on which such three-year period would otherwise
        expire, an extension of the three-year grace period unless the Assignee shall
        have been supplied with an opinion of counsel addressed to the Assignee rendered
        by nationally recognized tax counsel specializing in such matters (such opinion
        not to be an expense of the Assignee) to the effect that the holding by Bear
        Stearns Asset Backed Securities I Trust, Asset-Backed Certificates, Series
        2007-AC4 of such REO Property subsequent to such three-year period will not
        result in the imposition of taxes on “prohibited transactions” of any REMIC as
        defined in Section 860F of the Code or cause any REMIC to fail to qualify
        as a
        REMIC, in which case Bear Stearns Asset Backed Securities I Trust, Asset-Backed
        Certificates, Series 2007-AC4 may continue to hold such REO Property (subject
        to
        any conditions contained in such opinion of counsel). Notwithstanding any
        other
        provision of the Servicing Agreement, no REO Property acquired by Bear Stearns
        Asset Backed Securities I Trust, Asset-Backed Certificates, Series 2007-AC4
        shall be rented (or allowed to continue to be rented) or otherwise used for
        the
        production of income by or on behalf of Bear Stearns Asset Backed Securities
        I
        Trust, Asset-Backed Certificates, Series 2007-AC4 in such a manner or pursuant
        to any terms that would (i) cause such REO Property to fail to qualify as
        “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
        (ii) subject any REMIC to the imposition of any federal, state or local income
        taxes on the income earned from such REO Property under Section 860G(c) of
        the
        Code or otherwise, unless the Company has agreed to indemnify and hold harmless
        Bear Stearns Asset Backed Securities I Trust, Asset-Backed Certificates,
        Series
        2007-AC4 with respect to the imposition of any such taxes.

       

      7.
          Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2007-AC4 and not individually, and any recourse
        against the Assignee in respect of any obligations it may have under or pursuant
        to the terms of this AAR Agreement shall be limited solely to the assets
        it may
        hold as trustee of Bear Stearns Asset Backed Securities I Trust
        2007-AC4.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including , but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        losses, claims, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      
        	(i)  	
                (A)     
                  any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any written information, written report, certification, data,
                  accountants’ letter or other material provided under Section 11.18 of the
                  Purchase Agreement by or on behalf of the Assignor, or provided
                  under
                  Section 11.18 of the Purchase Agreement by or on behalf of any
                  Subservicer, Subcontractor or Third-Party Originator (collectively,
                  the
                  “Company Information”), or (B) the omission or alleged omission to state
                  in the Company Information a material fact required to be stated
                  in the
                  Company Information or necessary in order to make the statements
                  therein,
                  in the light of the circumstances under which they were made, not
                  misleading; provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

      

       

      
        	(ii)  	
                any
                  breach by the Company of its obligations under this section, including
                  particularly any failure by the Company, any Subservicer, any
                  Subcontractor or any Third-Party Originator to deliver any information,
                  report, certification, accountants’ letter or other material when and as
                  required under Section 11.18, including any failure by the Company
                  to
                  identify any Subcontractor “participating in the servicing function”
                  within the meaning of Item 1122 of Regulation AB;
                  

              

      

       

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  3.01 of the Purchase Agreement or in a writing furnished pursuant
                  to
                  Section 3.01(q) of the Purchase Agreement and made as of a date
                  prior to
                  the date hereof, to the extent that such breach is not cured by
                  the date
                  hereof, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 3.01(q) of the Purchaser
                  Agreement
                  to the extent made as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)  	
                the
                  negligence bad faith or willful misconduct of the Company in connection
                  with its performance under this
                  Section.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in Section 11.18 of the Purchase
        Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator. 

       

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

       

      
        Modification
          of Purchase Agreement

      

       

      8.
          The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Assignee:
        Wells
        Fargo Bank, National Association, as trustee for the holders of the Bear
        Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4.

       

      BSABS
        I:
        Bear
        Stearns Asset Backed Securities I LLC.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2007, among
        BSABS
        I, the Trustee, EMC Mortgage Corporation, as the master servicer, the seller
        and
        the company.

       

      Trustee:
        Wells
        Fargo Bank, National Association, or its successor in interest, or any successor
        trustee appointed as provided in the Pooling and Servicing
        Agreement.

       

      (b)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        California, New York, Maryland or Minnesota, or (iii) a day on which banks
        in
        the States of California, New York, Maryland or Minnesota are authorized
        or
        obligated by law or executive order to be closed.

       

      (c)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate:
        A per
        annum rate equal to 0.250%.

       

      (d)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan in full or partial
        which is received in advance of its scheduled Due Date and which is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of prepayment.
        Partial principal Prepayments shall be applied in accordance with the terms
        of
        the related Mortgage Note.

       

      (e)  Section
        3.01(s) of the Purchase Agreement is hereby amended by changing the reference
        in
        Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
        calendar days”.

       

      (f)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth this Agreement and the related
        Term
        Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliance with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Loan to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest and principal owed by the related Mortgagor; provided
        that in the Company's reasonable and prudent determination, such waiver,
        modification, postponement or indulgence: (A) is not materially adverse to
        the
        interests of the Purchaser on a present value basis using reasonable assumptions
        (including taking into account any estimated Realized Loss that might result
        absent such action); and (B) does not amend the related Mortgage Note to
        extend
        the maturity thereof later than the date of the Latest Possible Maturity
        Date
        (as such term is defined in the related pooling and servicing agreement);
        provided, further, with respect to any Mortgage Loan that is not in default
        or
        if default is not reasonably foreseeable, unless the Company has provided
        to the
        Purchaser a certification addressed to the Purchaser, based on the advice
        of
        counsel or certified public accountants that have a national reputation with
        respect to taxation of REMICs that a modification of such Mortgage Loan will
        not
        result in the imposition of taxes on or disqualify from REMIC status any
        of the
        REMICS and has obtained the prior written consent of the Purchaser, the Company
        shall not permit any modification with respect to any Mortgage Loan.
        Notwithstanding the foregoing, for any modification which may result in a
        realized loss of 20% or more of the outstanding principal balance of a Mortgage
        Loan, the Company shall present such proposed modification, together with
        any
        supporting documentation, to the Master Servicer for consideration and
        approval.

       

      (g)  Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      On
        each
        Remittance Date, the Company shall remit to the Master Servicer all Liquidation
        Proceeds and Insurance Proceeds, along with any Servicing Advances and Advances,
        such that the sum of the foregoing at least equals in the aggregate the
        outstanding Stated Principal Balance of the related Mortgage Loans. The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit V hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan. The Master Servicer shall provide such approval or denial
        to the
        Company no later than thirty (30) days after receipt of such claim and all
        required supporting documentation. The Company’s obligation to make such
        Servicing Advances and Monthly Advances as to any Mortgage Loan shall continue
        through the final liquidation of the Mortgaged Property, unless the Company
        deems such advance nonrecoverable and submits an officer’s certificate in
        accordance with Section 5.03.

       

      (h)  Sections
        4.05(vi), 4.05(vii) and 4.05(vi) are hereby renumbered as Sections 4.05(vi),
        4.05(vii) and 4.05(viii), and the following is added as Section 4.05(ix):
        

       

      “(ix) to
        reimburse
        itself for Nonrecoverable Advances, to the extent not reimbursed pursuant
        to
        clause (ii) or clause (iii), upon prior approval from the Master Servicer.
        The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, such
        claim
        must be complete with all supporting documentation.”

       

      (i)  The
        following is added as the last paragraph of Section 4.05:

       

      “Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer. The Master Servicer shall provide such approval or denial to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, the Company must submit such claim with all supporting documentation
        in
        order for the Master Servicer to approve or deny such claim within such time
        period. Pending such approval, such funds shall be remitted by the Company
        to
        the Master Servicer to the extent such funds, in addition to any Servicing
        Advances and Advances, constitute an amount equal to the outstanding Stated
        Principal Balance of the related Mortgage Loan plus any accrued interest
        due and
        owing on such Mortgage Loan.”

       

      (j)  The
        following is added to the first sentence of the fourth paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (k)  The
        following is added as Section 4.13A of the Purchase Agreement:

       

      Section
        4.13A REMIC
        Administration of REO Property.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 acquires any REO Property as aforesaid or otherwise in connection
        with
        a default or default becoming reasonably foreseeable on an Assigned Loan,
        the
        Company shall cause such REO Property to be disposed prior to three years
        after
        its acquisition by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee)
        to the effect that the holding by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 of such REO Property
        subsequent to such three-year period will not result in the imposition of
        taxes
        on “prohibited transactions” of any REMIC as defined in Section 860F of the Code
        or cause any REMIC to fail to qualify as a REMIC, in which case the Bear
        Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 may continue to hold such REO Property (subject to any conditions
        contained in such opinion of counsel). Notwithstanding any other provision
        of
        the Servicing Agreement, no REO Property acquired by the Bear Stearns Asset
        Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4
        shall be rented (or allowed to continue to be rented) or otherwise used for
        the
        production of income by or on behalf of the Bear Stearns Asset Backed Securities
        I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 in such a manner
        or
        pursuant to any terms that would (i) cause such REO Property to fail to qualify
        as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code
        or (ii) subject any REMIC to the imposition of any federal, state or local
        income taxes on the income earned from such REO Property under Section 860G(c)
        of the Code or otherwise, unless the Company has agreed to indemnify and
        hold
        harmless the Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4 with respect to the imposition of any such
        taxes.

       

      (l)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and Company, and” in the first
        paragraph.

       

      (m)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit
        Q
        and
Exhibit
        R,
        with
        respect to remittances, Exhibit
        J,
        with
        respect to realized losses and gains, Exhibit
        S
        and
Exhibit
        T,
        with
        respect to defaulted mortgage loans, Exhibit
        U,
        with
        respect to modified mortgage loans, Exhibit
        V,
        with
        respect to claims submitted and Exhibit
        W,
        with
        respect to loss severity, with each such report.

       

      (n)  Section
        6.04 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (o)  Section
        6.07 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 6.05 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (p)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheets shall be governed by and construed
        in
        accordance with the laws of the State of New York without giving effect to
        principles of conflicts of laws (other than Section 5-1401 of the New York
        General Obligations Law) and except to the extent preempted by Federal law
        and
        the obligations, rights and remedies of the parties hereunder shall be
        determined in accordance with such laws.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        E
        in its entirety and inserting a new Exhibit E as follows: EXHIBIT E
        [RESERVED].

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        F
        in its entirety and inserting a new Exhibit F as follows: EXHIBIT F
        [RESERVED].

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        P
        in its entirety and inserting a new Exhibit P as follows: EXHIBIT P
        [RESERVED].

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit J to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 1.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 2.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 3.

       

      (w)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 4.

       

      (x)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 5.

       

      (y)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 6.

       

      (z)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 7.

       

      (aa)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit W to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 8.

       

      (bb)  Exhibit
        O
        to the Purchase Agreement is hereby amended as of the date hereof by deleting
        in
        its entirety and inserting a new Exhibit O to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit 9.

       

      
        Miscellaneous

      

       

      9.
          All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      (a)  In
        the
        case of Company:

      GreenPoint
        Mortgage Funding, Inc.

      100
        Wood
        Hollow Drive 

      Novato,
        California 94945

      Attention:
        Susan Davia

       

      With
        a copy to:

      (b)  In
        the
        case of Assignor:

      

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      with
        a
        copy to:

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Robert Durden

      Telecopier
        No.: (212) 272-5591

      

      (c)  In
        the
        case of Assignee:

      

      Wells
        Fargo Bank, National Association,

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380 

      

      10.  
        The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Assigned Loans
        pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007,
        among the Assignor, the Assignee, BSABS I and the Master Servicer, and therefor
        has the right to enforce all obligations of the Company, as they relate to
        the
        Assigned Loans, under the Purchase Agreement. Such right will include, without
        limitation, the right to terminate the Company under the Purchase Agreement
        upon
        the occurrence of an event of default thereunder, the right to receive all
        remittances required to be made by the Company under the Purchase Agreement,
        the
        right to receive all monthly reports and other data required to be delivered
        by
        the Company under the Purchase Agreement, the right to examine the books
        and
        records of the Company, indemnification rights, and the right to exercise
        certain rights of consent and approval relating to actions taken by the Company.
        The Company shall make all distributions under the Purchase Agreement, as
        they
        relate to the Assigned Loans, to the Master Servicer by wire transfer of
        immediately available funds to:

       

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance April 1, 2007 Remit for GreenPoint Mortgage Funding,
        Inc.

      Attention:
        LSBO Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 9 herein and to the Master Servicer at:

       

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

      

      11.
          A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.
          Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.
          This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.
          No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.
          This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

       

      16.
          This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Agreements to the extent of the Assigned Loans by Assignor to Assignee
        and
        the termination of the Agreements.

       

      17.
          This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      18.
          In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control. 

       

      19.
          The
        Custodians for this transaction are the following: 

       

       

      (a)       
        Wells
        Fargo Bank, National Association

      as
        Custodian

      1015
        10th
        Avenue
        Southeast, MS 0031

      Minneapolis,
        MN 55414

      

      (b)       
        Treasury
        Bank, a division of Countrywide Bank, FSB

      as
        Custodian

      4100
        E.
        Los Angeles Ave.

      Simi
        Valley, CA 93063

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Assignor and Master Servicer

              
	 
 	 
 	 
 
	 	By:  	
              
	 	
                 

                Name:   

              	
                

              
	 	Title:   	
                
 
	 	 	
                
 

         

        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, NATIONAL ASSOCIATION, not individually but solely
                      as Trustee
                      for the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
                      Asset-Backed Certificates, Series 2007-AC4,

                     

                    as
                      Assignee

                  

                
	 
 	 
 	 
 
	 	By:  	
                
	 	
                   

                  Name:   

                	
                  

                
	 	Title:   	
                  
 
	 	 	
                  

                

          	 	 	 
	 	
                  
                    
                      GREENPOINT
                        MORTGAGE FUNDING, INC.,

                       

                      as
                        Company

                    

                  

                
	 
 	 
 	 
 
	 	By:  	
                
	 	
                   

                  Name:   

                	
                  

                
	 	Title:   	
                  
 
	 	 	
                  

                

          	 	 	 
	 	
                  
                    
                      
                        Acknowledged
                          and Agreed:

                         

                         

                        BEAR
                          STEARNS ASSET BACKED

                        SECURITIES
                          I LLC

                      

                    

                  

                
	 
 	 
 	 
 
	 	By:  	
                
	 	
                   

                  Name:   

                	
                  

                
	 	Title:   	
                  
 
	 	 	
                  

                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ATTACHMENT
        1

       

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

      TERM
        SHEETS

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        1

      EXHIBIT
        J to the Purchase Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:    
        ____________________________         

       

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                       Yes   No

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                 

              
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	
                 

              
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Taxes

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	
                 

              
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	
                 

              
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                PMI
                  Funds

              	
                EOB
                  document

              	
                 

              
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	
                 

              
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	
                 

              
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	
                 

              
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

       

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        2

      EXHIBIT
        Q to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	
                 

              
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	
                 

              
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3

      EXHIBIT
        R to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        4

      EXHIBIT
        S to the Purchase Agreement

      

      EMC
        FORM
        - DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

       

      Exhibit
        5

      EXHIBIT
        T to the Purchase Agreement

      

      EMC
        FORM
        - DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:
        Provides summary data at the servicer investor level regarding loan performance
        that will be submitted to EMC Master Servicing and contains the following
        data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        6

      EXHIBIT
        U to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        7

      EXHIBIT
        V to the Purchase Agreement

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        8

      EXHIBIT
        W to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        9

      EXHIBIT
        O to the Purchase Agreement

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	
                 

              
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	 	 	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	
                 

              
	
                 

              	
                 

              	
                 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

     

    

 

    EXHIBIT
      R-4

    

    FORM
      OF HSBC

    ASSIGNMENT
      AGREEMENT

     

     

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 30, 2007, among EMC Mortgage Corporation (the “Assignor”),
Wells
        Fargo Bank, National Association,
        not
        individually but solely as trustee for the holders of Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 (the
        “Assignee”), and HSBC Mortgage Corporation (USA) (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        Company for Assignor and its successors and assigns pursuant to the Amended
        and
        Restated Purchase, Warranties and Servicing Agreement, dated as of September
        1,
        2005, between Assignor and Company, as amended (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 Section 2.09 of
        the
        Purchase Agreement. Except as is otherwise expressly provided herein, the
        Assignor makes no representations, warranties or covenants to the Assignee
        and
        the Assignee acknowledges that the Assignor has no obligations to the Assignee
        under the terms of the 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 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4;

       

      (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)  Pursuant
        to Section 11.18 of the Purchase Agreement, the Company hereby restates the
        representations and warranties set forth in Sections 3.01 and 3.02 of the
        Purchase Agreement with respect to the Company and the Assigned Loans;
        and

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading.

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      (c)  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      (d)  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the Purchase Agreement and this
        AAR
        Agreement for mortgage loans of a type similar to the Assigned Loans have
        occurred during the three-year period immediately preceding the date
        hereof;

       

      (e)  There
        are
        no aspects of the Company’s financial condition that could have a material
        adverse effect on the performance by the Company of its servicing obligations
        under the Purchase Agreement and this AAR Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, any Subservicer or any third-party
        originator; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        New York 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to: 

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      5.  Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

       

      6.  From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Purchase Agreement
        (as
        modified by this AAR Agreement) but in no event in a manner that would (i)
        cause
        any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
        of a
        tax upon any REMIC (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code). It is
        the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the Purchase
        Agreement which amendment, modification, waiver or other alteration would
        in any
        way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        a
        statement with respect to each mortgaged property acquired through foreclosure
        or deed-in-lieu of foreclosure in connection with a defaulted Assigned Loan
        (“REO Property”) that has been rented showing the aggregate rental income
        received and all expenses incurred in connection with the management and
        maintenance of such REO Property at such times as is necessary to enable
        the
        Assignee to comply with the reporting requirements of the REMIC provisions
        of
        the Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that Bear Stearns Asset
        Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4
        acquires any REO Property as aforesaid or otherwise in connection with a
        default
        or default becoming reasonably foreseeable on an Assigned Loan, the Company
        shall cause such REO Property to be disposed prior to three years after its
        acquisition by Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4, request more than 60 days prior to the day on which such three-year
        period would otherwise expire, an extension of the three-year grace period
        unless the Assignee shall have been supplied with an opinion of counsel
        addressed to the Assignee rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Assignee)
        to the effect that the holding by Bear Stearns Asset Backed Securities I
        Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 of such REO Property
        subsequent to such three-year period will not result in the imposition of
        taxes
        on “prohibited transactions” of any REMIC as defined in Section 860F of the Code
        or cause any REMIC to fail to qualify as a REMIC, in which case Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 may continue to hold such REO Property (subject to any conditions
        contained in such opinion of counsel). Notwithstanding any other provision
        of
        the Servicing Agreement, no REO Property acquired by Bear Stearns Asset Backed
        Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 shall
        be
        rented (or allowed to continue to be rented) or otherwise used for the
        production of income by or on behalf of Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 in such a manner
        or
        pursuant to any terms that would (i) cause such REO Property to fail to qualify
        as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code
        or (ii) subject any REMIC to the imposition of any federal, state or local
        income taxes on the income earned from such REO Property under Section 860G(c)
        of the Code or otherwise, unless the Company has agreed to indemnify and
        hold
        harmless Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4 with respect to the imposition of any such
        taxes.

       

      7.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4
        and not individually, and any recourse against the Assignee in respect of
        any
        obligations it may have under or pursuant to the terms of this AAR Agreement
        shall be limited solely to the assets it may hold as trustee of Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      
        	(i)(A) 
                 	
                any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided in written or electronic form under Amendment
                  Reg
                  AB to the Amended and Restated Purchase, Warranties and Servicing
                  Agreement, dated as of November 7, 2005 by and between the Assignor
                  and
                  the Company (the “Reg AB Amendment”) by or on behalf of the Assignor, or
                  provided under the Reg AB Amendment by or on behalf of any Subservicer,
                  Subcontractor or Third-Party Originator (collectively, the “Company
                  Information”), or (B) the omission or alleged omission to state in the
                  Company Information a material fact required to be stated in the
                  Company
                  Information or necessary in order to make the statements therein,
                  in the
                  light of the circumstances under which they were made, not misleading;
                  provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

      

       

      
        	(ii)       	
                any
                  breach by the Company of its obligations under the Reg AB Amendment,
                  including particularly any failure by the Company, any Subservicer,
                  any
                  Subcontractor or any Third-Party Originator to deliver any information,
                  report, certification, accountants’ letter or other material when and as
                  required under the Reg AB Amendment, including any failure by the
                  Company
                  to identify pursuant toSection 2(e)(ii) of the Reg AB Amendment
                  any
                  Subcontractor “participating in the servicing function” within the meaning
                  of Item 1122 of Regulation AB; 

              

      

       

      
        	(iii)     
	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  2(a)(i) of the Reg AB Amendment or in a writing furnished pursuant
                  to
                  Section 2(a)(ii) of the Reg AB Amendment and made as of a date
                  prior to
                  the date hereof, to the extent that such breach is not cured by
                  the date
                  hereof, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 2(a)(ii) of the Reg AB Amendment
                  to
                  the extent made as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)     	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under the Reg AB
                  Amendment.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as determined
        by a court of competent jurisdiction or arbitrator appointed pursuant to
        the
        Purchase Agreement to reflect the relative fault of such Indemnified Party
        on
        the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in clause (ii) above, the Company
        shall promptly reimburse the Assignor, the Underwriter, BSABS I and each
        Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for all costs
        reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      
        Modification
          of Purchase Agreement

      

       

      8.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Assignee:
        Wells
        Fargo Bank, National Association,
        as
        trustee for the holders of the Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4.

       

      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, 2007, among
        BSABS
        I, the Trustee and EMC Mortgage Corporation as seller, company and master
        servicer.

       

      BSABS
        I:
        Bear
        Stearns Asset Backed Securities I LLC.

       

      Trustee:
        Wells
        Fargo Bank, National Association,
        or its
        successor in interest, or any successor trustee appointed as provided in
        the
        Pooling and Servicing Agreement.

       

      (b)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        New York, Maryland or Minnesota, or (iii) a day on which banks in the States
        of
        New York, Maryland or Minnesota are authorized or obligated by law or executive
        order to be closed.

       

      (c)  The
        definition of Custodial Account is deleted in its entirety and replaced with
        the
        following:

       

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "HSBC Mortgage Corporation (USA), as Servicer,
        in
        trust for Wells
        Fargo Bank, National Association,
        as
        trustee for the holders
        of the Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4”,
        and
        shall be established in an Eligible Account. 

      

      (d)  The
        definition of Escrow Account is deleted in its entirety and replaced with
        the
        following:

       

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "HSBC Mortgage Corporation (USA), as Servicer,
        in
        trust for Wells
        Fargo Bank, National Association,
        as
        trustee for the holders
        of the Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4”,
        and
        shall be established in an Eligible Account.

      

      (e)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan in full or partial
        which is received in advance of its scheduled Due Date, excluding any prepayment
        penalties and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. The Principal Prepayment, full or partial, shall
        be
        applied in accordance with the terms of the related Mortgage Note and or
        the
        Agreement.

       

      (f)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate:
        A per
        annum rate equal to 0.250% or 0.375%.

       

      (g)  Section
        3.02(nn) is deleted in its entirety and replaced with the
        following:

       

      “(nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act;”

       

      (h)  Section
        2(f)(v) of the Purchase Agreement is hereby amended effective as of the date
        hereof by changing the reference in Section 2(f)(v) from “15 calendar days” to
“30 calendar days”.

       

      (i)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement and the related
        Term Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliance with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a mortgage loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest and principal owed by the related Mortgagor; provided
        that, in the Company’s reasonable and prudent determination, such waiver,
        modification, postponement or indulgence: (A) is not materially adverse to
        the
        interests of the Purchaser on a present value basis using reasonable assumptions
        (including taking into account any estimated Realized Loss that might result
        absent such action); and (B) does not amend the related Mortgage Note to
        extend
        the maturity thereof later than the date of the Latest Possible Maturity
        Date
        (as such term is defined in the related pooling and servicing agreement);
        provided,
        further, with respect to any Mortgage Loan that is not in default or if default
        is not reasonably foreseeable, unless the Company has provided to the Purchaser
        a certification addressed to the Purchaser, based on the advice of counsel
        or
        certified public accountants that have a national reputation with respect
        to
        taxation of REMICs that a modification of such Mortgage Loan will not result
        in
        the imposition of taxes on or disqualify from REMIC status any of the REMICs
        and
        has obtained the prior written consent of the Purchaser, the Company shall
        not
        permit any modification with respect to any Mortgage Loan. Notwithstanding
        the foregoing, for any modification which may result in a realized loss of
        20%
        or more of the outstanding principal balance of a Mortgage Loan, the Company
        shall present such proposed modification, together with any supporting
        documentation, to the Master Servicer for consideration and approval.

       

      (j)  4.03
        of
        the Purchase Agreement is hereby amended by adding the following paragraph
        to
        the end of the section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit
        K
        hereto
        to the Master Servicer seeking approval within 90 days of final liquidation
        of a
        Mortgage Loan. The Master Servicer shall provide such approval or denial
        to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting documentation. The
        Company’s obligation to make such Servicing Advances and Monthly Advances as to
        any Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        officer’s certificate in accordance with Section 5.03.

       

      (k)  Section
        4.05(iii) of
        the
        Purchase Agreement is
        hereby
        amended by deleting “Liquidation Proceeds,” after “limited to related” in
        Subsection 4.05(iii).

       

      (l)  The
        following is added as Subsection 4.05(ix) of the Purchase
        Agreement:

       

      “(ix)
        to
        reimburse itself for any Nonrecoverable Advances;”

       

      (m)  The
        following is added to the second sentence of the third paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (n)  The
        first
        two paragraphs of Section 5.02 of the Purchase Agreement is hereby deleted
        and
        replaced with the following:

       

      Not
        later
        than the fifth Business Day of each month, the Company shall furnish to the
        Master Servicer in a format as outlined below (or in such other formats mutually
        agreed between the Servicer and the Master Servicer) (i) a monthly report
        in the
        form of Exhibit
        L,
        with
        respect to remittances, Exhibit
        K,
        with
        respect to realized losses and gains, Exhibit
        M,
        with
        respect to defaulted mortgage loans, Exhibit
        N,
        with
        respect to modified mortgage loans, Exhibit
        O,
        with
        respect to claims submitted, and Exhibit
        P,
        with
        respect to loss severity, with each such report, in each case relating to
        the
        period ending on the last day of the preceding month, (ii) all such information
        required pursuant to clause (i) above on a magnetic tape, electronic mail,
        or
        other similar media reasonably acceptable to the Master Servicer and (iii)
        all
        supporting documentation with respect to the information required pursuant
        to
Exhibit
        K
        above.
        The monthly report in the form of Exhibit
        L
        shall
        contain the following:

       

      (o)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York without giving effect to principles of conflicts of laws
        (other than Section 5-1401 of the New York General Obligations Law) and except
        to the extent preempted by Federal law and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with such
        laws.

       

      (p)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit K, a copy of which is annexed hereto as Attachment 3, or such other
        format as mutually agreed upon between the Company and the
        Assignor.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit L, a copy of which is annexed hereto as Attachment 4, or such other
        format as mutually agreed upon between the Company and the
        Assignor.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit M, a copy of which is annexed hereto as Attachment 5, or such other
        format as mutually agreed upon between the Company and the Assignor for a
        period
        of six (6) months from the Closing Date.

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit N, a copy of which is annexed hereto as Attachment 6.

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit O, a copy of which is annexed hereto as Attachment 7.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit P, a copy of which is annexed hereto as Attachment 8.

       

      
        Miscellaneous

      

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      (a)
             In
        the
        case of Company:

      HSBC
        MORTGAGE CORPORATION (USA) 

      Michael
        T
        Stilb/Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14042

       

      (b)     
        In
        the case of Assignor:

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      with
        a
        copy to:

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Deirdre Burke

      Telecopier
        No.: (212) 272-7646

       

      (c)      In
        the
        case of Assignee:

      Wells
        Fargo Bank, National Association,

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380

       

      10.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Assigned Loans
        pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007,
        among the Assignor, the Assignee, Bear Stearns Asset Backed Securities I
        LLC and
        the Master Servicer, and therefor has the right to enforce all obligations
        of
        the Company, as they relate to the Assigned Loans, under the 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, by wire transfer of immediately available funds to:

       

      BSABS
        I
        2007-AC4

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance [date] Remit
        for  HSBC Mortgage Corporation (USA)

      Attention:
        LSBO Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 8 herein and to the Master Servicer at:

       

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

      

       

      11.  A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.  Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

       

      16.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the 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
                      and Master Servicer

                  

                
	 
 	 
 	 
 
	 	By:  	
                
	 	
                   

                  Name:   

                	
                  

                
	 	Title:   	
                  
 
	 	 	
                  
 

        

         

      

      
        	 	 	 
	 	
                
                  
                    WELLS
                      FARGO BANK, NATIONAL ASSOCIATION, not individually but solely
                      as Trustee
                      for Bear Stearns Asset Backed Securities I Trust 2007-AC4,
                      Asset-Backed
                      Certificates, Series 2007-AC4

                    Assignee

                  

                

              
	 
 	 
 	 
 
	 	By:  	
              
	 	
                 

                Name:   

              	
                

              
	 	Title:   	
                
 
	 	 	
                
 

      

      
      

      
        	 	 	 
	 	
                
                  
                    
                      HSBC
                        MORTGAGE CORPORATION

                      (USA)

                      Company

                    

                  

                

              
	 
 	 
 	 
 
	 	By:  	
              
	 	
                 

                Name:   

              	
                

              
	 	Title:   	
                
 
	 	 	
                
 

       

      Acknowledged
        and Agreed:

       

      
        	 	 	 	 
	
                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

              	 
	 
 	 
 	 
 	 
	By:  	
              	 
	
                 

                Name:  

              	
                

              	 
	
                 

                Title:   

              	
                
 	 
	 	 	
                
 	 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        1

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

      (Available
        upon request)

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        3

      

      Exhibit
        K to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

       

      Date:    
        ___________________________________

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                       Yes   No

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                 

              
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	
                 

              
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Taxes

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	
                 

              
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	
                 

              
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	
                 

              
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	
                 

              
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	
                 

              
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                PMI
                  Funds

              	
                EOB
                  document

              	
                 

              
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	
                 

              
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	
                 

              
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	
                 

              
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	
                 

              
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

      
 

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ATTACHMENT
        4

      

      EXHIBIT
        L to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        -Remittance
        Overview Report: Provides loan level detail regarding the remittance that
        will
        be submitted to EMC Master Servicing and contains the following data fields
        in
        the order below:

       

      REMITTANCE
        OVERVIEW REPORT

      
        	
                 

              	
                 

              	
                 

              
	
                FIELD

              	
                FIELD

              	
                FIELD

              
	
                #

              	
                NAME

              	
                DEFINITION

              
	 	 	 
	 	 	 
	
                Current
                  Monthly Remit File reported by Investor Services to Master Servicers
&
                  Investors:

              
	
                 

              	
                 

              	
                 

              
	
                1

              	
                S50YDATE

              	
                Cutoff
                  Date

              
	
                2

              	
                CLIENT

              	
                WF
                  Client Number

              
	
                3

              	
                INVNUM

              	
                WF
                  Investor Number

              
	
                4

              	
                CATNUM

              	
                WF
                  Category Number

              
	
                5

              	
                POOLNUM

              	
                Pool
                  Number

              
	
                6

              	
                LOANNUMBER

              	
                WF
                  Loan Number

              
	
                7

              	
                INVLNNO

              	
                Investor
                  Loan Number

              
	
                8

              	
                SCHPRIN

              	
                Scheduled
                  Principal Payment

              
	
                9

              	
                SCHNETINT

              	
                Scheduled
                  Net Interest Amount

              
	
                10

              	
                CURTDATE

              	
                Curtailment
                  Date

              
	
                11

              	
                CURTCOL

              	
                Total
                  Curtailment Amount

              
	
                12

              	
                CURTADJ

              	
                Total
                  Curtailment Int Adjustment Amount

              
	
                13

              	
                CURTREMIT

              	
                Total
                  Curtailment Remittance Amount

              
	
                14

              	
                INTRATE

              	
                Interest
                  Rate

              
	
                15

              	
                SFRATE

              	
                Service
                  Fee Rate

              
	
                16

              	
                YIELD

              	
                Pass
                  Through Rate

              
	
                17

              	
                PANDI

              	
                Principal
                  and Interest Payment

              
	
                18

              	
                BEGSCHPB

              	
                Beginning
                  Scheduled Balance

              
	
                19

              	
                ENDSCHPB

              	
                Ending
                  Scheduled Balance

              
	
                20

              	
                BEGPB

              	
                Beginning
                  Principal Balance

              
	
                21

              	
                ENDPB

              	
                Ending
                  Principal Balance

              
	
                22

              	
                DUEDATE

              	
                Due
                  Date

              
	
                23

              	
                PRINCOL

              	
                Principal
                  Collected

              
	
                24

              	
                INTCOL

              	
                Interest
                  Collected

              
	
                25

              	
                SFCOL

              	
                Service
                  Fee Collected

              
	
                26

              	
                BUYDOWN

              	
                Buydown
                  Amount

              
	
                27

              	
                SCHREMIT

              	
                Schedule
                  Principal and Net Interest Remittance Amount

              
	
                28

              	
                TYPE

              	
                Populated
                  if "ARM" loan

              
	
                29

              	
                PIFDATEPAID

              	
                Payoff
                  Date

              
	
                30

              	
                PIFPRINPAID

              	
                Payoff
                  Principal Paid

              
	
                31

              	
                PIFNETINTPAID

              	
                Payoff
                  Net Interest Paid

              
	
                32

              	
                PIFPENALTYINTPAID

              	
                Payoff
                  Prepayment Penalty Paid

              
	
                33

              	
                PIFREMIT

              	
                Total
                  Payoff Remittance Amount

              
	
                34

              	
                PENDING

              	
                Pending
                  Transfer Flag

              
	
                35

              	
                MESSAGE

              	
                Messages

              
	
                36

              	
                SORTABLELOANNUMBER

              	
                Loan
                  Number

              
	
                37

              	
                NOTES

              	
                Loan
                  Notes from Reporter

              
	
                38

              	
                PRINDIFF

              	
                Loan
                  Sale Difference

              
	
                39

              	
                PRINADJ

              	
                Loan
                  Sale Difference Interest Adjustment

              
	
                 

              	
                 

              	
                 

              
	
                Additional
                  Fields to be added as a result of REG AB (per
                  CTS):

              
	
                 

              	
                 

              	
                 

              
	
                40

              	
                SSCRAREMIT

              	
                Soldiers
                  and Sailors Remittance Amount

              
	
                41

              	
                CLAIMSREMIT

              	
                Claims
                  Remittance Amount

              
	
                42

              	
                MISCREMIT

              	
                Miscellaneous
                  Remittance Amount

              
	
                43

              	
                TOTALREMIT

              	
                Total
                  Remittance Amount

              
	
                44

              	
                PPPAMOUNT

              	
                Prepayment
                  Penalty Calculated Amount

              
	
                45

              	
                PPPWAIVED

              	
                Prepayment
                  Penalty Waived Amount

              
	
                46

              	
                PPPPAIDBYBORROWER

              	
                Prepayment
                  Penalty Paid by the Borrower

              
	
                47

              	
                PPPPAIDBYSERVICER

              	
                Prepayment
                  Penalty Paid by the Servicer

              
	
                48

              	
                MODEFFDATE

              	
                Modification
                  Effective Date

              
	
                49

              	
                MODTYPE

              	
                Modification
                  Type (See Mod Type tab)

              
	
                50

              	
                ACTIONCODE

              	
                Action
                  Code (See Action Code Tab - Just 63 & 65)

              
	
                51

              	
                ACTUALDUEDATE

              	
                Actual
                  loan due date

              
	
                52

              	
                ACTUALPRINBAL

              	
                Actual
                  Loan Principal Balance

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                Calculation:

              	
                 

              
	
                 

              	
                TotalRemit
                  = Remit + PIFRemit + CurtRemit + SSCRARemit + ClaimsRemit +
                  MiscRemit

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      ATTACHMENT
        5

      

      EXHIBIT
        M to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        6

      

      EXHIBIT
        N to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      ATTACHMENT
        7

      

      EXHIBIT
        O to the Purchase Agreement

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        8

      

      EXHIBIT
        P to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:
        Provides final loan liquidation summary data at the deal level regarding
        loss
        severity that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

     

    
 

    EXHIBIT
      R-5

    

    FORM
      OF MID AMERICA

    ASSIGNMENT
      AGREEMENT

     

     

    
       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 30, 2007, among EMC Mortgage Corporation (the “Assignor”), Wells
        Fargo Bank, National Association, not individually but solely as trustee
        for the
        holders of Bear Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed
        Certificates, Series 2007-AC4 (the “Assignee”) and Mid America Bank, fsb (the
“Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        the Company for Assignor and its successors and assigns pursuant (a) to the
        Purchase, Warranties and Servicing Agreement, dated as of February
        1, 2006,
        between
        Assignor and the Company, as amended by Amendment No. 1, dated as February
        1,
        2006 (the “Purchase Agreement”) and (b) the Term Sheets dated February 2, 2007
        and February 13, 2007, between Assignor and the Company (the “Term Sheets” and
        together with the Purchase Agreement, the “Agreements”) shall be subject to the
        terms of this AAR Agreement. Capitalized terms used herein but not defined
        shall
        have the meanings ascribed to them in the Purchase Agreement.

       

      Assignment
        and Assumption

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1. Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Purchase Agreement, and any obligation of the
        Company to cure, repurchase or substitute for a mortgage loan and to indemnify
        the Assignor with respect to a breach of such representations and warranties
        pursuant to Section 3.03 and Section 8.01 of the Purchase Agreement, and
        the
        Assignor is retaining the right to enforce the representations and warranties
        and the obligations of the Company set forth in those sections against the
        Company. In addition, the Assignor specifically reserves and does not assign
        to
        the Assignee any right, title and interest in, to or under (a) Section 2.09
        of
        the Purchase Agreement and (b) Section 4.03 and Section 4.13 of the Purchase
        Agreement (but
        only
        insofar as such Sections grant to the Purchaser the right to terminate the
        servicing of defaulted Mortgage Loans and/or REO Properties by the Company),
        and
        the Assignor is retaining the right to enforce such sections against the
        Company.
        Except
        as is otherwise expressly provided herein, the Assignor makes no
        representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Purchase Agreement or otherwise relating to the transaction
        contemplated herein (including, but not limited to, any obligation to indemnify
        the Assignee).

       

      Representations,
        Warranties and Covenants

       

      1.  Assignor
        warrants and represents to Assignee and the Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to the Company with
        respect to the Assigned Loans or the Purchase Agreement;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Assignor. This AAR Agreement has been duly
        executed and delivered by Assignor and, upon the due authorization, execution
        and delivery by Assignee and the Company, will constitute the valid and legally
        binding obligation of Assignor enforceable against Assignor in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from the Company, and has delivered to the Assignee,
        all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and 

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.  Assignee
        warrants and represents to, and covenants with, Assignor and the Company
        as of
        the date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This AAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and the Company, will constitute the valid and legally
        binding obligation of Assignee enforceable against Assignee in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans, except as set forth herein.

       

      3.  The
        Company warrants and represents to, and covenant with, Assignor and Assignee
        as
        of the date hereof:

       

      (a)  Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

       

      (b)  The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its incorporation, and has all requisite power and
        authority to service the Assigned Loans and otherwise to perform its obligations
        under the Purchase Agreement;

       

      (c)  The
        Company has full corporate power and authority to execute, deliver and perform
        its obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of the Company’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of the Company’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which the Company is now a party or by
        which
        it is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which the Company or its property is subject. The
        execution, delivery and performance by the Company of this AAR Agreement
        and the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of the Company.
        This
        AAR Agreement has been duly executed and delivered by the Company, and, upon
        the
        due authorization, execution and delivery by Assignor and Assignee, will
        constitute the valid and legally binding obligation of the Company, enforceable
        against the Company in accordance with its terms except as enforceability
        may be
        limited by bankruptcy, reorganization, insolvency, moratorium or other similar
        laws now or hereafter in effect relating to creditors’ rights generally, and by
        general principles of equity regardless of whether enforceability is considered
        in a proceeding in equity or at law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        the Company in connection with the execution, delivery or performance by
        the
        Company of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event
        has occurred from the Closing Date to the date hereof which would render
        the
        representations and warranties as to the related Assigned Loans made by the
        Company in Sections 3.01 and 3.02 of the Purchase Agreement to be untrue
        in any
        material respect;

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading; and

       

      (h)  The
        Company hereby restates the representations and warranties set forth in Section
        3.01(p) of the Purchase Agreement. 

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and Bear Stearns
        Asset Backed Securities I LLC (“BSABS I”) in writing of (A) legal
        proceedings pending against the Company, or proceedings known to be contemplated
        by governmental authorities against the Company which in the judgment of
        the
        Company would be, in each case, material to purchasers of securities backed
        by
        the Assigned Loans, (B) any affiliations or relationships of the type described
        in Item 1119(b) of Regulation AB that develop following the date hereof between
        the Company and any of the above listed parties or other parties identified
        in
        writing by the Assignor or BSABS I with respect to the Securitization
        Transaction and (ii) provide to the Assignor and BSABS I a description of
        such
        proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to by e-mail to regABnotifications@bear.com.
        Additionally, all such notifications, other than those pursuant to (i)(A)
        above,
        should be sent to:

      

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear
        Stearns Asset Backed Securities I LLC c/o

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to: 

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

      

      Bear
        Stearns Asset Backed Securities I LLC c/o

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com 

      

      4.  Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

       

      5.  From
        and
        after the date hereof, the Company shall recognize Assignee as owner of the
        Assigned Loans, and acknowledges that the Assigned Loans will be part of
        a
        REMIC, and will service the Assigned Loans in accordance with the Purchase
        Agreement (as modified by this AAR Agreement). It is the intention of Assignor,
        the Company and Assignee that this AAR Agreement shall be binding upon and
        for
        the benefit of the respective successors and assigns of the parties hereto.
        Neither the Company nor Assignor shall amend or agree to amend, modify, waive,
        or otherwise alter any of the terms or provisions of the Purchase Agreement
        which amendment, modification, waiver or other alteration would in any way
        affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 acquires any REO Property as aforesaid or otherwise in connection
        with
        a default or default becoming reasonably foreseeable on an Assigned Loan,
        the
        Company shall cause such REO Property to be disposed prior to three years
        after
        its acquisition by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee
        or the Securities Administrator) to the effect that the holding by the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 of such REO Property subsequent to such three-year period
        will
        not result in the imposition of taxes on “prohibited transactions” of any REMIC
        as defined in Section 860F of the Code or cause any REMIC to fail to qualify
        as
        a REMIC, in which case the Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 may continue to hold
        such
        REO Property (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 shall be rented (or allowed to
        continue to be rented) or otherwise used for the production of income by
        or on
        behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 with respect to the imposition of any such taxes.

       

      6.  Notwithstanding
        any term hereof to the contrary, it is expressly understood and agreed to
        by the
        parties hereto that the execution and delivery of the AAR Agreement by the
        Assignee is solely in its capacity as trustee for Bear Stearns Asset Backed
        Securities I Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4 and
        not
        individually, and any recourse against the Assignee in respect of any
        obligations it may have under or pursuant to the terms of this AAR Agreement
        shall be limited solely to the assets it may hold as trustee of Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4.

       

      7.  BSABS
        I
        and the Assignor each agree to indemnify and hold harmless the Company, each
        director of the Company, each officer of the Company and each person, if
        any,
        who controls the Company within the meaning of Section 15 of the 1933 Act
        (collectively, the “Company Indemnified Party”) against any and all losses,
        claims, expenses, damages or liabilities to which the Company Indemnified
        Party
        may become subject, under the 1933 Act or otherwise, including without
        limitation, with respect to disputes between parties, insofar as such losses,
        claims, expenses, damages or liabilities (or actions in respect thereof)
        arise
        out of or are based upon any untrue statement or alleged untrue statement
        of any
        material fact contained in the Prospectus Supplement, or the omission or
        the
        alleged omission to state in the Prospectus Supplement a material fact necessary
        in order to make the statements therein not misleading, in each case to the
        extent, but only to the extent, that such untrue statement or alleged untrue
        statement or omission or alleged omission is other than the Company
        Information. 

       

      Modification
        of Purchase Agreement

       

      8.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate:
        A per
        annum rate equal to 0.250%.

       

      (b)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan in full or partial
        which is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon, and which is not accompanied by an amount of
        interest representing scheduled interest due on any date or dates in any
        month
        or months subsequent to the month of prepayment. Partial principal Prepayments
        shall be applied in accordance with the terms of the related Mortgage
        Note.

       

      (c)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement and the related
        Term Sheets, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliance with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a mortgage loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest and principal owed by the related Mortgagor; provided
        that, in the Company's reasonable and prudent determination, such waiver,
        modification, postponement or indulgence: (A) is not materially adverse to
        interests of the Purchaser on a present value basis using reasonable assumptions
        (including taking into account any estimated Realized Loss that might result
        absent such action); and (B) does not amend the related Mortgage Note to
        extend
        the maturity thereof later than the date of the Latest Possible Maturity
        Date
        (as such term is defined in the related pooling and servicing agreement);
        provided, further, with respect to any Mortgage Loan that is not in default
        or
        if default is not reasonably foreseeable, unless the Company has provided
        to the
        Purchaser a certification addressed to the Purchaser, based on the advice
        of
        counsel or certified public accountants that have a national reputation with
        respect to taxation of REMICs that a modification of such Mortgage Loan will
        not
        result in the imposition of taxes on or disqualify from REMIC status any
        of the
        REMICs and has obtained the prior written consent of the Purchaser, the Company
        shall not permit any modification with respect to any Mortgage Loan.
        Notwithstanding the foregoing, for any modification which may result in a
        realized loss of 20% or more of the outstanding principal balance of a Mortgage
        Loan, the Company shall present such proposed modification, together with
        any
        supporting documentation, to the Master Servicer for consideration and approval.
        

       

      (d)  Section
        4.03 is hereby amended by adding the following paragraph to the end of the
        section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit P hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan. The Master Servicer shall provide such approval or denial
        to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting documentation. The
        Company’s obligation to make such Servicing Advances and Monthly Advances as to
        any Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        officer’s certificate in accordance with Section 5.03.

       

      (e)  Section
        4.05(iii) is hereby amended by deleting “Liquidation Proceeds,” after “limited
        to related” in Subsection 4.05(iii).

       

      (f)  Section
        4.05(ix) is hereby deleted in its entirety and replaced with the following:
        

       

      “(ix) to
        reimburse
        itself for Nonrecoverable Advances, to the extent not reimbursed pursuant
        to
        clause (ii) or clause (iii), upon prior approval from the Master Servicer.
        The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, such
        claim
        must be complete with all supporting documentation.”

       

      (g)  The
        following is added to the first sentence of the fourth paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (h)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and the Company, and” in the first paragraph.

       

      (i)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit
        E
        and
Exhibit
        S,
        with
        respect to remittances, Exhibit
        P,
        with
        respect to realized losses and gains, Exhibit
        F,
        with
        respect to defaulted mortgage loans, Exhibit
        T,
        with
        respect to modified mortgage loans, Exhibit
        U,
        with
        respect to claims submitted and Exhibit
        V,
        with
        respect to loss severity, with each such report. For a period of 90 days
        from
        the date hereof, the Company may provide monthly reports in other formats
        as
        mutually agreed upon between the Company and the Master Servicer.  After
        the expiration of that time, the Company shall provide the reports in the
        forms
        of the exhibits attached hereto.

       

      (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 Sheets shall be governed by and construed
        in
        accordance with the laws of the State of New York without giving effect to
        principles of conflicts of laws (other than Section 5-1401 of the New York
        General Obligations Law) and except to the extent preempted by Federal law
        and
        the obligations, rights and remedies of the parties hereunder shall be
        determined in accordance with such laws.

       

      (k)  Section
        11.18 (ix) is hereby amended effective as of the date hereof by changing
        the
        reference in Section 11.18 (ix) from “15 calendar days” to “30 calendar
        days”.

       

      (l)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        F
        in its entirety and inserting a new Exhibit F, a copy of which is annexed
        hereto
        as Exhibit 1.

       

      (m)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        P
        in its entirety and inserting a new Exhibit P, a copy of which is annexed
        hereto
        as Exhibit 2.

       

      (n)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        E
        in its entirety and inserting a new Exhibit E, a copy of which is annexed
        hereto
        as Exhibit 3.

       

      (o)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S, a copy of which is annexed hereto as Exhibit 4.

       

      (p)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T, a copy of which is annexed hereto as Exhibit 5.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U, a copy of which is annexed hereto as Exhibit 6.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V, a copy of which is annexed hereto as Exhibit 7.

       

      Miscellaneous

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	(a) 
                   	
                In
                  the case of the Company:

              

      

       

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Telecopier
        No.: (630) 799-7964

      

      With
        a
        copy to:

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Ann Ryan

      Telecopier
        No.: (630) 799-7964

      

      (b) 
         In
        the
        case of Assignor:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:
        Michelle Viner

      Fascimilie.:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      (c) 
         In
        the
        case of Assignee:

      

      Wells
        Fargo Bank, National Association, 

      as
        Trustee 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380

      

      10.  The
        Company hereby acknowledges that EMC Mortgage Corporation and any successor
        thereto (the “Master Servicer”), has been appointed as master servicer of the
        Mortgage Loans pursuant to the Pooling and Servicing Agreement dated as of
        April
        1, 2007 (the “Pooling and Servicing Agreement”), among BSABS I, the Assignor, as
        seller, company and Master Servicer and the Assignee, and therefore has the
        right to enforce all obligations of the Company under the Purchase Agreement.
        Such right will include, without limitation, the right to receive all
        remittances required to be made by the Company under the Purchase Agreement,
        the
        right to receive all monthly reports and other data required to be delivered
        by
        the Company under the Purchase Agreement, the right to examine the books
        and
        records of the Company, indemnification rights, and the right to exercise
        certain rights of consent and approval relating to actions taken by the Company.
        The Company hereby acknowledges that the Master Servicer shall be obligated
        to
        notify the Assignee in accordance with the Pooling and Servicing Agreement
        upon
        the discovery of an event of default by the Company of its obligations under
        the
        Purchase Agreement and the Assignee shall have the right to terminate the
        Company as servicer under the Purchase Agreement upon the occurrence of such
        an
        event of default. All remittances to be provided to the Master Servicer should
        be sent to:

       

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance April 1, 2007 Remit for Mid America Bank, fsb

      Attention:
        LSBO Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 9(c) herein and to the Master Servicer at:

       

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067 

      Attention:
        Michelle Viner

      Facsimile:
        (214)
        626-4889

      mviner@bear.com

      

      11.  A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.  Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles (other than Section 5-1401
        of the New York General Obligations Law), and the obligations, rights and
        remedies of the parties hereunder shall be determined in accordance with
        such
        laws.

       

      14.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or the Company may
        be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or the Company, respectively,
        hereunder.

       

      16.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

       

      17.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      18.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        AAR
        Agreement shall control.

       

      [SIGNATURE
        PAGE FOLLOWS]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      

      
        	 	
                EMC
                  MORTGAGE CORPORATION

                Assignor
                  and Master Servicer

              
	 	 
	 	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              
	 	 
	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,
                  not individually but solely as Trustee for the holders of Bear
                  Stearns
                  Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
                  Series 2007-AC4

              
	 	 
	 	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              
	 	 
	 	
                MID
                  AMERICA BANK, FSB 

              
	 	 
	 	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              

      

      

      
        	
                Acknowledged
                  and Agreed:

              
	 
	
                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

              
	 
	 
	
                By:

              	 
	
                Name:

              
	
                Title:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      ATTACHMENT
        1

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

      (Available
        upon request)

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        1

      EXHIBIT
        F to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

       

      
        Default
          Overview Report:
          Provides loan level detail regarding the defaulted loans that are being
          serviced
          and reported to EMC Master Servicing. The report contains the following
          data
          fields in the order below:

        
 

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        2

      EXHIBIT
        P to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:          
         ____________________________

       

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

      

      
        	
                Has
                  this loan been previously modified?

              	
                Yes

              	
                No

              
	
                Has
                  this loan been crammed down in a bankruptcy?

              	
                Yes

              	
                No

              

      

       

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

      
         

        Amounts
          requiring Amortization Schedule for backup:

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

      

       

      Amounts
        requiring Additional backup:

      

      

        
          	
                  Attorney’s
                    Fees

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  Attorney’s
                    Costs

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  Taxes

                	 	
                  Payment
                    history showing disbursements

                	 	 
	
                  Property
                    Maintenance

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  Property
                    Inspection

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  PMI/Hazard
                    Insurance Premiums

                	 	
                  Payment
                    history showing disbursements

                	 	 
	
                  Utility
                    Expenses

                	 	
                  Payment
                    history showing disbursements

                	 	 
	
                  Appraisal/BPO
                    Expenses

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  HOA
                    Dues

                	 	
                  Payment
                    history showing disbursements

                	 	 
	
                  Cash
                    For Keys

                	 	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 	 
	
                  Miscellaneous
                    (itemized)

                	 	
                  Requires
                    Itemization and supporting detail

                	 	 
	
                  Total
                    Expenses

                	 	
                  -------------------------------------

                	 	 

        

      

      

       

      Credits
        to Loan:

      

        
          	
                  Escrow
                    Balance/Advance

                	 	
                  Payment
                    history showing disbursements and ending balance

                	 	 
	
                  Rental
                    Receipts

                	 	
                  Payment
                    history showing application of funds to loan

                	 	 
	
                  Hazard
                    Claim Proceeds

                	 	
                  Payment
                    history showing credit to account

                	 	 
	
                  PMI
                    Funds

                	 	
                  EOB
                    document

                	 	 
	
                  Government
                    Insurance Funds (Part A Funds)

                	 	
                  EOB
                    document

                	 	 
	
                  REO
                    Proceeds

                	 	
                  HUD
                    1 Settlement Statement

                	 	 
	
                  Government
                    Insurance Funds (Part B Funds)

                	 	
                  EOB
                    document

                	 	 
	
                  Pool
                    Insurance Proceeds

                	 	
                  Payment
                    history showing credit to account

                	 	 
	
                  Other
                    Credits (itemized)

                	 	
                  Payment
                    history showing credit to account

                	 	 
	
                  Total
                    Credits

                	 	
                  ------------------------------------

                	 	 

        

      

      

      Total
        Realized Loss (or Amount of Gain)   $________________

      
 

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3

      

      EXHIBIT
        E to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
        - REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        4

      EXHIBIT
        S to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
        - REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust Total Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        5

      EXHIBIT
        T to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      
        

          
            	
                    Field
                      Description

                  	
                    Field
                      Description

                  
	
                    Loan

                  	
                    VARCHAR
                      (15)

                  
	
                    Investor

                  	
                    VARCHAR
                      (5)

                  
	
                    Original
                      Category

                  	
                    VARCHAR
                      (5)

                  
	
                    Current
                      Category

                  	
                    VARCHAR
                      (5)

                  
	
                    Stop
                      Adv Flag

                  	
                    VARCHAR
                      (3)

                  
	
                    Modified
                      Due Date

                  	
                    DATE
                      (MM/DD/YYYY)

                  
	
                    Mod
                      Loan Curtailment

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Mod
                      Loan Curt Adjustment

                  	
                    NUMERIC
                      (15,2) 

                  
	
                    Principal
                      Advanced Capped

                  	
                    NUMERIC
                      (15,2) 

                  
	
                    Net
                      Interest Advanced Capped

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Service
                      Fee Advanced Capped

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Third
                      Party Bal Capped

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Amount
                      of Other Capped

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Borrower
                      Interest Contribution

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Borrower
                      Fee Code Arrearage Contribution

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Borrower
                      Principal Contribution

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Amt
                      Forgiven

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Beg
                      Delq Prin Bal

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Beg
                      Delq Int Bal

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Beg
                      Pre Prin Bal

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Beg
                      Pre Int Bal

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Excess
                      Int Adjust

                  	
                    NUMERIC
                      (15,2)

                  
	
                    Excess
                      Interest on Mod

                  	
                    NUMERIC
                      (15,2)

                  

          

        

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      Exhibit
        6

      

      EXHIBIT
        U to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Servicer
                    Investor Number

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Loan
                    Number

                	
                  VARCHAR
                    (15)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Escrow
                    Balance or Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Corporate
                    Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Replacement
                    Reserve Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Suspense
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Third
                    Party Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Charge
                    Off Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Side
                    Note Collections

                	
                  NUMERIC
                    (12,2) 

                
	
                  Claim
                    Amount Submitted

                	
                  NUMERIC
                    (12,2)

                

        

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        7

      

      EXHIBIT
        V to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

      

      

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Month
                    End

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Servicer
                    Investor Number 

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Number

                	
                  VARCHAR
                    (15)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  PIF
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Service
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  P
                    & I Constant

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Beginning Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Arrearage
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Legal and Other Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Advanced Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Liquidated Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  P
                    & I Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Net Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidated Funds Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Servicer

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss Severity %

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Loss Severity % to Trust

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Liquidated Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Trust Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Servicer Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Claim Amount

                	
                  NUMERIC
                    (12,2)

                

        

         

         

      

      

      

    

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    

    EXHIBIT
      R-6

    

    FORM
      OF NATIONAL CITY

    ASSIGNMENT
      AGREEMENT

    

     

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 30, 2007, among EMC Mortgage Corporation (the “Assignor”), Wells
        Fargo Bank, National Association, not individually but solely as trustee
        for the
        holders of Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 (the
        “Assignee”), and National City Mortgage Co. (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 Assignor from
        Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of October 1, 2001, between Assignor and Company as amended by Amendment
        Reg
        AB to the Purchase, Warranties and Servicing Agreement, dated as of March
        1,
        2006 (the “Purchase Agreement”) and (b) those certain Term Sheets, dated August
        14, 2006, March 13, 2007 and March 23, 2007 between Assignor and Company
        (the
“Term Sheets” and together with the Purchase Agreement, the “Agreements”), shall
        be subject to the terms of this AAR Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the
        Agreements.

       

      In
        consideration of the mutual promises and agreements contained herein, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereto agree that the Assigned Loans shall
        be
        subject to the terms of this AAR Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the Purchase
        Agreement.

       

      Assignment
        and Assumption 

       

      1.  Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Agreements.
        Assignor specifically reserves and does not assign to Assignee any right
        title
        and interest in, to or under any Mortgage Loans subject to the Agreements
        other
        than those set forth on Attachment l. Notwithstanding anything to the contrary
        contained herein, the Assignor is retaining the right to enforce the
        representations and warranties set forth in Article III of the Purchase
        Agreement and
        in
        the Term Sheets,
        and any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
        Agreement against the Company. In addition, the Assignor specifically reserves
        and does not assign to the Assignee any right, title and interest in, to
        or
        under Section 2.09 of the Purchase Agreement and Section 4.03 and Section
        4.13
        of the Purchase Agreement (but only insofar as such Sections grant to the
        Purchaser the right to terminate the servicing of defaulted Assigned Loans
        and/or REO Properties by the Company).

       

      Representations;
        Warranties and Covenants 

       

      2.  Assignor
        warrants and represents to Assignee and Company as of the date hereof:

       

      
        
          	 	
                  a.

                	
                  
                    Attached
                      hereto as Attachment 2 are true and accurate copies of the
                      Agreements,
                      which agreements are in full force and effect as of the date
                      hereof and
                      the provisions of which have not been waived, amended or modified
                      in any
                      respect, nor has any notice of termination been given thereunder;
                      

                  

                

        

         

        
          
            	 	
                    b.

                  	
                    
                      Assignor
                        is the lawful owner of the Assigned Loans with full right
                        to transfer the
                        Assigned Loans and any and all of its interests, rights and
                        obligations
                        under the Agreements as they relate to the Assigned Loans,
                        free and clear
                        of any and all liens, claims and encumbrances; and upon the
                        transfer of
                        the Assigned Loans to Assignee as contemplated herein, Assignee
                        shall have
                        good title to each and every Assigned Loan, as well as any
                        and all of
                        Assignor's interests, rights and obligations under the Agreements
                        as they
                        relate to the Assigned Loans, free and clear of any and all
                        liens, claims
                        and encumbrances; 

                    

                  

          

           

          
            
              	 	
                      c.

                    	
                      
                        Assignor
                          has not received notice of, and has no knowledge of, any
                          offsets,
                          counterclaims or other defenses available to Company with
                          respect to the
                          Assigned Loans or the Agreements;

                      

                    

            

             

            
              
                	 	
                        d.

                      	
                        
                          Assignor
                            has not waived or agreed to any waiver under, or agreed
                            to any amendment
                            or other modifications of, the Agreements. Assignor has
                            no knowledge of,
                            and has not received notice of, any waivers under or
                            any amendments or
                            other modifications of, or assignment of rights or obligations
                            under the
                            Agreements; 

                        

                      

              

               

              
                
                  	 	
                          e.

                        	
                          
                            Assignor
                              is a corporation duly organized, validly existing and
                              in good standing
                              under the laws of the jurisdiction of its formation,
                              and has all requisite
                              power and authority to acquire, own and sell the Assigned
                              Loans;
                              

                          

                        

                

                 

                
                  
                    	 	
                            f.

                          	
                            
                              Assignor
                                has full power and authority to execute, deliver
                                and perform its
                                obligations under this AAR Agreement, and to consummate
                                the transactions
                                set forth herein. The consummation of the transactions
                                contemplated by
                                this AAR Agreement is in the ordinary course of Assignor's
                                business and
                                will not conflict with, or result in a breach of,
                                any of the terms,
                                conditions or provisions of Assignor's charter or
                                by-laws or any legal
                                restriction, or any material agreement or instrument
                                to which Assignor is
                                now a party or by which it is bound, or result in
                                the violation of any
                                law, rule, regulation, order, judgment or decree
                                to which Assignor or its
                                property is subject. The execution, delivery and
                                performance by Assignor
                                of this AAR Agreement and the consummation by it
                                of the transactions
                                contemplated hereby, have been duly authorized by
                                all necessary action on
                                the part of Assignor. This AAR Agreement has been
                                duly executed and
                                delivered by Assignor and, upon the due authorization,
                                execution and
                                delivery by Assignee and Company, will constitute
                                the valid and legally
                                binding obligation of Assignor enforceable against
                                Assignor in accordance
                                with its terms except as enforceability may be limited
                                by bankruptcy,
                                reorganization, insolvency, moratorium or other similar
                                laws now or
                                hereafter in effect relating to creditors' rights
                                generally, and by
                                general principles of equity regardless of whether
                                enforceability is
                                considered in a proceeding in equity or at law;
                                

                            

                          

                  

                   

                  
                    
                      	 	
                              g.

                            	
                              
                                No
                                  material consent, approval, order or authorization
                                  of, or declaration,
                                  filing or registration with, any governmental entity
                                  is required to be
                                  obtained or made by Assignor in connection with
                                  the execution, delivery or
                                  performance by Assignor of this AAR Agreement,
                                  or the consummation by it
                                  of the transactions contemplated hereby. Neither
                                  Assignor nor anyone
                                  acting on its behalf has offered, transferred,
                                  pledged, sold or otherwise
                                  disposed of the Assigned Loans or any interest
                                  in the Assigned Loans, or
                                  solicited any offer to buy or accept transfer,
                                  pledge or other disposition
                                  of the Assigned Loans, or any interest in the Assigned
                                  Loans, or otherwise
                                  approached or negotiated with respect to the Assigned
                                  Loans, or any
                                  interest in the Assigned Loans, with any Person
                                  in any manner, or made any
                                  general solicitation by means of general advertising
                                  or in any other
                                  manner, or taken any other action which would constitute
                                  a distribution of
                                  the Assigned Loans under the Securities Act of
                                  1933, as amended (the “1933
                                  Act”) or which would render the disposition of the
                                  Assigned Loans a
                                  violation of Section 5 of the 1933 Act or require
                                  registration pursuant
                                  thereto; 

                              

                            

                    

                     

                    
                      
                        	 	
                                h.

                              	
                                
                                  There
                                    is no action, suit, proceeding, investigation
                                    or litigation pending or, to
                                    Assignor's knowledge, threatened, which either
                                    in any instance or in the
                                    aggregate, if determined adversely to Assignor,
                                    would adversely affect
                                    Assignee's execution or delivery of, or the enforceability
                                    of, this AAR
                                    Agreement, or the Assignor's ability to perform
                                    its obligations under this
                                    AAR Agreement; and

                                

                              

                      

                       

                      
                        
                          	 	
                                  i.

                                	
                                  
                                    Assignor
                                      has received from Company, and has delivered
                                      to Assignee, all documents
                                      required to be delivered to Assignor by Company
                                      prior to the date hereof
                                      pursuant to Section 2.07 of the Purchase Agreement
                                      with respect to the
                                      Assigned
                                      Loans.

                                  

                                

                        

                      

                    

                  

                

              

            

          

        

      

       

      3.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof: 

       

      
        	 	
                a.

              	
                Assignee
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its organization and has all requisite power
                  and
                  authority to acquire and hold the Assigned Loans as trustee on
                  behalf of
                  the holders of Bear Stearns Asset Backed Securities I Trust 2007-AC4,
                  Asset-Backed Certificates, Series 2007-AC4;

              

      

       

      
        	 	
                b.

              	
                Assignee
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignee's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignee's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignee
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignee
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignee
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignee. This AAR Agreement has been duly executed
                  and
                  delivered by Assignee and, upon the due authorization, execution
                  and
                  delivery by Assignor and Company, will constitute the valid and
                  legally
                  binding obligation of Assignee enforceable against Assignee in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	 	
                c.

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignee in connection with the execution,
                  delivery or
                  performance by Assignee of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby;
                  and

              

      

       

      
        	 	
                d.

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignee's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignee, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignee's ability to perform its obligations
                  under this
                  AAR Agreement.

              

      

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Assignee as
        of the
        date hereof: 

       

      
        	 	
                a.

              	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given thereunder;
                  

              

      

       

      
        	 	
                b.

              	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its incorporation, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Agreements; 

              

      

       

      
        	 	
                c.

              	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Company's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on the part of Company. This AAR Agreement has been duly
                  executed
                  and delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	 	
                d.

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Company in connection with the execution, delivery or performance
                  by Company of this AAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby; 

              

      

       

      
        	 	
                e.

              	
                Company
                  shall establish a Custodial Account and an Escrow Account under
                  the
                  Purchase Agreement in favor of Assignee with respect to the Assigned
                  Loans
                  separate from the Custodial Account and the Escrow Account previously
                  established under the Purchase Agreement in favor of
                  Assignor;

              

      

       

      
        	 	
                f.

              	
                No
                  event has occurred from the applicable Closing Date to the date
                  hereof
                  which would render the representations and warranties as to the
                  related
                  Mortgage Loans made by the Company in Section 3.02 of the Purchase
                  Agreement or in the related Term Sheets to be untrue in any material
                  respect; and

              

      

       

      
        	 	
                g.

              	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheets with respect to the Company
                  and
                  the Assigned Loans as of the Closing
                  Date.

              

      

       

      5.  Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      
        	 	
                a.

              	
                Company
                  is not aware and has not received notice that any default, early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	 	
                b.

              	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	 	
                c.

              	
                Company
                  has not been terminated as servicer in a residential mortgage loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	 	
                d.

              	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Purchase Agreement
                  and
                  this AAR Agreement for mortgage loans of a type similar to the
                  Assigned
                  Loans have occurred during the three-year period immediately preceding
                  the
                  date hereof;

              

      

       

      
        	 	
                e.

              	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Purchase Agreement and this AAR
                  Agreement;

              

      

       

      
        	 	
                f.

              	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	 	
                g.

              	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to: 

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      6.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of this AAR
        Agreement by the Assignee is solely in its capacity as trustee for Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 and not individually, and any recourse against the Assignee in respect
        of any obligations it may have under or pursuant to the terms of this AAR
        Agreement shall be limited solely to the assets it may hold as trustee of
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4. 

       

      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, 2007, by and among, Bear Stearns Asset Backed
        Securities I LLC as depositor, EMC Mortgage Corporation as seller, master
        servicer (the “Master Servicer”) and company, and Wells Fargo Bank, National
        Association as trustee. Pursuant to the Pooling and Servicing Agreement,
        the
        Master Servicer has the right to monitor and enforce, on behalf of the Assignee,
        the performance by Company of its servicing obligations under this AAR
        Agreement. Such right will include, without limitation, the right to terminate
        the Company under the Purchase Agreement upon the occurrence of an event
        of
        default thereunder, the right to receive all remittances required to be made
        by
        the Company under the Purchase Agreement, the right to receive all monthly
        reports and other data required to be delivered by the Company under the
        Purchase Agreement, the right to examine the books and records of the Company,
        indemnification rights, and the right to exercise certain rights of consent
        and
        approval relating to actions taken by the Company. In connection therewith,
        Company hereby agrees that all remittances required to be made with respect
        to
        the Assigned Loans pursuant to the Purchase Agreement will be made in accordance
        with the following wire transfer instructions:

       

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance April 1, 2007 Remit for National City Mortgage
        Company

      Attention:
        LSBO Group-MS 

       

      and
        the
        Company shall deliver all reports and other notices required to be delivered
        under the Purchase Agreement to the Assignee and to the Master Servicer
        at:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (469) 759-4714

      Email:
        mviner@bear.com

      

      It
        is the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the
        Agreements which amendment, modification, waiver or other alteration would
        in
        any way affect the Assigned Loans without the prior written consent of Assignee.
        

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Bear Stearns
        Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates, Series
        2007-AC4 acquires any REO Property as aforesaid or otherwise in connection
        with
        a default or default becoming reasonably foreseeable on an Assigned Loan,
        the
        Company shall cause such REO Property to be disposed prior to three years
        after
        its acquisition by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 or, at the expense of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee
        or the Securities Administrator) to the effect that the holding by the Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 of such REO Property subsequent to such three-year period
        will
        not result in the imposition of taxes on “prohibited transactions” of any REMIC
        as defined in Section 860F of the Code or cause any REMIC to fail to qualify
        as
        a REMIC, in which case the Bear Stearns Asset Backed Securities I Trust
        2007-AC4, Asset-Backed Certificates, Series 2007-AC4 may continue to hold
        such
        REO Property (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 shall be rented (or allowed to
        continue to be rented) or otherwise used for the production of income by
        or on
        behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC4,
        Asset-Backed Certificates, Series 2007-AC4 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC4, Asset-Backed Certificates,
        Series 2007-AC4 with respect to the imposition of any such taxes.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      (i)  (A) 
        any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, accountants’ letter or other material
        provided under Article 1 of Amendment Reg AB by or on behalf of the Company,
        or
        provided under this Article 1 by or on behalf of any Subservicer, Subcontractor
        or Third-Party Originator (collectively, the “Company Information”), or (B) the
        omission or alleged omission to state in the Company Information a material
        fact
        required to be stated in the Company Information or necessary in order to
        make
        the statements therein, in the light of the circumstances under which they
        were
        made, not misleading; provided,
        by way of clarification,
        that clause (B) of this paragraph shall be construed solely by reference
        to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;
        or

       

      (ii)  any
        breach by the Company of its obligations under Article I of Amendment Reg
        AB,
        including particularly the failure by the Company, any Subservicer, any
        Subcontractor or any Third-Party Originator to deliver any information, report,
        certification, accountants’ letter or other material when and as required under
        Article I of Amendment Reg AB, including any failure by the Company to identify
        pursuant to Section 6(b) any Subcontractor “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB;
        or

       

      (iii)  any
        breach by the Company of a representation or warranty set forth in Section
        2(a)
        or in a writing furnished pursuant to Section 2(b) and made as of a date
        prior
        to the closing date of the related Securitization Transaction, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        2(b)
        to the extent made as of a date subsequent to such closing date.

       

      If
        the indemnification provided for herein is unavailable or insufficient to
        hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the case of any failure of performance described in clause (a)(ii) of Section
        7
        of Amendment Reg AB, the Company shall promptly reimburse the Assignor, each
        affiliate of the Assignor and BSABS I, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      Modification
        of the Purchase Agreement

       

      8.  The
        Purchase Agreement, as it relates to the Assigned Loans, shall be amended
        by the
        Company and the Assignor as follows:

       

      (a) Section
        1.01 of the Purchase Agreement shall be amended by adding the following
        definitions thereto: 

       

      Master
        Servicer:
        EMC
        Mortgage Corporation, or its successors in interest who meet the qualifications
        of the Pooling and Servicing Agreement and this Agreement.

       

      Nonrecoverable
        Advance:
        Any
        advance previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or otherwise. The
        determination by the Company that it has made a Nonrecoverable Advance, shall
        be
        evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
        and the Master Servicer and detailing the reasons for such
        determination.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2007, among
        Bear
        Stearns Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,
        as seller, the Master Servicer, and company, and Wells Fargo Bank, National
        Association, as trustee.

       

      (b) The
        definition of “Servicing Fee Rate” is deleted in its entirety and replaced with
        the following definition:

       

      Servicing
        Fee Rate:
        a per
        annum rate equal to 0.25%.

       

      (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) The
        following sentence is added as the last sentence of the definition of Principal
        Prepayment:

       

      Partial
        principal Prepayments shall be applied in accordance with the terms of the
        related Mortgage Note.

       

      (e) Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth this Agreement and the related
        Term
        Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may waive, modify or vary any term of any Mortgage
        Loan
        or consent to the postponement of strict compliance with any such term or
        in any
        manner grant indulgence to any Mortgagor, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Loan to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest and principal owed by the related Mortgagor; provided
        that in the Company's reasonable and prudent determination, such waiver,
        modification, postponement or indulgence: (A) is not materially adverse to
        the
        interests of the Purchaser on a present value basis using reasonable assumptions
        (including taking into account any estimated Realized Loss that might result
        absent such action); and (B) does not amend the related Mortgage Note to
        extend
        the maturity thereof later than the date of the Latest Possible Maturity
        Date
        (as such term is defined in the related pooling and servicing agreement);
        provided, further, with respect to any Mortgage Loan that is not in default
        or
        if default is not reasonably foreseeable, unless the Company has provided
        to the
        Purchaser a certification addressed to the Purchaser, based on the advice
        of
        counsel or certified public accountants that have a national reputation with
        respect to taxation of REMICs that a modification of such Mortgage Loan will
        not
        result in the imposition of taxes on or disqualify from REMIC status any
        of the
        REMICS and has obtained the prior written consent of the Purchaser, the Company
        shall not permit any modification with respect to any Mortgage Loan.
        Notwithstanding the foregoing, for any modification which may result in a
        realized loss of 20% or more of the outstanding principal balance of a Mortgage
        Loan, the Company shall present such proposed modification, together with
        any
        supporting documentation, to the Master Servicer for consideration and
        approval.

       

      (f) Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      On
        each
        Remittance Date, the Company shall remit to the Master Servicer all Liquidation
        Proceeds and Insurance Proceeds, along with any Servicing Advances and Advances,
        such that the sum of the foregoing at least equals in the aggregate the
        outstanding Stated Principal Balance of the related Mortgage Loans. The Master
        Servicer shall fully reimburse the Company for Servicing Advances and Monthly
        Advances related to Liquidation Proceeds on the Remittance Date after such
        Servicing Advances and Monthly Advances are approved; provided, however,
        the
        Company must provide documentation in the form of Exhibit P hereto to the
        Master
        Servicer seeking approval within 90 days of final liquidation of a Mortgage
        Loan. The Master Servicer shall provide such approval or denial to the Company
        no later than thirty (30) days after receipt of such claim and all required
        supporting documentation. The Company’s obligation to make such Servicing
        Advances and Monthly Advances as to any Mortgage Loan shall continue through
        the
        final liquidation of the Mortgaged Property, unless the Company deems such
        advance nonrecoverable and submits an officer’s certificate in accordance with
        Section 5.03.

       

      (g) Sections
        4.05(vi), 4.05(vii) and 4.05(vi) are hereby renumbered as Sections 4.05(vi),
        4.05(vii) and 4.05(viii), and the following is added as Section 4.05(ix):
        

       

      (ix) to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer. The Master Servicer shall provide such approval or denial to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting
        documentation.

       

      (h) The
        following is added as the last paragraph of Section 4.05:

       

      “Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer. The Master Servicer shall provide such approval or denial to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, the Company must submit such claim with all supporting documentation
        in
        order for the Master Servicer to approve or deny such claim within such time
        period. Pending such approval, such funds shall be remitted by the Company
        to
        the Master Servicer to the extent such funds, in addition to any Servicing
        Advances and Advances, constitute an amount equal to the outstanding Stated
        Principal Balance of the related Mortgage Loan plus any accrued interest
        due and
        owing on such Mortgage Loan.”

       

      (i) The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit
        K
        and
Exhibit
        L,
        with
        respect to remittances, Exhibit
        J
        (within
        fifteen (15) calendar days from remittance of liquidation proceeds), with
        respect to realized losses and gains, Exhibit
        M
        (within
        five (5) business days of month end), with respect to defaulted mortgage
        loans,
Exhibit
        N,
        with
        respect to delinquent mortgage loans, Exhibit
        O,
        with
        respect to modified mortgage loans, Exhibit
        P,
        with
        respect to claims submitted and Exhibit
        Q,
        with
        respect to loss severity, with each such report.

       

      (j) 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.

       

      (k) Section
        6.04 of the Purchase Agreement shall be deleted in its entirety.

       

      (l) Section
        6.05 of the Purchase Agreement shall be deleted in its entirety.

       

      (m) Section
        9.01 of the Purchase Agreement is hereby amended by adding the word “or” at the
        end of clause (ix) thereof and inserting the following as clause
        (x):

       

      (x) failure
        by the Company to duly perform, within the required time period, its obligations
        under Section 4 and Section 5 of Article 1 of Amendment Reg. AB to the Servicing
        Agreement which failure continues unremedied for a period of ten (10) days
        after
        the date on which written notice of such failure, requiring the same to be
        remedied, shall have been given to the Company by any party to this Agreement
        or
        by any Master Servicer. This paragraph shall supersede any other provision
        of
        this Agreement or other Agreement to the contrary.

       

      (n) The
        following is added as Subsection 4.05(vii) of the Purchase
        Agreement:

       

      (vii) to
        reimburse itself for any Nonrecoverable Advances;

       

      (o) Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheets shall be governed by and construed
        in
        accordance with the laws of the State of New York, without regard to principles
        of conflicts of laws other than Section 5-1401 of the New York General
        Obligations Law which shall govern. The obligations, rights and remedies
        of the
        parties hereunder shall be determined in accordance with such laws.

       

      (p) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit J to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 1.

       

      (q) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit K to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 2.

       

      (r) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit L to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 3.

       

      (s) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit M to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 4.

       

      (t) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit N to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 5.

       

      (u) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit O to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 6.

       

      (v) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit P to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 7.

       

      (w) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 8.

       

      (x) The
        following is added as the last sentence of Section 4 of the Amendment Reg
        AB:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 4 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (y) The
        following is added as the last sentence of Section 5 of the Amendment Reg
        AB:

       

      In
        the event the Servicer or any subservicer or subcontractor engaged by it
        is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 5 or to the related section of such other applicable agreement,
        as the case may be, notwithstanding any such termination, assignment or
        resignation.

       

      Miscellaneous
        

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the
        Agreements and this AAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by registered mail,
        postage prepaid, as follows: 

       

      a. In
        the
        case of Company, 

      

      National
        City Mortgage Co. 

      3232
        Newmark Drive 

      Miamisburg,
        Ohio 45342 

      Attention:
        Mary Beth Criswell

       

      b. In
        the
        case of Assignor, 

      

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      with
        a
        copy to: 

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Robert Durden

      Telecopier
        No.: (212) 272-2453

      

      c. In the
        case
        of Assignee, 

       

      Wells
        Fargo Bank, National Association

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC4

      Telecopier
        No.: (410) 715-2380

       

      d.
         In
        the
        case of the Master Servicer,

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      10.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      11.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced. 

       

      12.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall without the requirement for any further writing,
        be
        deemed Assignor, Assignee or Company, respectively hereunder. Any Master
        Servicer shall be considered a third party beneficiary of this AAR Agreement,
        entitled to all the rights and benefits accruing to any Master Servicer herein
        as if it were a direct party to this AAR Agreement. A copy of all assessments,
        attestations, reports and certifications required to be delivered by the
        servicer under the Purchase Agreement and this AAR Agreement shall be delivered
        to the Master Servicer by the date(s) specified herein or therein and where
        such
        documents are required to be addressed to such party, such addressee shall
        include the Master Servicer and the Master Servicer shall be entitled to
        rely on
        such documents.

       

      13.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans as contemplated
        in
        this AAR Agreement. 

       

      14.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      15.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control.

       

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this AAR Agreement as of the day and year first
        above written.

       

       

      
        
          	
                  EMC
                    MORTGAGE CORPORATION

                  Assignor
                    and Master Servicer

                	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	 
	
                  Name:

                	 	 	 
	
                  Title:

                	 	 	 

      

       

       

      
        	
                
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION,

                  not
                    in its individual capacity but solely as Trustee for
                    the holders of Bear Stearns Asset Backed Securities I
                    Trust 2007-AC4, Asset-Backed Certificates, Series 2007-AC4, as
                    Assignee

                

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 
	
                Name:

              	 	 	 
	
                Title:

              	 	 	 

      

       

       

      
        	
                
                  NATIONAL
                    CITY MORTGAGE CO. 

                  Company

                

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 
	
                Name:

              	 	 	 
	
                Title:

              	 	 	 

      

       

       

      
        	
                
                  Acknowledged
                    and Agreed:

                  

                  BEAR
                    STEARNS ASSET BACKED SECURITIES
                    I LLC

                

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 
	
                Name:

              	 	 	 
	
                Title:

              	 	 	 

      

       

      ATTACHMENT
        l

      

      ASSIGNED
        LOAN SCHEDULE

      

      (Provided
        upon request)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE
        AGREEMENT AND TERM SHEETS

      

      (Provided
        upon request)

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        1

      EXHIBIT
        J to the Purchase Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:                                                                             
                   

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	
                 

                 

                 

              

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously modified?   Yes   No

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

       Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Attorney’s
                  Costs

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Taxes

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Property
                  Maintenance

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Property
                  Inspection

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                PMI/Hazard
                  Insurance Premiums

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Utility
                  Expenses

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Appraisal/BPO
                  Expenses

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                HOA
                  Dues

                 

              	
                Payment
                  history showing disbursements

                 

              	 
	
                Cash
                  For Keys

                 

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

                 

              	 
	
                Miscellaneous
                  (itemized)

                 

              	
                Requires
                  Itemization and supporting detail

                 

              	 
	
                Total
                  Expenses

                 

              	
                 

                
                  

                

                 

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

                 

              	
                Payment
                  history showing disbursements and ending balance

                 

              	 
	
                Rental
                  Receipts

                 

              	
                Payment
                  history showing application of funds to loan

                 

              	 
	
                Hazard
                  Claim Proceeds

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                PMI
                  Funds

                 

              	
                EOB
                  document

                 

              	 
	
                Government
                  Insurance Funds (Part A Funds)

                 

              	
                EOB
                  document

                 

              	 
	
                REO
                  Proceeds

                 

              	
                HUD
                  1 Settlement Statement

                 

              	 
	
                Government
                  Insurance Funds (Part B Funds)

                 

              	
                EOB
                  document

                 

              	 
	
                Pool
                  Insurance Proceeds

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                Other
                  Credits (itemized)

                 

              	
                Payment
                  history showing credit to account

                 

              	 
	
                Total
                  Credits

                 

              	
                 

                
                  
 

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

      

      

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

       

       

      Exhibit
        2

      EXHIBIT
        K to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      Exhibit
        3

      EXHIBIT
        L to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      Exhibit
        4

      EXHIBIT
        M to the Purchase Agreement

      

      EMC
        FORM
        - DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

      Exhibit
        5

      EXHIBIT
        N to the Purchase Agreement

      

      EMC
        FORM
        - DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:
        Provides summary data at the servicer investor level regarding loan performance
        that will be submitted to EMC Master Servicing and contains the following
        data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

       

      Exhibit
        6

      EXHIBIT
        O to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      Exhibit
        7

      EXHIBIT
        P to the Purchase Agreement

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

       

      Exhibit
        8

      EXHIBIT
        Q to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

    

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      S

    

    REMITTANCE
      OVERVIEW REPORT

    

    Remittance
      Overview Report:
      Provides loan level detail regarding the remittance that will be submitted
      to
      EMC Master Servicing and contains the following data fields in the order
      below:

    

    

      

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Master
                    Servicer Loan Number

                	
                  NUMERIC
                    (9,0)

                
	
                  Current
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Loan Number

                	
                  VARCHAR
                    (15)

                
	
                  Cutoff
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    Next Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Servicing
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Scheduled
                    P&I Amount (P & I Constant)

                	
                  NUMERIC
                    (12,2)

                
	
                  ARM
                    Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    ARM Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Beginning
                    Scheduled Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Curtailment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Gross Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Service Fee Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Variance

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  PMI
                    Premium Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Additional
                    Fees Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Scheduled Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Amount Remitted Total (each loan)

                	
                  NUMERIC
                    (12,2)

                
	
                  Beginning
                    Actual Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Curtailments Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Service
                    Fee Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Ending Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    and Interest Advanced Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Calculated
                    Loss to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Collected
                    Interest Not Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Flag

                	
                  VARCHAR
                    (1)

                
	
                  Soldiers
                    and Sailors Old Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Soldiers
                    and Sailors Old P & I

                	
                  NUMERIC
                    (12,2)

                
	
                  Modified
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Stop
                    Advance Flag

                	 
	
                  Stop
                    Advance Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  BPO
                    Value

                	
                  NUMERIC
                    (12,2)

                
	
                  Cash
                    Flow Group

                	
                  VARCHAR
                    (2)

                
	
                  MSP
                    Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Debt
                    Forgiven / Charged Off

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    PITI Payment

                	
                  NUMERIC
                    (12,2)

                
	
                  Bankruptcy
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Modification
                    Status

                	 
	
                  Interest
                    Only Loan

                	
                  VARCHAR
                    (2)

                
	
                  Escrowed
                    Loan

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Escrow Deposit

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    Recoverable Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Non-Recoverable
                    Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  HUD
                    235 Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  HUD
                    235 Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Late
                    Charge Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Buydown
                    Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Buydown Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Monthly
                    Buydown Funds Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Amount Waived

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Waived Reason Code

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Status

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Code

                	
                  VARCHAR
                    (3)

                
	
                  Prefunding
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  3rd
                    Party Recoverable Expenses

                	
                  NUMERIC
                    (12,2)

                

        

      

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      T

    

    REMITTANCE
      SUMMARY REPORT

    

    Remittance
      Summary Report:
      Provides summary data at a deal (investor/category) level regarding the
      remittance that will be submitted to EMC Master Servicing and contains the
      following data fields in the order below:

    

    

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      U

    

    CALCULATION
      OF GAIN-LOSS DELINQUENT LOANS

    

    EMC
      Master Servicing Calculation of Gain/Loss on Delinquent Loan
      Worksheet

    
       

      Date: ________________________

      

        

        
          	
                  Prepared
                    By

                	 	
                  Phone
                    Number

                	 	
                  Email
                    Address

                
	 	 	 	 	 

        

        

        
          	
                  Servicer
                    Loan Number

                	 	
                  Servicer
                    Address

                	 	
                  EMC
                    Loan Number

                
	 	 	 	 	 

        

        

        
          	
                  Borrower
                    Name

                	 	
                  Property
                    Address

                
	 	 	 
	 	 	 
	 	 	 

        

        

        
          	
                  Liquidation
                    Type

                	
                  REO

                	
                  Third
                    Party

                	
                  Short
                    Sale

                	
                  Charge
                    off

                	
                  Deed
                    In Lieu

                
	 	 	 	 	 	 

        

        

        
          	
                  Has
                    this loan been previously modified?

                	
                  Yes

                	
                  No

                
	
                  Has
                    this loan been crammed down in a bankruptcy?

                	
                  Yes

                	
                  No

                

        

        If
“Yes”,
          provide amount _______________________________

         

        Liquidation
          and Acquisition Expenses:

         

        Amounts
          requiring Amortization Schedule for backup:

         

        
          	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	 
	
                  Interest
                    Accrued at Net Rate Less Servicing Fees

                	 
	
                  Accrued
                    Servicing Fees

                	 

        

        

        Amounts
          requiring Additional backup:

         

        
          	
                  Attorney’s
                    Fees

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Attorney’s
                    Costs

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Taxes

                	
                  Payment
                    history showing disbursements

                	 
	
                  Property
                    Maintenance

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Property
                    Inspection

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  PMI/Hazard
                    Insurance Premiums

                	
                  Payment
                    history showing disbursements

                	 
	
                  Utility
                    Expenses

                	
                  Payment
                    history showing disbursements

                	 
	
                  Appraisal/BPO
                    Expenses

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  HOA
                    Dues

                	
                  Payment
                    history showing disbursements

                	 
	
                  Cash
                    For Keys

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                	 
	
                  Miscellaneous
                    (itemized)

                	
                  Requires
                    Itemization and supporting detail

                	 
	
                  Total
                    Expenses

                	
                  -------------------------------------

                	 

        

        

        Credits
          to Loan:

         

        
          	
                  Escrow
                    Balance/Advance

                	
                  Payment
                    history showing disbursements and ending balance

                	 
	
                  Rental
                    Receipts

                	
                  Payment
                    history showing application of funds to loan

                	 
	
                  Hazard
                    Claim Proceeds

                	
                  Payment
                    history showing credit to account

                	 
	
                  PMI
                    Funds

                	
                  EOB
                    document

                	 
	
                  Government
                    Insurance Funds (Part A Funds)

                	
                  EOB
                    document

                	 
	
                  REO
                    Proceeds

                	
                  HUD
                    1 Settlement Statement

                	 
	
                  Government
                    Insurance Funds (Part B Funds)

                	
                  EOB
                    document

                	 
	
                  Pool
                    Insurance Proceeds

                	
                  Payment
                    history showing credit to account

                	 
	
                  Other
                    Credits (itemized)

                	
                  Payment
                    history showing credit to account

                	 
	
                  Total
                    Credits

                	
                  --------------------------------------

                	 

        

        Total
          Realized Loss (or Amount of
          Gain)                                                                                                                                                                      
 $_______________________

      

    

    

    NOTE:
      Do not combine or net remit items. All expenses and credits should be documented
      individually. Claim packages are due by the fifth business day of the month
      following receipt of liquidation proceeds. Late claims may result in delayed
      claim payment. The Servicer is responsible to remit all funds pending loss
      approval and /or resolution of any disputed items.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      V

    

    FORM
      OF CERTIFICATION TO BE

    PROVIDED
      BY THE TRUSTEE TO DEPOSITOR

    

    
      	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2007-AC4 (the “Trust”), Mortgage
                Pass-Through Certificates, Series 2007-AC4, issued pursuant to the
                Pooling
                and Servicing Agreement, dated as of April 1, 2007 among Bear Stearns
                Asset Backed Securities I LLC, as Depositor, EMC Mortgage Corporation,
                as
                master servicer, seller and company and Wells Fargo Bank, National
                Association, as trustee.

            

    

    

    The
      Trustee hereby certifies to the Depositor, and its officers, directors and
      affiliates, and with the knowledge and intent that they will rely upon this
      certification, that:

    

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

    

    (2) To
      my
      knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, taken as a whole, do not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were
      made, not misleading with respect to the period covered by such assessment
      of
      compliance and attestation report;

    

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Pooling and Servicing Agreement for inclusion in the Reports is
      included in the Reports;

    

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Pooling and Servicing Agreement, and based on my knowledge and the compliance
      review conducted in preparing the compliance statement of the Trustee required
      by the Pooling and Servicing Agreement, and except as disclosed in the Reports,
      the Trustee has fulfilled its obligations under the Pooling and Servicing
      Agreement in all material respects; and

    

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

    

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer, depositor, trustee, custodian(s)]

    

    
      	
              Date:

            	 	 
	 	 
	 	 
	
              [Signature]

            	 
	
              [Title]

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      W

    

    [Reserved]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      X

    

    CLAIMS
      SUBMITTED

    

    Claims
      Submitted Report:
      Provides loan level detail regarding claims submitted by the servicer’s investor
      number that will be submitted to EMC Master Servicing and contains the following
      data fields in the order below:

    

    
      	
              Field

            	
              Field
                Description

            
	
              Servicer
                Investor Number

            	
              VARCHAR
                (5)

            
	
              Servicer
                Investor Category

            	
              VARCHAR
                (5)

            
	
              Loan
                Number

            	
              VARCHAR
                (15)

            
	
              Mortgage
                Group

            	
              VARCHAR
                (1)

            
	
              Liquidation
                Type

            	
              VARCHAR
                (1)

            
	
              Escrow
                Balance or Advance Balance

            	
              NUMERIC
                (12,2)

            
	
              Corporate
                Expense Balance

            	
              NUMERIC
                (12,2)

            
	
              Restricted
                Escrow Balance

            	
              NUMERIC
                (12,2)

            
	
              Replacement
                Reserve Balance

            	
              NUMERIC
                (12,2)

            
	
              Suspense
                Balance

            	
              NUMERIC
                (12,2)

            
	
              Third
                Party Expense Balance

            	
              NUMERIC
                (12,2)

            
	
              Charge
                Off Amount

            	
              NUMERIC
                (12,2)

            
	
              Side
                Note Collections

            	
              NUMERIC
                (12,2) 

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Y

    

    DEFAULT
      OVERVIEW REPORT

    

    Default
      Overview Report:
      Provides loan level detail regarding the defaulted loans that are being serviced
      and reported to EMC Master Servicing. The report contains the following data
      fields in the order below:

    

    
      	
              Field

            	 	
              Field
                Description

            
	
              Servicer
                loan number 

            	 	
              VARCHAR
                (15)

            
	
              SBO
                loan number

            	 	
              VARCHAR
                (9)

            
	
              Zip
                Code

            	 	
              VARCHAR
                (5)

            
	
              Original
                loan amount

            	 	
              NUMERIC
                (12,2)

            
	
              Original
                value amount

            	 	
              NUMERIC
                (12,2)

            
	
              Origination
                date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Loan
                type

            	 	
              VARCHAR
                (2)

            
	
              Actual
                due date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Current
                loan amount

            	 	
              NUMERIC
                (12,2) 

            
	
              Corporate
                expense balance

            	 	
              NUMERIC
                (12,2)

            
	
              Escrow
                balance/advance balance

            	 	
              NUMERIC
                (12,2)

            
	
              Suspense
                balance

            	 	
              NUMERIC
                (12,2)

            
	
              Restricted
                escrow balance

            	 	
              NUMERIC
                (12,2)

            
	
              Current
                Value date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Current
                value amount

            	 	
              NUMERIC
                (12,2)

            
	
              Current
                value source

            	 	
              VARCHAR
                (15)

            
	
              VA
                LGC/ FHA Case number

            	 	
              VARCHAR
                (15)

            
	
              %
                of MI coverage 

            	 	
              NUMERIC
                (7,7)

            
	
              MI
                certificate number

            	 	
              VARCHAR
                (15)

            
	
              LPMI
                Cost

            	 	
              NUMERIC
                (7,7)

            
	
              Occupancy
                status

            	 	
              VARCHAR
                (1)

            
	
              First
                vacancy date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Property
                condition

            	 	
              VARCHAR
                (2)

            
	
              Property
                type

            	 	
              VARCHAR
                (2)

            
	
              Delinquency
                flag

            	 	
              VARCHAR
                (2)

            
	
              Reason
                for default

            	 	
              VARCHAR
                (2)

            
	
              FNMA
                action code

            	 	
              VARCHAR
                (3)

            
	
              FNMA
                delinquency reason code

            	 	
              VARCHAR
                (3)

            
	
              Loss
                mit flag

            	 	
              VARCHAR
                (2)

            
	
              Loss
                mit type

            	 	
              VARCHAR
                (2)

            
	
              Loss
                mit approval date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Loss
                mit removal date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Repay
                first due date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Repay
                next due date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Repay
                plan broken/reinstated/closed date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Repay
                plan created date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Foreclosure
                flag

            	 	
              VARCHAR
                (2)

            
	
              Foreclosure
                attorney referral date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                first legal date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Date
                FC sale scheduled

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Foreclosure
                actual sale date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                redemption end date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                eviction complete date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                eviction start date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Bankruptcy
                flag

            	 	
              VARCHAR
                (2)

            
	
              Actual
                bankruptcy start date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Bankruptcy
                chapter

            	 	
              VARCHAR
                (2)

            
	
              Bankruptcy
                Case Number

            	 	
              VARCHAR
                (15)

            
	
              Post
                petition due date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                discharge date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Date
                relief/dismissal granted

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                MI claim filed date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Actual
                MI claim amount filed

            	 	
              NUMERIC
                (12,2)

            
	
              MI
                claim amount paid

            	 	
              NUMERIC
                (12,2)

            
	
              MI
                claim funds received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Title
                approval letter received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Title
                package HUD/VA date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              FHA
                27011A transmitted date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              FHA
                Part A funds received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              FHA
                27011 B transmitted date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              FHA
                Part B funds received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              VA
                NOE submitted date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              VA
                first funds received amount

            	 	
              NUMERIC
                (12,2)

            
	
              VA
                first funds received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              VA
                claim funds received date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              VA
                claim submitted date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              VA
                claims funds received amount

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                flag

            	 	
              VARCHAR
                (2)

            
	
              REO
                repaired value

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                value (as is)

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                value date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              REO
                value source

            	 	
              VARCHAR
                (15)

            
	
              REO
                original list date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              REO
                original list price

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                list price adjustment amount

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                list price adjustment date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Date
                REO offer received

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Date
                REO offer accepted

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              REO
                scheduled close date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              REO
                actual closing date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              REO
                sales price

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                net sales proceeds

            	 	
              NUMERIC
                (12,2)

            
	
              Estimated
                loss

            	 	
              NUMERIC
                (12,2)

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Z

    

    DELINQUENT
      SUMMARY REPORT

    

    Delinquency
      Summary Report:
      Provides summary data at the servicer investor level regarding loan performance
      that will be submitted to EMC Master Servicing and contains the following data
      fields in the order below:

    

    
      	
              Field

            	 	
              Field
                Description

            
	
              Servicer
                Investor Number

            	 	
              VARCHAR
                (5)

            
	
              Mortgage
                Group

            	 	
              VARCHAR
                (1)

            
	
              Performance
                type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                or
                PIF)

            	 	
              VARCHAR
                (6)

            
	
              Count
                of Loans

            	 	
              NUMERIC
                (10,0)

            
	
              Percent
                of Investor Number

            	 	
              NUMERIC
                (7,7)

            
	
              Deal
                UPB

            	 	
              NUMERIC
                (14,2)

            
	
              Percent
                of Deal UPB

            	 	
              NUMERIC
                (7,7)

            
	
              Arrears
                Balance

            	 	
              NUMERIC
                (14,2)

            
	
              Percent
                of Arrears Balance

            	 	
              NUMERIC
                (7,7)

            
	
              Foreclosure
                Quick Sale

            	 	
              NUMERIC
                (12,2)

            
	
              REO
                Book Value

            	 	
              NUMERIC
                (12,2)

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      AA

    

    LOSS
      SEVERITY SUMMARY REPORT

    

    Loss
      Severity Summary Report:
      Provides summary data at the deal level regarding loss severity that will be
      submitted to EMC Master Servicing and contains the following data fields in
      the
      order below:

    

    
      	
              Field

            	 	
              Field
                Description

            
	
              Month
                End

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Deal
                Name

            	 	
              VARCHAR
                (15)

            
	
              Servicer
                Investor Number 

            	 	
              VARCHAR
                (5)

            
	
              Servicer
                Investor Category

            	 	
              VARCHAR
                (5)

            
	
              Mortgage
                Group

            	 	
              VARCHAR
                (1)

            
	
              Loan
                Number

            	 	
              VARCHAR
                (15)

            
	
              Liquidation
                Type

            	 	
              VARCHAR
                (1)

            
	
              Loan
                Due Date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              PIF
                Date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Gross
                Interest Rate

            	 	
              NUMERIC
                (7,7)

            
	
              Net
                Interest Rate

            	 	
              NUMERIC
                (7,7)

            
	
              Service
                Fee Rate

            	 	
              NUMERIC
                (7,7)

            
	
              P
                & I Constant

            	 	
              NUMERIC
                (12,2)

            
	
              Scheduled
                Beginning Balance

            	 	
              NUMERIC
                (12,2)

            
	
              Arrearage
                Balance

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Legal and Other Expenses

            	 	
              NUMERIC
                (12,2)

            
	
              Scheduled
                Advanced Interest

            	 	
              NUMERIC
                (12,2)

            
	
              Scheduled
                Liquidated Amount

            	 	
              NUMERIC
                (12,2)

            
	
              Gross
                Liquidation Proceeds

            	 	
              NUMERIC
                (12,2)

            
	
              P
                & I Advance Balance

            	 	
              NUMERIC
                (12,2)

            
	
              Delinquent
                Service Fee

            	 	
              NUMERIC
                (12,2)

            
	
              Net
                Liquidation Proceeds

            	 	
              NUMERIC
                (12,2)

            
	
              Scheduled
                Net Interest

            	 	
              NUMERIC
                (12,2)

            
	
              Net
                Liquidated Funds Remitted

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Loss (Gain) Amount

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Loss (Gain) to Trust

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Loss (Gain) to Servicer

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Loss Severity %

            	 	
              NUMERIC
                (7,7)

            
	
              Total
                Loss Severity % to Trust

            	 	
              NUMERIC
                (7,7)

            
	
              Total
                Liquidated Remitted

            	 	
              NUMERIC
                (12,2)

            
	
              Claim
                on Trust Loss

            	 	
              NUMERIC
                (12,2)

            
	
              Claim
                on Servicer Loss

            	 	
              NUMERIC
                (12,2)

            
	
              Total
                Claim Amount

            	 	
              NUMERIC
                (12,2)

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      BB

    

    MODIFIED
      LOANS REPORT

    

    Modified
      Loans Report: Provides
      loan level data regarding all loans that the Servicer has modified with the
      first modified payment due within thirty days following the end of the reporting
      cycle. The report contains the following data fields in the order below:

    

    
      	
              Field
                Description

            	 	
              Field
                Description

            
	
              Loan

            	 	
              VARCHAR
                (15)

            
	
              Investor

            	 	
              VARCHAR
                (5)

            
	
              Original
                Category

            	 	
              VARCHAR
                (5)

            
	
              Current
                Category

            	 	
              VARCHAR
                (5)

            
	
              Stop
                Adv Flag

            	 	
              VARCHAR
                (3)

            
	
              Modified
                Due Date

            	 	
              DATE
                (MM/DD/YYYY)

            
	
              Mod
                Loan Curtailment

            	 	
              NUMERIC
                (15,2)

            
	
              Mod
                Loan Curt Adjustment

            	 	
              NUMERIC
                (15,2) 

            
	
              Principal
                Advanced Capped

            	 	
              NUMERIC
                (15,2) 

            
	
              Net
                Interest Advanced Capped

            	 	
              NUMERIC
                (15,2)

            
	
              Service
                Fee Advanced Capped

            	 	
              NUMERIC
                (15,2)

            
	
              Third
                Party Bal Capped

            	 	
              NUMERIC
                (15,2)

            
	
              Amount
                of Other Capped

            	 	
              NUMERIC
                (15,2)

            
	
              Borrower
                Interest Contribution

            	 	
              NUMERIC
                (15,2)

            
	
              Borrower
                Fee Code Arrearage Contribution

            	 	
              NUMERIC
                (15,2)

            
	
              Borrower
                Principal Contribution

            	 	
              NUMERIC
                (15,2)

            
	
              Amt
                Forgiven

            	 	
              NUMERIC
                (15,2)

            
	
              Beg
                Delq Prin Bal

            	 	
              NUMERIC
                (15,2)

            
	
              Beg
                Delq Int Bal

            	 	
              NUMERIC
                (15,2)

            
	
              Beg
                Pre Prin Bal

            	 	
              NUMERIC
                (15,2)

            
	
              Beg
                Pre Int Bal

            	 	
              NUMERIC
                (15,2)

            
	
              Excess
                Int Adjust

            	 	
              NUMERIC
                (15,2)

            
	
              Excess
                Interest on Mod

            	 	
              NUMERIC
                (15,2)

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      CC

    

    FORM
      OF TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
      proposed transferor of an Ownership Interest in the Bear Stearns Asset Backed
      Securities I LLC Asset-Backed Certificates, Series 2007-AC4, Class
      [R-1][R-2][R-3][R-4][RX] Certificate (the “Certificate”) issued
      pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007
      (the
“Agreement”), among
      Bear Stearns Asset Backed Securities I LLC, as depositor, EMC Mortgage
      Corporation, as seller, master servicer and company and Wells Fargo Bank,
      National Association, as trustee
      (the
“Trustee”),
      and
      makes this affidavit on behalf of the Owner for the benefit of the
      Depositor
      and the
      Trustee. Capitalized terms used, but not defined herein, shall have the meanings
      ascribed to such terms in the
      Agreement. 

     

    1.
       The
      Owner
      is not transferring the Certificate to impede the assessment or collection
      of
      any tax.

     

    2.
       The
      Owner
      has no actual knowledge that the proposed transferee of the Certificate: (i)
      has
      insufficient assets to pay any taxes that would be owed by such transferee
      as
      Holder of the Certificate; (ii) may become insolvent or subject to a bankruptcy
      proceeding for so long as the Certificate remains outstanding; and (iii) is
      not
      a Permitted Transferee.

     

    3.
       The
      Owner
      understands that the proposed transferee has delivered to the Trustee and the
      Depositor a transfer affidavit and agreement in the form attached to the
      Agreement as Exhibit C. The Owner does not know or believe that any
      representation contained therein is false.

     

    4.
       At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the proposed transferee as contemplated by Treasury
      Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
      the
      Owner has determined that the proposed transferee has historically paid its
      debts as they became due and has found no significant evidence to indicate
      that
      the proposed transferee will not continue to pay its debts as they become due
      in
      the future. The Owner understands that the transfer of the Certificate may
      not
      be respected for U.S. federal income tax purposes (and the Owner may continue
      to
      be liable for U.S. federal income taxes associated therewith) unless the Owner
      has conducted such an investigation.

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	
              [NAME
                OF OWNER]

            
	 
	 
	
              By:

            	 
	
              Name:

            	
              [Name
                of Officer]

            
	
              Title:

            	
              [Title
                of Officer]

            
	 	 
	 	 
	 	 

    

    

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Owner, and acknowledged to me that he/she executed the same
      as
      his/her free act and deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.Unassociated Document

     

    STRUCTURED
      ASSET MORTGAGE INVESTMENTS II INC.,

     

    Depositor

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

     

    Trustee

     

    and

     

    EMC
      MORTGAGE CORPORATION

     

    Seller
      and Master Servicer 

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2007

     

    Structured
      Asset Mortgage Investments II Inc.

    

    Prime
      Mortgage Trust, Certificates

    

     

    Series
      2007-2

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS 

     

    

      
        	
                ARTICLE
                  I   Definitions

              
	 	 
	
                Section
                  1.01

              	
                Definitions.

              
	 	 
	
                ARTICLE
                  II  Conveyance
                  of Mortgage Loans; Original Issuance of Certificates

                 

              
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans to Trustee.

              
	
                Section
                  2.02

              	
                Acceptance
                  of Mortgage Loans and Underlying Certificates by Trustee.

              
	
                Section
                  2.03

              	
                Assignment
                  of Interest in the Mortgage Loan Purchase Agreement.

              
	
                Section
                  2.04

              	
                Substitution
                  of Mortgage Loans.

              
	
                Section
                  2.05

              	
                Issuance
                  of Certificates.

              
	
                Section
                  2.06

              	
                Representations
                  and Warranties Concerning the Depositor.

              
	
                Section
                  2.07

              	
                Representations
                  and Warranties of EMC.

              
	
                Section
                  2.08

              	
                Delivery
                  of Opinion of Counsel in Connection with Substitutions and
                  Repurchases.

                 

              
	
                ARTICLE
                  III  
                  Administration
                  of the Trust Fund and Servicing of Mortgage Loans

                 

              
	
                Section
                  3.01

              	
                Master
                  Servicer.

              
	
                Section
                  3.02

              	
                REMIC-Related
                  Covenants.

              
	
                Section
                  3.03

              	
                Monitoring
                  of Servicers.

              
	
                Section
                  3.04

              	
                Fidelity
                  Bond.

              
	
                Section
                  3.05

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  3.06

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.07

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  3.08

              	
                Documents,
                  Records and Funds in Possession of Master Servicer to Be Held for
                  Trustee.

              
	
                Section
                  3.09

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  3.10

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.11

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  3.12

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  3.13

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  3.14

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  3.15

              	
                REO
                  Property.

              
	
                Section
                  3.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.17

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  3.18

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  3.19

              	
                Intention
                  of the Parties and Interpretation.

              
	
                Section
                  3.20

              	
                UCC.

              
	
                Section
                  3.21

              	
                Optional
                  Purchase of Defaulted Mortgage Loans.

                 

              
	
                ARTICLE
                  IV   
                  Accounts

                 

              
	
                Section
                  4.01

              	
                Protected
                  Accounts.

              
	
                Section
                  4.02

              	
                Master
                  Servicer Collection Account.

              
	
                Section
                  4.03

              	
                Permitted
                  Withdrawals and Transfers from the Master Servicer Collection
                  Account.

              
	
                Section
                  4.04

              	
                Distribution
                  Account.

              
	
                Section
                  4.05

              	
                Permitted
                  Withdrawals and Transfers from the Distribution Account.

                 

              
	
                ARTICLE
                  V    
                  Certificates

                 

              
	
                Section
                  5.01

              	
                Certificates.

              
	
                Section
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  5.05

              	
                Transfer
                  Restrictions on Residual Certificates.

              
	
                Section
                  5.06

              	
                Restrictions
                  on Transferability of Non-Offered Certificates.

              
	
                Section
                  5.07

              	
                ERISA
                  Restrictions.

              
	
                Section
                  5.08

              	
                Rule
                  144A Information.

                 

              
	
                ARTICLE
                  VI     
                  Payments
                  to Certificateholders

                 

              
	
                Section
                  6.01

              	
                Distributions
                  on the Certificates.

              
	
                Section
                  6.02

              	
                [Reserved.]

              
	
                Section
                  6.03

              	
                Allocation
                  of Losses.

              
	
                Section
                  6.04

              	
                Payments.

              
	
                Section
                  6.05

              	
                Statements
                  to Certificateholders.

              
	
                Section
                  6.06

              	
                Monthly
                  Advances.

              
	
                Section
                  6.07

              	
                Compensating
                  Interest Payments.

                 

              
	
                ARTICLE
                  VII    
                  The Master Servicer

                 

              
	
                Section
                  7.01

              	
                Liabilities
                  of the Master Servicer.

              
	
                Section
                  7.02

              	
                Merger
                  or Consolidation of the Master Servicer.

              
	
                Section
                  7.03

              	
                Indemnification
                  of the Trustee and the Master Servicer

              
	
                Section
                  7.04

              	
                Limitations
                  on Liability of the Master Servicer and Others.

              
	
                Section
                  7.05

              	
                Master
                  Servicer Not to Resign.

              
	
                Section
                  7.06

              	
                Successor
                  Master Servicer.

              
	
                Section
                  7.07

              	
                Sale
                  and Assignment of Master Servicing.

                 

              
	
                ARTICLE
                  VIII    
                  Default

                 

              
	
                Section
                  8.01

              	
                Events
                  of Default.

              
	
                Section
                  8.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  8.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  8.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  8.05

              	
                List
                  of Certificateholders.

                 

              
	
                ARTICLE
                  IX       
                  Concerning
                  the Trustee

                 

              
	
                Section
                  9.01

              	
                Duties
                  of Trustee.

              
	
                Section
                  9.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                Section
                  9.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  9.04

              	
                Trustee
                  May Own Certificates.

              
	
                Section
                  9.05

              	
                Trustee’s
                  Fees and Expenses.

              
	
                Section
                  9.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                Section
                  9.07

              	
                Insurance.

              
	
                Section
                  9.08

              	
                Resignation
                  and Removal of the Trustee.

              
	
                Section
                  9.09

              	
                Successor
                  Trustee.

              
	
                Section
                  9.10

              	
                Merger
                  or Consolidation of Trustee.

              
	
                Section
                  9.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  9.12

              	
                Federal
                  Information Returns and Reports to Certificateholders; REMIC
                  Administration.

                 

              
	
                ARTICLE
                  X         
                  Termination

                 

              
	
                Section
                  10.01

              	
                Termination
                  Upon Repurchase by the Depositor or its Designee or Liquidation of the
                  Mortgage Loans.

              
	
                Section
                  10.02

              	
                Additional
                  Termination Requirements with respect to the Certificates.

              
	 	 
	
                ARTICLE
                  XI       
                  Miscellaneous
                  Provisions 

              
	
                 

              	
                 

              
	
                Section
                  11.01

              	
                Intent
                  of Parties.

              
	
                Section
                  11.02

              	
                Amendment.

              
	
                Section
                  11.03

              	
                Recordation
                  of Agreement.

              
	
                Section
                  11.04

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  11.05

              	
                Acts
                  of Certificateholders.

              
	
                Section
                  11.06

              	
                Governing
                  Law.

              
	
                Section
                  11.07

              	
                Notices.

              
	
                Section
                  11.08

              	
                Severability
                  of Provisions.

              
	
                Section
                  11.09

              	
                Successors
                  and Assigns.

              
	
                Section
                  11.10

              	
                Article
                  and Section Headings.

              
	
                Section
                  11.11

              	
                Counterparts.

              
	
                Section
                  11.12

              	
                Notice
                  to Rating Agencies.

              

      

    

     

     

    .

     

    EXHIBITS
      

     

    
      	
              Exhibit
                A-1

            	
              -

            	
              Form
                of Class A Certificates

            
	
              Exhibit
                A-2

            	
              -

            	
              Form
                of Class B Certificates

            
	
              Exhibit
                A-3

            	
              -

            	
              Form
                of Class PO Certificates

            
	
              Exhibit
                A-4

            	
              -

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-5

            	
              -

            	
              Form
                of Class X Certificates

            
	
              Exhibit
                B

            	
              -

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C

            	
              -

            	
              Reserved

            
	
              Exhibit
                D

            	
              -

            	
              Request
                for Release of Documents

            
	
              Exhibit
                E

            	
              -

            	
              Form
                of Affidavit pursuant to Section 860E(e)(4)

            
	
              Exhibit
                F-1

            	
              -

            	
              Form
                of Investment Letter

            
	
              Exhibit
                F-2

            	
              -

            	
              Form
                of Rule 144A and Related Matters Certificate

            
	
              Exhibit
                F-3

            	
              -

            	
              Form
                of Rule 144A Global Certificate to Regulation S Global
                Certificate

            
	
              Exhibit
                F-4

            	
              -

            	
              Form
                of Regulation S Global Certificate to Rule 144A Global
                Certificate

            
	
              Exhibit
                G

            	
              -

            	
              Form
                of Custodial Agreement

            
	
              Exhibit
                H

            	
              -

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                I-1

            	
              -

            	
              EMC
                Servicing Agreement

            
	
              Exhibit
                I-2

            	 	
              NCMC
                Servicing Agreement

            
	
              Exhibit
                J-1

            	
              -

            	
              EMC
                Assignment Agreement

            
	
              Exhibit
                J-2

            	 	
              NCMC
                Assignment Agreement

            
	
              Exhibit
                K

            	
              -

            	
              Form
                of Back-Up Certification

            
	
              Exhibit
                L

            	
              -

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                M

            	
              -

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility

            
	
              Exhibit
                N

            	
              -

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                O

            	
              -

            	
              Aggregate
                Planned Principal Schedules

            
	
              Exhibit
                P

            	
              -

            	
              Form
                of Trustee Limited Power of Attorney

            
	
              Exhibit
                Q

            	
              -

            	
              Form
                of Certification to be provided by the Trustee to the
                Depositor

            
	
              Exhibit
                R

            	
              -

            	
              Form
                of the Master Servicer’s Data Layout
                Report

            

    

    

    

    POOLING
      AND SERVICING AGREEMENT

     

    Pooling
      and Servicing Agreement dated as of April 1, 2007, among Structured Asset
      Mortgage Investments II Inc., a Delaware corporation, as depositor (the
“Depositor”), U.S. Bank National Association, as trustee (the “Trustee”), and
      EMC Mortgage Corporation, as seller (in such capacity, the “Seller”) and as
      master servicer (in such capacity, the “Master Servicer”).

     

    PRELIMINARY
      STATEMENT

     

    On
      or
      prior to the Closing Date, the Depositor acquired the Mortgage Loans from the
      Seller. On the Closing Date, the Depositor will sell the Mortgage Loans and
      certain other property to the Trust Fund and receive in consideration therefor
      the Certificates, together evidencing the entire beneficial ownership interest
      in the Trust Fund.

     

    The
      Trustee on behalf of the Trust shall make an election for the assets
      constituting the Trust REMIC to be treated for federal income tax purposes
      as a
      REMIC. On the Startup Day, the Regular Certificates will be designated the
      “regular interests” in such REMIC, and the Class R Certificates will be
      designated the sole class of “residual interests” in such REMIC.

     

    The
      Mortgage Loans will have an Outstanding Principal Balance as of the Cut-off
      Date, after deducting all Scheduled Principal due on or before the Cut-off
      Date,
      of $331,901,017.06.
      The
      initial principal amount of the Certificates will not exceed such Outstanding
      Principal Balance.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Seller and the Trustee agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      I

    Definitions

     

    Section
      1.01 Definitions.

     

    Whenever
      used in this Agreement, the following words and phrases, unless otherwise
      expressly provided or unless the context otherwise requires, shall have the
      meanings specified in this Article.

     

    Accepted
      Master Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) 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 a Servicer), or (y) as provided in the applicable Servicing
      Agreement, to the extent applicable to any Servicer, but in no event below
      the
      standard set forth in clause (x).

     

    Account:
      The
      Master Servicer Collection Account, the Distribution Account and the Protected
      Accounts as the context may require.

     

    Accrued
      Certificate Interest:
      For any
      Certificate (other than the Class PO Certificates) for any Distribution Date,
      the interest accrued during the related Interest Accrual Period at the
      applicable Pass-Through Rate on the Current Principal Amount, or Notional Amount
      in the case of any Interest Only Certificate, of such Certificate immediately
      prior to such Distribution Date, less (i) in the case of a Senior Certificate
      (other than the Class PO Certificates or Class X Certificates), such
      Certificate’s share of any Net Interest Shortfall from the Mortgage Loans and,
      after the Cross-Over Date, the interest portion of any Realized Losses on the
      Mortgage Loans allocated thereto in accordance with Section 6.03(e) and (ii)
      in
      the case of a Subordinate Certificate, such Certificate’s share of any Net
      Interest Shortfall from the Mortgage Loans and the interest portion of any
      Realized Losses on the Mortgage Loans allocated thereto in accordance with
      Section 6.03(e). All calculations of interest on the Certificates will be made
      on the basis of a 360-day year consisting of twelve 30-day months.

     

    Additional
      Disclosure:
      As
      defined in Section 3.18.

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 3.18.

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 3.18.

     

    Affiliate:
      As to
      any Person, any other Person controlling, controlled by or under common control
      with such Person. “Control” means the power to direct the management and
      policies of a Person, directly or indirectly, whether through ownership of
      voting securities, by contract or otherwise. “Controlled” and “Controlling” have
      meanings correlative to the foregoing. The Trustee may conclusively presume
      that
      a Person is not an Affiliate of another Person unless a Responsible Officer
      of
      the Trustee has actual knowledge to the contrary.

     

    Agreement:
      This
      Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    American
      Home:
      American Home Mortgage Corp.

     

    Annual
      Statement of Compliance:
      As
      defined in Section 3.16.

     

    Allocable
      Share:
      With
      respect to any Class of Subordinate Certificates on any Distribution Date will
      generally equal such Class’s pro rata share (based on the Current Principal
      Amount of each Class entitled thereto) of the sum of each of the components
      of
      the definition of Subordinate Optimal Principal Amount; provided, that except
      as
      described in the succeeding sentence, no Class of Subordinate Certificates
      (other than the Class of Subordinate Certificates outstanding with the lowest
      numerical designation) shall be entitled on any Distribution Date to receive
      distributions pursuant to clauses (2), (3) and (5) of the definition of
      Subordinate Optimal Principal Amount unless the Class Prepayment Distribution
      Trigger for the related Class is satisfied for such Distribution Date. If on
      any
      Distribution Date the Current Principal Amount of any Class of Subordinate
      Certificates for which the Class Prepayment Distribution Trigger was satisfied
      on such Distribution Date is reduced to zero, any amounts distributable to
      such
      Class pursuant to clauses (2), (3) and (5) of the definition of Subordinate
      Optimal Principal Amount, to the extent of such Class’s remaining Allocable
      Share, shall be distributed to the remaining Classes of Subordinate Certificates
      in reduction of their respective Current Principal Amounts, sequentially, in
      the
      order of their numerical Class designations.

     

    Applicable
      Credit Rating:
      For any
      long-term deposit or security, a credit rating of AAA in the case of each of
      S&P and Fitch or Aaa in the case of Moody’s. For any short-term deposit or
      security, a rating of A-l+ in the case of S&P, F-1+ in the case of Fitch or
      P-1 in the case of Moody’s.

     

    Applicable
      State Law:
      For
      purposes of Section 9.12(d), the Applicable State Law shall be (a) the law
      of
      the State of New York and (b) such other state law whose applicability shall
      have been brought to the attention of the Trustee by either (i) an Opinion
      of
      Counsel reasonably acceptable to the Trustee delivered to it by the Master
      Servicer or the Depositor, or (ii) written notice from the appropriate taxing
      authority as to the applicability of such state law.

     

    Appraised
      Value:
      For any
      Mortgaged Property related to a Mortgage Loan, the amount set forth as the
      appraised value of such Mortgaged Property in an appraisal made for the mortgage
      originator in connection with its origination of the related Mortgage
      Loan.

     

    Assessment
      of Compliance:
      As
      defined in Section 3.17.

     

    Assignment
      Agreements:
      The
      agreements attached hereto as Exhibit J, whereby the Servicing Agreements were
      assigned to the Trustee for the benefit of the Holders of the
      Certificateholders.

     

    Assumed
      Final Distribution Date:
      With
      respect to the Certificates, the Distribution Date occurring in April
      2037.

     

    Attesting
      Party:
      As
      defined in Section 3.17.

     

    Attestation
      Report:
      As
      defined in Section 3.17.

     

    Available
      Funds:
      For any
      Distribution Date, an amount which generally includes, (1) all previously
      undistributed payments on account of principal (including the principal portion
      of Monthly Payments, Principal Prepayments and the principal amount of Net
      Liquidation Proceeds) with regard to the Mortgage Loans and all previously
      undistributed payments on account of interest received after the Cut-Off Date
      and on or prior to the related Determination Date and any proceeds from a
      repurchase of a Mortgage Loan, (2) any Monthly Advances made by the Master
      Servicer or a Servicer for such Distribution Date, (3) any Compensating Interest
      made by a Servicer for such Distribution Date in respect of the Mortgage Loans
      and (4) any amounts reimbursed by the Master Servicer or the Trustee in
      connection with losses on certain eligible investments, net of all fees payable
      to, and amounts reimbursable to, the Servicers, the Master Servicer, the Trustee
      and the Custodian as provided in this Agreement and the Custodial Agreement
      and
      investment earnings on amounts on deposit in the Master Servicer Collection
      Account and the Distribution Account.

     

    Average
      Loss Severity Percentage:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the sum of the Loss Severity Percentages for each Mortgage
      Loan which had a Realized Loss and the denominator of which is the number of
      Mortgage Loans which had Realized Losses.

     

    Bankruptcy
      Code:
      The
      United States Bankruptcy Code, as amended as codified in 11 U.S.C. §§
101-1330.

     

    Bankruptcy
      Loss:
      With
      respect to any Mortgage Loan, any Deficient Valuation or Debt Service Reduction
      related to such Mortgage Loan as reported by the applicable Servicer to the
      Master Servicer.

     

    Book-Entry
      Certificates:
      Initially, all Classes of the Senior Certificates (other than the Residual
      Certificates) and the Offered Subordinate Certificates.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, or (ii) a day on which the New York
      Stock
      Exchange or Federal Reserve is closed or on which banking institutions in the
      jurisdiction in which the Trustee, the Master Servicer or any Servicer is
      located are authorized or obligated by law or executive order to be
      closed.

     

    Certificate:
      Any one
      of the Certificates executed and countersigned by the Trustee substantially
      in
      the form of Exhibits A-1 through A-3 attached hereto.

     

    Certificates
      Distribution Report:
      The
      report prepared by the Trustee with respect to the Certificates and the Mortgage
      Loans pursuant to Section 6.05(a).

     

    Certificateholder:
      A
      Holder of a Certificate.

     

    Certificate
      Owner:
      Any
      Person who is the beneficial owner of a Certificate registered in the name
      of
      the Depository or its nominee.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 5.02.

     

    Class:
      With
      respect to the Certificates, A-1, A-2, A-3, B-1, B-2, B-3, B-4, B-5, B-6, X,
      PO
      and R. 

     

    Class
      A Certificates:
      Any of
      the Class A-1, Class A-2 and Class A-3 Certificates.

     

    Class
      B Certificates:
      Any of
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates.

     

    Class
      PO Certificates:
      Any
      Certificate designated as a “Class PO Certificate” on its face.

     

    Class
      PO Certificate Cash Shortfall:
      For any
      Distribution Date and the Class PO Certificates, the difference between (i)
      principal distributable to the Class PO Certificates in accordance with priority
      fourth
      of
      clause (i) under subsection 6.01(a), and (ii) principal actually distributed
      to
      the Class PO Certificates after giving effect to clause (iii) under subsection
      6.01(a).

     

    Class
      PO Certificate Deferred Amount:
      As to
      each Distribution Date through the Cross-Over Date, the aggregate of all amounts
      allocable on such dates to the Class PO Certificates in respect of the principal
      portion of Realized Losses in respect of Discount Mortgage Loans and the Class
      PO Certificate Cash Shortfall and all amounts previously allocated in respect
      of
      such losses and such shortfalls to the Class PO Certificates, and not
      distributed on prior Distribution Dates.

     

    Class
      PO Certificate Principal Distribution Amount:
      For
      each of the Class PO Certificates with respect to each Distribution Date, an
      amount equal to the sum of:

     

    (i) the
      PO
      Percentage of all scheduled payments of principal due on each Discount Mortgage
      Loan on the related Due Date as specified in the amortization schedule at the
      time applicable thereto (after adjustment for previous principal prepayments
      but
      before any adjustment to such amortization schedule by reason of any bankruptcy
      or similar proceeding or any moratorium or similar waiver or grace
      period);

     

    (ii) the
      PO
      Percentage of the Scheduled Principal Balance of each Discount Mortgage Loan
      which was the subject of a prepayment in full received by the related Servicer
      during the applicable Prepayment Period;

     

    (iii) the
      PO
      Percentage of all partial prepayments of principal of each Discount Mortgage
      Loan received during the applicable Prepayment Period;

     

    (iv) the
      lesser of (a) the PO Percentage of the sum of (A) all Net Liquidation Proceeds
      and Subsequent Recoveries allocable to principal on each Discount Mortgage
      Loan
      which became a Liquidated Mortgage Loan during the calendar month immediately
      preceding such Distribution Date (other than a Discount Mortgage Loan described
      in clause (B)) and (B) the Scheduled Principal Balance of each such Discount
      Mortgage Loan purchased by an insurer from the Trustee during the related
      Prepayment Period pursuant to the related Primary Mortgage Insurance Policy,
      if
      any, or otherwise; and (b) the PO Percentage of the sum of (A) the Scheduled
      Principal Balance of each Discount Mortgage Loan which became a Liquidated
      Mortgage Loan during the calendar month immediately preceding such Distribution
      Date (other than a Discount Mortgage Loan described in clause (B)) and (B)
      the
      Scheduled Principal Balance of each such Discount Mortgage Loan that was
      purchased by an insurer from the Trustee during the related Prepayment Period
      pursuant to the related Primary Mortgage Insurance Policy, if any, or otherwise;
      and

     

    (v) the
      PO
      Percentage of the sum of (a) the Scheduled Principal Balance of each Discount
      Mortgage Loan which was repurchased by the Seller in connection with such
      Distribution Date and (b) the difference, if any, between the Scheduled
      Principal Balance of a Discount Mortgage Loan that has been replaced by the
      Seller with a substitute Discount Mortgage Loan pursuant to the Agreement in
      connection with such Distribution Date and the Scheduled Principal Balance
      of
      such substitute Discount Mortgage Loan.

     

    Class
      Prepayment Distribution Trigger:
      For a
      Class of Subordinate Certificates for any Distribution Date, the Class
      Prepayment Distribution Trigger is satisfied if the fraction (expressed as
      a
      percentage), the numerator of which is the aggregate Current Principal Amount
      of
      such Class and each Class of Subordinate Certificates subordinate thereto,
      if
      any, and the denominator of which is the Scheduled Principal Balance of all
      of
      the Mortgage Loans as of the beginning of the related Due Period, equals or
      exceeds such percentage calculated as of the Closing Date.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Securities and Exchange Act of 1934, as amended, which initially shall be DTC,
      Clearstream, Luxembourg and Euroclear.

     

    Clearstream,
      Luxembourg:
      Clearstream Banking, a société anonyme, a limited liability company organized
      under the laws of Luxembourg.

     

    Closing
      Date:
      April
      30, 2007.

     

    Code:
      The
      Internal Revenue Code of 1986, as amended.

     

    Company:
      EMC
      Mortgage Corporation, in its capacity as servicer.

     

    Compensating
      Interest Payment:
      As
      defined in Section 6.07.

     

    Corporate
      Trust Office:
      The
      office of the Trustee at which at any particular time its corporate trust
      business is 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/PRIME 2007-2,
      or such other address as the Trustee may designate from time to time.

     

    Credit
      Support Depletion Date:
      The
      first Distribution Date on which the Senior Percentage equals 100%.

     

    Cross-Over
      Date:
      The
      Distribution Date on which the Current Principal Amounts of the Subordinate
      Certificates are reduced to zero.

     

    Current
      Principal Amount:
      With
      respect to any Certificate (other than an Interest Only Certificate) as of
      any
      Distribution Date, the initial principal amount of such Certificate plus any
      Subsequent Recoveries added to the Current Principal Amount of such Certificate
      pursuant to Section 6.01(g), and reduced by (i) all amounts distributed on
      previous Distribution Dates on such Certificate or Component with respect to
      principal, (ii) the principal portion of all Realized Losses allocated prior
      to
      such Distribution Date to such Certificates, taking account of the Loss
      Allocation Limitation and (iii) in the case of a Subordinate Certificate, such
      Certificate’s pro rata share, if any, of the applicable Subordinate Certificate
      Writedown Amount for previous Distribution Dates. With respect to any Class
      of
      Certificates (other than an Interest Only Certificate), the Current Principal
      Amount thereof will equal the sum of the Current Principal Amounts of all
      Certificates in such Class. Notwithstanding the foregoing, solely for purposes
      of giving consents, directions, waivers, approvals, requests and notices, each
      of the Residual Certificates after the Distribution Date on which they each
      receive the distribution of the last dollar of their respective original
      principal amount shall be deemed to have Current Principal Amounts equal to
      their respective Current Principal Amounts on the day immediately preceding
      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 the Closing Date among the Depositor, the Master
      Servicer, the Trustee, the Custodian, EMC as a seller and Master Funding as
      a
      seller in substantially the form of Exhibit G hereto.

     

    Custodian:
      Wells
      Fargo Bank, National Association, or any successor custodian appointed pursuant
      to the provisions hereof and of the Custodial Agreement.

     

    Cut-off
      Date:
      April
      1, 2007.

     

    Cut-off
      Date Balance:
      An
      amount equal to $331,901,017.06.

     

    Debt
      Service Reduction:
      Any
      reduction of the Scheduled Payments which a Mortgagor is obligated to pay with
      respect to a Mortgage Loan as a result of any proceeding under the Bankruptcy
      Code or any other similar state law or other proceeding.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation of the Mortgaged Property by a court
      of competent jurisdiction in an amount less than the then outstanding
      indebtedness under the Mortgage Loan, which valuation results from a proceeding
      initiated under the Bankruptcy Code or any other similar state law or other
      proceeding.

     

    Delinquent:
      The
      delinquency method used for calculations with respect to the Mortgage Loans
      will
      be in accordance with the methodology used by the Mortgage Bankers Association.
      Under this method, a mortgage loan is considered "30 days or more Delinquent"
      if
      the borrower fails to make a scheduled payment prior to the mortgage loan’s
      first succeeding due date. For example, if a securitization had a closing date
      occurring in August and a cut-off date of August 1, a mortgage loan with a
      payment due on July 1 that remained unpaid as of the close of business on July
      31 would be described as 30 days delinquent as of the cut-off date. A mortgage
      loan would be considered "60 days or more Delinquent" with respect to such
      scheduled payment if such scheduled payment were not made prior to the close
      of
      business on the day prior to the mortgage loan’s second succeeding due date date
      (or, in the preceding example, if the mortgage loan with a payment due on June
      1
      remained unpaid as of the close of business on July 31). Similarly for "90
      days
      or more Delinquent" and so on. Unless otherwise specified, with respect to
      any
      date of determination, determinations of delinquency are made as of the last
      day
      of the prior calendar month. Mortgage Loans with Due Dates which are not the
      first of the month are treated as if the Due Date was the first of the following
      month. This method of determining delinquencies is also referred to as the
      MBA
      method.

     

    Depositor:
      Structured Asset Mortgage Investments II Inc., a Delaware corporation, or its
      successors in interest.

     

    Depositor
      Information:
      As
      defined in Section 3.18(c).

     

    Depository:
      The
      Depository Trust Company, the nominee of which is Cede & Co., or any
      successor thereto.

     

    Depository
      Agreement:
      The
      meaning specified in Subsection 5.01(a) hereof.

     

    Depository
      Participant:
      A
      broker, dealer, bank or other financial institution or other Person for whom
      from time to time the Depository effects book-entry transfers and pledges of
      securities deposited with the Depository.

     

    Designated
      Depository Institution:
      A
      depository institution (commercial bank, federal savings bank, mutual savings
      bank or savings and loan association) or trust company (which may include the
      Trustee), the deposits of which are fully insured by the FDIC to the extent
      provided by law.

     

    Determination
      Date:
      With
      respect to each Mortgage Loan, the Determination Date as defined in the related
      Servicing Agreement.

     

    Discount
      Mortgage Loan:
      Any
      Mortgage Loan with a Net Mortgage Rate less than 6.000% per annum.

     

    Disqualified
      Organization:
      Any of
      the following: (i) the United States, any State or political subdivision
      thereof, any possession of the United States, or any agency or instrumentality
      of any of the foregoing (other than an instrumentality which is a corporation
      if
      all of its activities are subject to tax and, except for the Freddie Mac or
      any
      successor thereto, a majority of its board of directors is not selected by
      such
      governmental unit), (ii) any foreign government, any international organization,
      or any agency or instrumentality of any of the foregoing, (iii) any organization
      (other than certain farmers’ cooperatives described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code (including the
      tax
      imposed by Section 511 of the Code on unrelated business taxable income), (iv)
      rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
      of
      the Code or (v) any other Person so designated by the Trustee based upon an
      Opinion of Counsel that the holding of an ownership interest in a Residual
      Certificate by such Person may cause any REMIC contained in the Trust or any
      Person having an Ownership Interest in the Residual Certificate (other than
      such
      Person) to incur a liability for any federal tax imposed under the Code that
      would not otherwise be imposed but for the transfer of an Ownership Interest
      in
      a Residual Certificate to such Person. The terms “United States,” “State” and
“international organization” shall have the meanings set forth in Section 7701
      of the Code or successor provisions.

     

    Distribution
      Account:
      The
      trust account or accounts created and maintained pursuant to Section 4.04,
      which
      shall be denominated “U.S. Bank National Association, as Trustee, f/b/o holders
      of Structured Asset Mortgage Investments II Inc., Prime Mortgage Trust,
      Certificates, Series 2007-2 - Distribution Account.” The Distribution Account
      shall be an Eligible Account.

     

    Distribution
      Account Deposit Date:
      The
      Business Day prior to each Distribution Date.

     

    Distribution
      Date:
      The
      25th day of any month, beginning in May 2007, or, if such 25th day is not a
      Business Day, the immediately following Business Day.

     

    Distribution
      Report:
      The
      Asset-Backed Issuer Distribution Report pursuant to Section 13 or 15(d) of
      the
      Exchange Act.

     

    DTC
      Custodian:
      U.S.
      Bank National Association, or its successors in interest as custodian for the
      Depository.

     

    Due
      Date:
      With
      respect to each Mortgage Loan, the date in each month on which its Scheduled
      Payment is due if such due date is the first day of a month and otherwise is
      deemed to be the first day of the following month or such other date specified
      in the related Servicing Agreement.

     

    Due
      Period:
      With
      respect to any Distribution Date and each Mortgage Loan, the period commencing
      on the second day of the month preceding the month in which the Distribution
      Date occurs and ending at the close of business on the first day of the month
      in
      which the Distribution Date occurs.

     

    EDGAR:
      As
      defined in Section 3.18.

     

    Eligible
      Account:
      Any
      of (i) a segregated 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) a segregated 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 (obtained by the Person requesting that
      the
      account be held pursuant to this clause (ii)) 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, each of which
      shall mature not later than the Business Day immediately preceding the
      Distribution Date next following the date of investment in such collateral
      or
      the Distribution Date if such Permitted Investment is an obligation of the
      institution that maintains the Distribution Account) 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
      segregated 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 segregated account acceptable to the
      Rating Agencies, as evidenced in writing. Eligible Accounts may bear interest,
      and may include, if otherwise qualified under this definition, accounts
      maintained with the Trustee.

     

    EMC:
      EMC
      Mortgage Corporation.

     

    EMC
      Flow Loans:
      The
      Mortgage Loans purchased by EMC pursuant to a flow loan purchase
      agreement.

     

    EMC
      Servicing Agreement:
      With
      respect to the Mortgage Loans serviced by the Company, the Servicing Agreement
      dated as of April 1, 2007, between the Depositor and the Company, attached
      hereto as Exhibit I-2 and as modified by the related Assignment
      Agreement.

     

    ERISA:
      The
      Employee Retirement Income Security Act of 1974, as amended.

     

    Euroclear:
      Euroclear Clearance System, Société Cooperative, a Belgium cooperative
      cooperation.

     

    Euroclear
      Operator:
      Euroclear Bank S.A./N.V., as operator of the Euroclear system.

     

    Event
      of Default:
      An
      event of default described in Section 8.01.

     

    Excess
      Liquidation Proceeds:
      To the
      extent that such amount is not required by law to be paid to the related
      Mortgagor, the amount, if any, by which Liquidation Proceeds with respect to
      a
      Liquidated Mortgage Loan exceed the sum of (i) the Outstanding Principal Balance
      of such Mortgage Loan and accrued but unpaid interest at the related Mortgage
      Interest Rate through the last day of the month in which the related Liquidation
      Date occurs, plus (ii) related Liquidation Expenses.

     

    Exchange
      Act:
      Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Reports:
      Any
      reports required to be filed pursuant to Section 3.18 of this
      Agreement.

     

    Fannie
      Mae:
      Federal
      National Mortgage Association or any successor thereto.

     

    FDIC:
      Federal
      Deposit Insurance Corporation or any successor thereto.

     

    Final
      Certification:
      The
      certification substantially in the form of Exhibit Three to the Custodial
      Agreement.

     

    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 1 to November 30, as applicable.

     

    Fitch:
      Fitch,
      Inc. or its successor in interest.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 3.18(a)(ii)(A).

     

    Form
      10-K Filing Deadline:
      As
      defined in Section 3.18.

     

    Fractional
      Undivided Interest:
      With
      respect to any Class of Certificates, the fractional undivided interest
      evidenced by any Certificate of such Class, the numerator of which is the
      Current Principal Amount, or Notional Amount in the case of the Interest Only
      Certificates, of such Certificate and the denominator of which is the Current
      Principal Amount, or Notional Amount in the case of the Interest Only
      Certificates, of such Class. With respect to the Certificates in the aggregate,
      the fractional undivided interest evidenced by (i) the Residual Certificates
      will be deemed to equal 0.25%, (ii) each Class of Interest Only Certificates
      will be deemed to equal 1.0% multiplied by a fraction, the numerator of which
      is
      the Notional Amount of such Certificate and the denominator of which is the
      aggregate Notional Amount of its respective Class and (iii) a
      Certificate of any other Class will be deemed to equal the fractional undivided
      interest remaining after taking into account clauses (i) and (ii) multiplied
      by
      a fraction,
      the
      numerator of which is the Current Principal Amount of such Certificate and
      the
      denominator of which is the aggregate Current Principal Amount of all the
      Certificates; provided, however, the percentage in clause (iii) above shall
      be
      increased by 1.0% upon the retirement of each Class of Interest Only
      Certificates.

     

    Freddie
      Mac:
      Freddie
      Mac, formerly the Federal Home Loan Mortgage Corporation, or any successor
      thereto.

     

    Global
      Certificate:
      Any
      Non-Offered 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).

     

    Holder:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that, subject to Subsections 11.02(b) and 11.05(e), solely for the
      purpose of giving any consent pursuant to this Agreement, any Certificate
      registered in the name of the Depositor, the Master Servicer or the Trustee
      or
      any Affiliate thereof shall be deemed not to be outstanding and the Fractional
      Undivided Interest evidenced thereby shall not be taken into account in
      determining whether the requisite percentage of Fractional Undivided Interests
      necessary to effect any such consent has been obtained.

     

    Indemnified
      Persons:
      The
      Trustee, the Master Servicer and the Custodian and their officers, directors,
      agents and employees and, with respect to the Trustee, any separate co-trustee
      and its officers, directors, agents and employees.

     

    Independent:
      When
      used with respect to any specified Person, this term means that such Person
      (a)
      is in fact independent of the Depositor or the Master Servicer and of any
      Affiliate of the Depositor or the Master Servicer, (b) does not have any direct
      financial interest or any material indirect financial interest in the Depositor
      or the Master Servicer or any Affiliate of the Depositor or the Master Servicer
      and (c) is not connected with the Depositor or the Master Servicer or any
      Affiliate as an officer, employee, promoter, underwriter, trustee, partner,
      director or person performing similar functions.

     

    Individual
      Certificate:
      Any
      Non-Offered 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.

     

    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, any standard hazard insurance policy, flood
      insurance policy or title insurance policy.

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy covering any Mortgage Loan or
      Mortgaged Property other than amounts required to be paid over to the Mortgagor
      pursuant to law or the related Mortgage Note or Security Instrument and other
      than amounts used to repair or restore the Mortgaged Property or to reimburse
      insured expenses.

     

    Interest
      Accrual Period:
      For
      each Class of Certificates and for any Distribution Date, the calendar month
      preceding the month in which such Distribution Date occurs. All calculations
      of
      interest on the Certificates will be made on the basis of a 360-day year
      consisting of twelve 30-day months.

     

    Interest
      Only Certificates:
      The
      Class X Certificates.

     

    Interest
      Shortfall:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or constitutes
      a
      Relief Act Mortgage Loan, an amount determined as follows:

     

    (A) Partial
      principal prepayments received during the relevant Prepayment Period: The
      difference between (i) one month’s interest at the applicable Net Mortgage Rate
      on the amount of such prepayment and (ii) the amount of interest for the
      calendar month of such prepayment (adjusted to the applicable Net Mortgage
      Rate)
      received at the time of such prepayment;

     

    (B) Principal
      prepayments in full received during the relevant Prepayment Period: The
      difference between (i) one month’s interest at the applicable Net Mortgage Rate
      on the Scheduled Principal Balance of such Mortgage Loan immediately prior
      to
      such prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Mortgage Rate) received at the time
      of such prepayment; and

     

    (C) As
      to any
      Relief Act Mortgage Loan, the excess of (i) 30 days’ interest (or, in the case
      of a principal prepayment in full, interest to the date of prepayment) on the
      Scheduled Principal Balance thereof (or, in the case of a principal prepayment
      in part, on the amount so prepaid) at the related Net Mortgage Rate over (ii)
      30
      days’ interest (or, in the case of a principal prepayment in full, interest to
      the date of prepayment) on such Scheduled Principal Balance (or, in the case
      of
      a Principal Prepayment in part, on the amount so prepaid) at the Net Mortgage
      Rate required to be paid by the Mortgagor as limited by application of the
      Relief Act.

     

    Interim
      Certification:
      The
      certification substantially in the form of Exhibit Two to the Custodial
      Agreement.

     

    Investment
      Letter:
      The
      letter to be furnished by each Institutional Accredited Investor which purchases
      any of the Class B-4, Class B-5 or Class B-6 Certificates in connection with
      such purchase, substantially in the form set forth as Exhibit F-1
      hereto.

     

    Issuing
      Entity:
      Prime
      Mortgage Trust 2007-2.

     

    Lender-Paid
      PMI Rate:
      With
      respect to each Mortgage Loan covered by a lender-paid primary mortgage
      insurance policy, the amount payable to the related insurer, as stated in the
      Mortgage Loan Schedule.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the related Servicer or the Master Servicer
      has determined that all amounts it expects to recover from or on account of
      such
      Mortgage Loan have been recovered.

     

    Liquidation
      Date:
      With
      respect to any Liquidated Mortgage Loan, the date on which the Master Servicer
      or the related Servicer has certified that such Mortgage Loan has become a
      Liquidated Mortgage Loan.

     

    Liquidation
      Expenses:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Master Servicer or the related Servicer
      in
      connection with the liquidation of such Mortgage Loan and the related Mortgage
      Property, such expenses including (a) property protection expenses, (b) property
      sales expenses, (c) foreclosure and sale costs, including court costs and
      reasonable attorneys’ fees, and (d) similar expenses reasonably paid or incurred
      in connection with liquidation.

     

    Liquidation
      Proceeds:
      Amounts, other than Insurance Proceeds, received in connection with the partial
      or complete liquidation of a Mortgage Loan, whether through trustee’s sale,
      foreclosure sale or otherwise, or in connection with any condemnation or partial
      release of a Mortgaged Property and any other proceeds received with respect
      to
      an REO Property.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, 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 Original Value of the related Mortgaged
      Property.

     

    Lockout
      Certificates:
      The
Class
      A-3
Certificates.

     

    Lockout
      Priority Amount:
      For any
      Distribution Date the product of (i) the Shift Percentage and (ii) (x) the
      aggregate of the collections described in the definition of Senior Optimal
      Principal Amount for such Distribution Date (without application of the Senior
      Percentage) multiplied by (y) a fraction, the numerator of which is the Current
      Principal Amount of the Class A-3 Certificates immediately prior to that
      Distribution Date and the denominator of which is the sum of the Non-PO
      Percentages of the Scheduled Principal Balances of the Mortgage Loans as of
      the
      first day of the related Due Period.

     

    Loss
      Allocation Limit:
      The
      meaning specified in Subsection 6.03(a)(v) hereof.

     

    Loss
      Severity Percentage:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the amount of Realized Losses incurred on a Mortgage
      Loan
      and the denominator of which is the Scheduled Principal Balance of such Mortgage
      Loan immediately prior to the liquidation of such Mortgage Loan.

     

    Lost
      Notes:
      The
      original Mortgage Notes that have been lost, as indicated on the Mortgage Loan
      Schedule.

     

    Master
      Funding:
      Master
      Funding LLC, a Delaware limited liability company, and its successors and
      assigns, in its capacity as the seller of the Master Funding Mortgage Loans
      to
      the Depositor.

     

    Master
      Funding Mortgage Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule for which Master
      Funding is the applicable seller.

     

    Master
      Servicer:
      As of
      the Closing Date, EMC Mortgage Corporation and, thereafter, its respective
      successors in interest who meet the qualifications of the Servicing Agreements
      and this Agreement.

     

    Master
      Servicing Compensation:
      For any
      Distribution Date, any amounts earned on the investment of funds on deposit
      in
      the Master Servicer Collection Account.

     

    Master
      Servicer Collection Account: 
      The
      trust
      account or accounts created and maintained pursuant to Section 4.02, which
      shall
      be denominated “EMC Mortgage Corporation, as Master Servicer for the benefit of
      the Trustee on behalf of holders of Structured Asset Mortgage Investments II
      Inc., Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2
      -
      Master Servicer Collection Account.” The Master Servicer Collection Account
      shall be an Eligible Account.

     

    Master
      Servicer Information:
      As
      defined in Section 3.18(c).

     

    Material
      Defect:
      The
      meaning specified in Section 2.02(a).

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    MERS®
      System:
      The
      system of recording transfers of Mortgages electronically maintained by
      MERS.

     

    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, or as nominee for any
      subsequent assignee of the originator pursuant to an assignment of mortgage
      to
      MERS.

     

    Monthly
      Advance:
      An
      advance of principal or interest required to be made by the applicable Servicer
      pursuant to the related Servicing Agreement or the Master Servicer pursuant
      to
      Section 6.06.

     

    Moody’s:
      Moody’s
      Investors Service, Inc. or its successor in interest.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage
      Loan and any additional documents required to be added to the Mortgage File
      pursuant to this Agreement.

     

    Mortgage
      Interest Rate:
      The
      annual rate at which interest accrues from time to time on any Mortgage Loan
      pursuant to the related Mortgage Note, which rate is initially equal to the
      “Mortgage Interest Rate” set forth with respect thereto on the Mortgage Loan
      Schedule.

     

    Mortgage
      Loan:
      A
      mortgage loan transferred and assigned to the Trustee pursuant to Section 2.01
      or Section 2.04 and held as a part of the Trust Fund, as identified in the
      Mortgage Loan Schedule (which shall include, without limitation, each related
      Mortgage Note, Mortgage and Mortgage File and all rights appertaining thereto),
      including a mortgage loan the property securing which has become an REO
      Property. Notwithstanding any provision in this Agreement to the contrary,
      in no
      event shall the term “Mortgage Loan” include any Underlying Mortgage
      Loan.

     

    Mortgage
      Loan Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of April 30, 2007, between EMC
      Mortgage Corporation, as a seller, Master Funding as a seller and Structured
      Asset Mortgage Investments II Inc., as purchaser, and all amendments thereof
      and
      supplements thereto, attached as Exhibit H.

     

    Mortgage
      Loan Schedule:
      The
      list of Mortgage Loans (as
      from
      time to time amended to reflect the repurchase or substitute of Mortgage Loans
      pursuant to the provisions of this Agreement)
      transferred to the Trustee as part of the Trust Fund and from time to time
      subject to this Agreement, the initial Mortgage Loan Schedule being attached
      hereto as Exhibit B setting forth the following information with respect to
      each
      Mortgage Loan:

     

    (a)  the
      city,
      state and zip code of the Mortgaged Property; 

    (b)  the
      property type;

    (c)  the
      Mortgage Interest Rate;

    (d)  the
      Servicing Fee Rate;

    (e)  the
      Trustee Fee Rate;

    (f)  the
      LPMI
      Fee, if applicable;

    (g)  [reserved];

    (h)  the
      Net
      Rate;

    (i)  the
      maturity date;

    (j)  the
      stated original term to maturity;

    (k)  the
      stated remaining term to maturity;

    (l)  the
      original Principal Balance;

    (m)  the
      first
      payment date;

    (n)  the
      principal and interest payment in effect as of the Cut-off Date;

    (o)  the
      unpaid Principal Balance as of the Cut-off Date;

    (p)  the
      Loan-to-Value Ratio at origination;

    (q)  the
      insurer of any Primary Mortgage Insurance Policy;

    (r)  the
      MIN
      with respect to each MOM Loan;

    (s)  the
      Gross
      Margin, if applicable;

    (t)  the
      next
      Adjustment Date, if applicable;

    (u)  the
      Maximum Mortgage Rate, if applicable;

    (v)  the
      Minimum Mortgage Rate, if applicable;

    (w)  the
      Periodic Rate Cap, if applicable; 

    (x)  a
      code
      indicating whether the Mortgage Loan is negatively amortizing;

    (y)  which
      Mortgage Loans adjust after an initial fixed-rate period of one, two, three,
      five, seven or ten years or any other period; 

    (z)  the
      Prepayment Charge, if any;

    (aa)  lien
      position (e.g., first lien or second lien);

    (bb)  a
      code
      indicating whether the Mortgage Loan has a balloon payment;

    (cc)  a
      code
      indicating whether the Mortgage Loan is an interest-only loan; 

    (dd)  the
      interest-only term, if applicable;

    (ee)  the
      Mortgage Loan Seller; and

    (ff)  the
      original amortization term.

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (n) and (o)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (c) through (h) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    Mortgage
      Loan Seller:
      EMC or
      Master Funding, as applicable.

     

    Mortgage
      Note:
      The
      originally executed note or other evidence of the indebtedness of a Mortgagor
      under the related Mortgage Loan.

     

    Mortgaged
      Property:
      Land
      and improvements securing the indebtedness of a Mortgagor under the related
      Mortgage Loan or, in the case of REO Property, such REO Property. In no event,
      however, shall the term “Mortgaged Property” include any mortgaged property or
      real estate owned property relating to an Underlying Mortgage Loan.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    NCMC:
      National City Mortgage Co.

     

    NCMC
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 30, 2007,
      by
      and among EMC, NCMC and the Trustee evidencing the assignment of the NCMC
      Servicing Agreement to the Trust, attached hereto as Exhibit J-2.

     

    NCMC
      Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of October 1, 2001,
      between Assignor and Company as amended by Amendment Reg AB to the Purchase,
      Warranties and Servicing Agreement, dated as of March 1, 2006, attached hereto
      as Exhibit I-2, as modified by the NCMC Assignment Agreement.

     

    Net
      Interest Shortfall:
      With
      respect to any Distribution Date, the Interest Shortfall, if any, for such
      Distribution Date net of Compensating Interest Payments made with respect to
      such Distribution Date.

     

    Net
      Liquidation Proceeds:
      As to
      any Liquidated Mortgage Loan, Liquidation Proceeds net of (i) Liquidation
      Expenses which are payable therefrom to the related Servicer or the Master
      Servicer in accordance with the related Servicing Agreement or this Agreement
      and (ii) unreimbursed advances by the related Servicer or the Master Servicer
      and Monthly Advances.

     

    Net
      Mortgage Rate:
      With
      respect to each Mortgage Loan, the Mortgage Interest Rate in effect from time
      to
      time less the sum of (i) the Servicing Fee Rate and (ii) the Trustee Fee
      Rate.

     

    Non-Offered
      Subordinate Certificates:
      The
      Class B-4, Class B-5 and Class B-6 Certificates.

     

    Non-PO
      Percentage:
      With
      respect to any Mortgage Loan with a Net Mortgage Rate less than 6.000% per
      annum, a fraction, expressed as a percentage, (x) the numerator of which is
      equal to the related Net Mortgage Rate, and (y) the denominator of which is
      equal to 6.000% per annum. With respect to all other Mortgage Loans,
      100%.

     

    Nonrecoverable
      Advance:
      With
      respect to any Mortgage Loan, any advance or Monthly Advance (i) which was
      previously made or is proposed to be made by the Master Servicer, the Trustee
      (as successor Master Servicer) or the applicable Servicer and (ii) which, in
      the
      good faith judgment of the Master Servicer, the Trustee or the applicable
      Servicer, will not or, in the case of a proposed advance or Monthly Advance,
      would not, be ultimately recoverable by the Master Servicer, the Trustee (as
      successor Master Servicer) or the applicable Servicer from Liquidation Proceeds,
      Insurance Proceeds or future payments on the Mortgage Loan for which such
      advance or Monthly Advance was made or is proposed to be made.

     

    Notional
      Amount:
      The
      Notional Amount of the Class X Certificates, as of any date of determination,
      is
      equal to the aggregate Scheduled Principal Balance of the Mortgage Loans.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, the Vice Chairman of the Board,
      the President or a Vice President or Assistant Vice President or other
      authorized officer of the Master Servicer, the Depositor, EMC, Master Funding
      or
      the Servicer, as applicable, and delivered to the Trustee, as required by this
      Agreement.

     

    Offered
      Certificates: The
      Senior Certificates and Offered Subordinate Certificates.

     

    Offered
      Subordinate Certificates:
      The
      Class B-1, Class B-2 and Class B-3 Certificates.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel who is or are acceptable to the Trustee or the Master
      Servicer, as applicable, and who, unless required to be Independent (an “Opinion
      of Independent Counsel”), may be internal counsel for the Master Servicer or the
      Depositor.

     

    Original
      Subordinate Principal Balance:
      The
      aggregate Current Principal Amount of the Subordinate Certificates as of the
      Closing Date.

     

    Original
      Value:
      The
      lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged
      Property at the time of origination of a Mortgage Loan, except in instances
      where either clauses (i) or (ii) is unavailable, the other may be used to
      determine the Original Value, or if both clauses (i) and (ii) are unavailable,
      Original Value may be determined from other sources reasonably acceptable to
      the
      Depositor.

     

    Outstanding
      Mortgage Loan:
      With
      respect to any Due Date, a Mortgage Loan which, prior to such Due Date, was
      not
      the subject of a Principal Prepayment in full, did not become a Liquidated
      Mortgage Loan and was not purchased or replaced.

     

    Outstanding
      Principal Balance:
      As of
      the time of any determination, the principal balance of a Mortgage Loan
      remaining to be paid by the Mortgagor, or, in the case of an REO Property,
      the
      principal balance of the related Mortgage Loan remaining to be paid by the
      Mortgagor at the time such property was acquired by the Trust Fund less any
      Net
      Liquidation Proceeds with respect thereto to the extent applied to
      principal.

     

    Pass-Through
      Rate:
      As to
      each Class of Certificates (other than the Class PO Certificates), the rate
      of
      interest determined as provided with respect thereto in Section 5.01(c). Any
      monthly calculation of interest at a stated rate shall be based upon annual
      interest at such rate divided by twelve.

     

    Permitted
      Investments:
      At any
      time, any one or more of the following obligations and securities:

     

    (i) direct
      obligations of, and obligations the timely payment of which are 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 (including the Trustee or the
      Master Servicer or its Affiliates acting in its commercial banking capacity)
      and
      subject to supervision and examination by federal and/or state banking
      authorities, provided that the commercial paper and/or the short-term debt
      rating and/or the long-term unsecured debt obligations of such depository
      institution or trust company at the time of such investment or contractual
      commitment providing for such investment have the Applicable Credit Rating
      or
      better from each Rating Agency and (b) any other demand or time deposit or
      certificate of deposit that is fully insured by the Federal Deposit Insurance
      Corporation;

     

    (iii) repurchase
      obligations with respect to (a) any security described in clause (i) above
      or
      (b) any other security issued or guaranteed by an 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, in either case entered into
      with a depository institution or trust company (acting as principal) described
      in clause (ii)(a) above where the Trustee or the Master Servicer or its
      Affiliates hold the security therefor;

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation (including
      the
      Trustee or the Master Servicer or its Affiliates) incorporated under the laws
      of
      the United States of America or any state thereof that have the Applicable
      Credit Rating or better from 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 part of the Trust to exceed 10% of the aggregate Outstanding Principal
      Balances of all the Mortgage Loans and Permitted Investments held as part of
      the
      Trust;

     

    (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) having the Applicable Credit
      Rating or better from each Rating Agency at the time of such
      investment;

     

    (vi) a
      Reinvestment Agreement issued by any bank, insurance company or other
      corporation or entity;

     

    (vii) 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 to the Trustee or the Master Servicer or its Affiliates; and

     

    (viii) any
      money
      market or common trust fund having the Applicable Credit Rating or better from
      each Rating Agency rating such fund, including any such fund for which the
      Trustee or Master Servicer or any affiliate of the Trustee or Master Servicer
      acts as a manager or an advisor; 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 instrument or security is purchased at
      a
      price greater than par.

     

    Permitted
      Transferee:
      Any
      Person other than a Disqualified Organization or an “electing large partnership”
(as defined by Section 775 of the Code).

     

    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.

     

    Physical
      Certificates:
      The
      Residual Certificates and the Non-Offered Subordinate Certificates.

     

    PO
      Percentage:
      With
      respect to any Discount Mortgage Loan, a fraction expressed as a percentage,
      (x)
      the numerator of which is equal to 6.000%
      minus
      the related Net Mortgage Rate, and (y) the denominator of which is equal to
      6.000% per annum.

     

    Prepayment
      Charge:
      With
      respect to any Mortgage Loan, the charges or premiums, if any, due in connection
      with a full or partial prepayment of such Mortgage Loan in accordance with
      the
      terms thereof.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, the aggregate shortfall, if any, in
      collections of interest (adjusted to the related Net Mortgage Rates) on Mortgage
      Loans resulting from (a) prepayments in full received during the related
      Prepayment Period and (b) the partial prepayments received during the related
      Prepayment Period to the extent applied prior to the Due Date in the month
      of
      the Distribution Date.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and the related Servicer, such period as is
      provided 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
      Prepayment:
      Any
      payment (whether partial or full) or other recovery of principal on a Mortgage
      Loan which is received in advance of its scheduled Due Date to the extent that
      it 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, including Insurance Proceeds and Repurchase Proceeds, but
      excluding the principal portion of Net Liquidation Proceeds received at the
      time
      a Mortgage Loan becomes a Liquidated Mortgage Loan.

     

    Protected
      Account:
      An
      account established and maintained for the benefit of Holders of the
      Certificates by each Servicer with respect to the Mortgage Loans and with
      respect to REO Property pursuant to the applicable Servicing
      Agreement.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan (or any property acquired with respect thereto)
      (x)
      required to be repurchased by the Seller pursuant to the Mortgage Loan Purchase
      Agreement or Article II of this Agreement or (y) that the Seller has a right
      to
      purchase pursuant to Section 3.21 hereof, an amount equal to the sum of (i)(a)
      100% of the Outstanding Principal Balance of such Mortgage Loan as of the date
      of repurchase (or if the related Mortgaged Property was acquired with respect
      thereto, 100% of the Outstanding Principal Balance at the date of the
      acquisition), plus (b) accrued but unpaid interest on the Outstanding Principal
      Balance at the related Mortgage Interest Rate, through and including the last
      day of the month of repurchase, plus (c) any unreimbursed Monthly Advances
      and
      servicing advances payable to the related Servicer of the Mortgage Loan or
      to
      the Master Servicer and (ii) any costs and damages (if any) incurred by the
      Trust in connection with any violation of such Mortgage Loan of any predatory
      lending laws.

     

    QIB:
      A
      Qualified Institutional Buyer as defined in Rule 144A promulgated under the
      Securities Act.

     

    Qualified
      Insurer:
      Any
      insurance company duly qualified as such under the laws of the state or states
      in which the related Mortgaged Property or Mortgaged Properties is or are
      located, duly authorized and licensed in such state or states to transact the
      type of insurance business in which it is engaged and approved as an insurer
      by
      the Master Servicer, so long as the claims paying ability of which is acceptable
      to the Rating Agencies for pass-through certificates having the same rating
      as
      the related Certificates rated by the Rating Agencies as of the Closing
      Date.

     

    Rating
      Agencies:
      With
      respect to the Certificates, Fitch and S&P.

     

    Realized
      Loss:
      Any (i)
      Bankruptcy Loss or (ii) as to any Liquidated Mortgage Loan, (x) the Outstanding
      Principal Balance of such Liquidated Mortgage Loan plus accrued and unpaid
      interest thereon at the Mortgage Interest Rate through the last day of the
      month
      of such liquidation, less (y) the related Net Liquidation Proceeds with respect
      to such Mortgage Loan and the related Mortgage Property. With respect to each
      Mortgage Loan which is the subject of a Servicing Modification during the
      calendar month immediately preceding the related Distribution Date, the sum
      of
      (a) the total amount of interest and principal which is forgiven with respect
      to
      the related Mortgage Loan and (b) the amount of any servicing advances made
      by
      the related Servicer with respect to such Mortgage Loan which are reimburseable
      from the Trust to the related Servicer with respect to that Servicing
      Modification; provided that, the amounts expressed in clause (a) above shall not include the amounts expressed in clause (b) above. In addition, to the extent the Trustee 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 applied to reduce the Current Principal Amount of any Class of Certificates
      on any Distribution Date in accordance with Section 6.03. Realized Losses will be based on Realized Losses incurred during the month preceding the related Distribution Date, other than with respect to the first Distribution Date, where Realized Losses are incurrred during the calendar month in which the Cut-off Date occurs.

     

    Record
      Date:
      With
      respect to any Distribution Date and each Class of Certificates, the close
      of
      business on the last Business Day of the month immediately preceding the month
      of such Distribution Date.

     

    Regular
      Certificates:
      Any of
      the Certificates other than the Residual Certificates.

     

    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.

     

    Regulation
      S:
      Regulation S promulgated under the Securities Act.

     

    Regulation
      S Global Certificates:
      The
      Regulation S Temporary Global Certificates and the Regulation S Permanent Global
      Certificates.

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act, formerly known as the Soldiers’ and Sailors’
Civil Relief Act of 1940, as amended, or similar state or
      local law.

     

    Relief
      Act Mortgage Loan:
      Any
      Mortgage Loan as to which the Scheduled Payment thereof has been reduced due
      to
      the application of the Relief Act.

     

    REMIC:
      A real
      estate mortgage investment conduit, as defined in the Code.

     

    REMIC
      Opinion:
      An
      Opinion of Independent Counsel to the effect that the proposed action described
      therein would not, under the REMIC Provisions, (i) cause the Trust REMIC to
      fail
      to qualify as a REMIC while any regular interest in such REMIC is outstanding,
      (ii) result in a tax on prohibited transactions with respect to the Trust REMIC
      or (iii) constitute a taxable contribution to the Trust REMIC after the Startup
      Day.

    

    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.

     

    REO
      Property:
      A
      Mortgaged Property acquired in the name of the Trustee, for the benefit of
      Certificateholders, by foreclosure or deed-in-lieu of foreclosure in connection
      with a defaulted Mortgage Loan.

     

    Reportable
      Event:
      As
      defined in Section 3.18.

     

    Repurchase
      Proceeds:
      The
      Purchase Price in connection with any repurchase of a Mortgage Loan by the
      Seller and any cash deposit in connection with the substitution of a Mortgage
      Loan.

     

    Request
      for Release:
      A
      request for release in the form attached hereto as Exhibit D.

     

    Required
      Insurance Policy:
      With
      respect to any Mortgage Loan, any insurance policy which is required to be
      maintained from time to time under this Agreement with respect to such Mortgage
      Loan.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Responsible
      Officer:
      Any
      officer assigned to the Corporate Trust Office (or any successor thereto),
      including any Vice President, Assistant Vice President, Trust Officer, any
      Assistant Secretary, any trust officer or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and having direct responsibility for the administration
      of
      this Agreement, and any other officer of the Trustee to whom a matter arising
      hereunder may be referred.

     

    Rule
      144A Certificate:
      The
      certificate to be furnished by each purchaser of a Non-Offered Certificate
      (which is also a Physical Certificate) which is a Qualified Institutional Buyer
      as defined under Rule 144A promulgated under the Securities Act, substantially
      in the form set forth as Exhibit F-2 hereto.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its
      successors in interest.

     

    Scheduled
      Payment:
      With
      respect to any Mortgage Loan and any month, the scheduled payment or payments
      of
      principal and interest due during such month on such Mortgage Loan which either
      is payable by a Mortgagor in such month under the related Mortgage Note or,
      in
      the case of REO Property, would otherwise have been payable under the related
      Mortgage Note.

     

    Scheduled
      Principal:
      The
      principal portion of any Scheduled Payment.

     

    Scheduled
      Principal Balance:
      With
      respect to any Mortgage Loan on any Distribution Date, (i) the unpaid principal
      balance of such Mortgage Loan as of the close of business on the related Due
      Date (taking account of the principal payment to be made on such Due Date and
      irrespective of any delinquency in its payment), as specified in the
      amortization schedule at the time relating thereto (before any adjustment to
      such amortization schedule by reason of any bankruptcy or similar proceeding
      occurring after the Cut-off Date (other than a Deficient Valuation) or any
      moratorium or similar waiver or grace period), less (ii) any Principal
      Prepayments received during or prior to the immediately preceding Prepayment
      Period and less (iii) the principal portion of any Net Liquidation Proceeds
      received during or prior to the immediately preceding calendar month; provided
      that the Scheduled Principal Balance of a Liquidated Mortgage Loan is
      zero.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended.

     

    Securities
      Legend:
“THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE
      HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
      MAY
      BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
      144A
      UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
      QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
      PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
      TO
      AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
      (IF
      AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR”
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION
      D
      UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH
      PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
      SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE
      FORM
      PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
      EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER
      IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH
      CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES
      AND
      ANY OTHER APPLICABLE JURISDICTION. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY
      OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE
      OF 1986, AS AMENDED [in the case of a Residual Certificate or a Class
      B-4,
      Class B-5 and Class B-6 Certificate]
      UNLESS
      THE OPINION OF COUNSEL REQUIRED BY SECTION 5.07 OF THE POOLING AND SERVICING
      AGREEMENT IS PROVIDED [in the case of a Class B-4, Class B-5 and Class B-6
      Certificate] 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 FIDUCIARY DUTIES ON THE PART OF THE
      DEPOSITOR, THE MASTER SERVICER, ANY SERVICER OR THE TRUSTEE, WHICH WILL BE
      DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
      CERTIFICATE AND WILL BE EVIDENCED BY A REPRESENTATION OR AN OPINION OF COUNSEL
      TO SUCH EFFECT BY OR ON BEHALF OF AN INSTITUTIONAL ACCREDITED
      INVESTOR.”

     

    Security
      Instrument:
      A
      written instrument creating a valid first lien on a Mortgaged Property securing
      a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
      deed to secure debt or security deed, including any riders or addenda
      thereto.

     

    Seller:
      EMC
      Mortgage Corporation, in its capacity as seller of the Mortgage Loans to the
      Depositor. 

     

    Senior
      Certificates:
      The
      Class A-1, Class A-2, Class A-3, Class X, Class PO and Class R
      Certificates.

     

    Senior
      Optimal Principal Distribution Amount:
      With
      respect to each of Senior
      Certificates (other than the Class PO Certificates and Class X Certificates)
      and
      each
      Distribution Date, an amount equal to the sum of the following: 

     

    (1) the
      applicable Senior Percentage of the Non-PO Percentage of the principal portion
      of all Scheduled Payments due on the Mortgage Loans on the related Due Date,
      as
      specified in the amortization schedule at the time applicable thereto (after
      adjustment for previous Principal Prepayments but before any adjustments to
      such
      amortization schedule by reason of any bankruptcy or similar proceeding or
      any
      moratorium or similar waiver or grace period); 

     

    (2) the
      applicable Senior Prepayment Percentage of the Non-PO Percentage of the
      Scheduled Principal Balance of each Mortgage Loan which was the subject of
      a
      Principal Prepayment in full received by the Servicers during the applicable
      Prepayment Period; 

     

    (3) the
      applicable Senior Prepayment Percentage of the Non-PO Percentage of all
      Principal Prepayments in part received by the Servicers during the applicable
      Prepayment Period with respect to each Mortgage Loan;

     

    (4) the
      lesser of (a) the applicable Senior Prepayment Percentage of the Non-PO
      Percentage of the sum of (i) all Net Liquidation Proceeds allocable to principal
      received in respect of each Mortgage Loan which became a Liquidated Mortgage
      Loan during the calendar
      month immediately preceding such Distribution Date (other
      than Mortgage Loans described in the immediately following clause (ii)) and
      all
      Subsequent Recoveries received in respect of each Liquidated Mortgage Loan
      during the calendar month immediately preceding such Distribution Date and
      (ii)
      the Scheduled Principal Balance of each such Mortgage Loan purchased by an
      insurer from the Trustee during the related Prepayment Period pursuant to the
      related Primary Mortgage Insurance Policy, if any, or otherwise; and (b) the
      applicable Senior Percentage of the Non-PO Percentage of the sum of (i) the
      Scheduled Principal Balance of each Mortgage Loan which became a Liquidated
      Mortgage Loan during the calendar month immediately preceding such Distribution
      Date (other than the Mortgage Loans described in the immediately following
      clause (ii)) and all Subsequent Recoveries received in respect of each
      Liquidated Mortgage Loan during the calendar month immediately preceding such
      Distribution Date and (ii) the Scheduled Principal Balance of each such Mortgage
      Loan that was purchased by an insurer from the Trustee during the related
      Prepayment Period pursuant to the related Primary Mortgage Insurance Policy,
      if
      any or otherwise; and

     

    (5) the
      applicable Senior Prepayment Percentage of the Non-PO Percentage of the sum
      of
      (a) the Scheduled Principal Balance of each Mortgage Loan which was repurchased
      by the Issuing Entity in connection with such Distribution Date and (b) the
      excess, if any, of the Scheduled Principal Balance of each Mortgage Loan that
      has been replaced by the Issuing Entity with a substitute Mortgage Loan pursuant
      to the Mortgage Loan Purchase Agreement in connection with such Distribution
      Date over the Scheduled Principal Balance of each such substitute Mortgage
      Loan.

     

    Senior
      Percentage:
      The
      lesser of (a) 100% and (b) the percentage (carried to six places rounded up)
      obtained by dividing the Current Principal Amount of the Senior Certificates
      (other than any Class PO Certificates), immediately prior to such Distribution
      Date, by the aggregate Scheduled Principal Balance of the Mortgage Loans (other
      than the PO Percentage thereof with respect to the related Discount Mortgage
      Loans) as of the beginning of the related Due Period. The initial Senior
      Percentage for the Senior Certificates will be approximately
      95.71%.

     

    Senior
      Prepayment Percentage:
      The
      Senior Prepayment Percentage on any Distribution Date occurring during the
      periods set forth below will be as follows:

     

    
      	
              Period
                (dates inclusive)

            	 	
              Senior
                Prepayment Percentage

            
	
              May
                25, 2007 - April
                25, 2012

            	 	
              100%

            
	
              May
                25, 2012 - April 25, 2013

            	 	
              Senior
                Percentage for the Certificates plus 70% of the related Subordinate
                Percentage

            
	
              May
                25, 2013 - April 25, 2014

            	 	
              Senior
                Percentage for the Certificates plus 60% of the related Subordinate
                Percentage

            
	
              May
                25, 2014 - April 25, 2015

            	 	
              Senior
                Percentage for the Certificates plus 40% of the related Subordinate
                Percentage

            
	
              May
                25, 2015 - April 25, 2016

            	 	
              Senior
                Percentage for the Certificates plus 20% of the related Subordinate
                Percentage

            
	
              May
                25, 2016 and thereafter

            	 	
              Senior
                Percentage for the Certificates

            

    

    

    Any
      scheduled reduction to the Senior Prepayment Percentage for the Senior
      Certificates
      shall
      not be made as of any Distribution Date unless, as of the last day of the month
      preceding such Distribution Date (1) the aggregate Scheduled Principal Balance
      of the Mortgage Loans delinquent 60 days or more (including for this purpose
      any
      such Mortgage Loans in foreclosure and such Mortgage Loans with respect to
      which
      the related Mortgaged Property has been acquired by the Trust) averaged over
      the
      last six months, as a percentage of the aggregate Current Principal Amount
      of
      the Subordinate Certificates does not exceed 50% and (2) cumulative Realized
      Losses on the Mortgage Loans do not exceed (a) 30% of the aggregate Current
      Principal Amount of the Original Subordinate Principal Balance if such
      Distribution Date occurs between and including May 2012 and April 2013, (b)
      35%
      of the Original Subordinate Principal Balance if such Distribution Date occurs
      between and including May 2013 and April 2014, (c) 40% of the Original
      Subordinate Principal Balance if such Distribution Date occurs between and
      including May 2014 and April 2015, (d) 45% of the Original Subordinate Principal
      Balance if such Distribution Date occurs between and including May 2015 and
      April 2016, and (e) 50% of the Original Subordinate Principal Balance if such
      Distribution Date occurs during or after May 2016.

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Current Principal Amount of the Senior Certificates
      (other than the Class PO Certificates) immediately preceding such Distribution
      Date, and the denominator of which is the Scheduled Principal Balance of the
      Mortgage Loans (other than the PO Percentage thereof with respect to the related
      Discount Mortgage Loans) as of the beginning of the related Due Period, exceeds
      such percentage as of the Cut-off Date, then the Senior Prepayment Percentage
      with respect to the Senior Certificates (other than the Class PO Certificates)
      for such Distribution Date will equal 100%.

     

    Servicer:
      Any of
      EMC and NCMC. 

     

    Servicer
      Remittance Date:
      With
      respect to each Mortgage Loan, the date set forth in the related Servicing
      Agreement.

     

    Servicing
      Agreements:
      The EMC
      Servicing Agreement and the NCMC Servicing Agreement.

     

    Servicing
      Criteria:
      The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
      amended from time to time, or those Servicing Criteria otherwise mutually agreed
      to by the Seller, the Master Servicer, the Trustee and the applicable Servicer
      in response to evolving interpretations of Regulation AB and incorporated into
      a
      revised Exhibit L.

     

    Servicing
      Fee:
      As to
      any Mortgage Loan and Distribution Date, an amount equal to the product of
      (i)
      the Scheduled Principal Balance of such Mortgage Loan as of the Due Date in
      the
      month preceding the month in which such Distribution Date occurs and (ii)
      1/12th
      of the
      Servicing Fee Rate.

     

    Servicing
      Fee Rate:
      0.25%
      per annum. 

     

    Servicing
      Modification:
      Any
      modification of a Mortgage Loan which is effected by the related Servicer in
      accordance with the terms of this Agreement or the related Servicing
      Agreement.

     

    Servicing
      Officer:
      Any
      officer of the related Servicer or Master Servicer involved in or responsible
      for the administration and servicing or master servicing, as applicable, of
      the
      Mortgage Loans as to which officer evidence, reasonably acceptable to the
      Trustee, of due authorization of such officer, by such Servicer or Master
      Servicer has been furnished from time to time to the Trustee.

     

    Shift
      Percentage:
      On any
      Distribution Date occurring during the periods set forth below will be as
      follows:

     

    
      	
              Period
                (dates inclusive)

            	 	
              Shift
                Percentage

            
	
              May
                25, 2007 - April 25, 2012

            	 	
              0%

            
	
              May
                25, 2012 - April 25, 2013

            	 	
              30%

            
	
              May
                25, 2013 - April 25, 2014

            	 	
              40%

            
	
              May
                25, 2014 - April 25, 2015

            	 	
              60%

            
	
              May
                25, 2015 - April 25, 2016

            	 	
              80%

            
	
              May
                25, 2016 and thereafter

            	 	
              100%

            

    

    

     

    Sponsor:
      EMC Mortgage Corporation, in its capacity as sponsor hereunder.

     

    Startup
      Day:
      April
      30, 2007.

     

    Subordinate
      Certificates:
      The
      Offered Subordinate Certificates and Non-Offered Subordinate
      Certificates.

     

    Subordinate
      Certificate Writedown Amount:
      With
      respect to the Subordinate Certificates, the amount by which (x) the sum of
      the
      Current Principal Amounts of the Certificates (after giving effect to the
      distribution of principal and the allocation of Realized Losses in reduction
      of
      the Current Principal Amounts of the Certificates, other than Class X
      Certificates and Class PO Certificates, on such Distribution Date) exceeds
      (y)
      the Scheduled Principal Balances of the Mortgage Loans on the Due Date related
      to such Distribution Date.

     

    Subordinate
      Optimal Principal Amount:
      With
      respect to the Subordinate Certificates and each Distribution Date, an amount
      equal to the sum of the following (but in no event greater than the aggregate
      Current Principal Amount of the Subordinate Certificates immediately prior
      to
      such Distribution Date):

     

    (i) the
      Subordinate Percentage of the Non-PO Percentage of the principal portion of
      all
      Monthly Payments due on each Mortgage Loan on the related Due Date, as specified
      in the amortization schedule at the time applicable thereto (after adjustment
      for previous principal prepayments but before any adjustment to such
      amortization schedule by reason of any bankruptcy or similar proceeding or
      any
      moratorium or similar waiver or grace period);

     

    (ii) the
      Subordinate Prepayment Percentage of the Non-PO Percentage of the Scheduled
      Principal Balance of each Mortgage Loan which was the subject of a prepayment
      in
      full received by the Master Servicer during the applicable Prepayment
      Period;

     

    (iii) the
      Subordinate Prepayment Percentage of the Non-PO Percentage of all partial
      prepayments of principal received during the applicable Prepayment Period for
      each Mortgage Loan;

     

    (iv) the
      excess, if any, of (a) the Net Liquidation Proceeds allocable to principal
      received during the prior calendar month in respect of each Liquidated Mortgage
      Loan over (b) the sum of the amounts distributable to the holders of the Senior
      Certificates pursuant to clause (4) of the definition of “Senior Optimal
      Principal Distribution Amount” and “Class PO Certificate Principal Distribution
      Amount” on such Distribution Date;

     

    (v) the
      Subordinate Prepayment Percentage of the Non-PO Percentage of the sum of (a)
      the
      Scheduled Principal Balance of each Mortgage Loan which was repurchased by
      the
      Seller in connection with such Distribution Date and (b) the difference, if
      any,
      between the Scheduled Principal Balance of a Mortgage Loan that has been
      replaced by the Seller with a substitute Mortgage Loan pursuant to the Mortgage
      Loan Purchase Agreement in connection with such Distribution Date and the
      Scheduled Principal Balance of such substitute Mortgage Loan; and

     

    (vi) on
      the
      Distribution Date on which the Current Principal Amounts of the Senior
      Certificates (other than the Class
      X Certificates and Class PO Certificates)
      have
      all been reduced to zero, 100% of any Principal Distribution
      Amount.

     

    Subordinate
      Percentage:
      As of
      any Distribution Date, 100% minus the Senior Percentage for the Senior
      Certificates. The initial Subordinate Percentage will be equal to
      4.29%.

     

    Subordinate
      Prepayment Percentage:
      As of
      any Distribution Date, 100% minus the Senior Prepayment Percentage, except
      that
      on any Distribution Date after the Current Principal Amount of each Class of
      related Senior Certificates has each been reduced to zero, the Subordinate
      Prepayment Percentage for the Subordinate Certificates will equal
      100%.

     

    Subsequent
      Recoveries:
      As of
      any Distribution Date, amounts received by the related Servicer during the
      preceding calendar month or surplus amounts held by the related Servicer to
      cover estimated expenses (including, but not limited to, recoveries in respect
      of the representations and warranties made by the Seller pursuant to the
      Mortgage Loan Purchase Agreement) specifically related to a Liquidated Mortgage
      Loan or disposition of an REO Property prior to the preceding calendar month
      that resulted in a Realized Loss, after the liquidation or disposition of such
      Mortgage Loan.

     

    Substitute
      Mortgage Loan:
      A
      mortgage loan tendered to the Trustee pursuant to the related Servicing
      Agreement, the Mortgage Loan Purchase Agreement or Section 2.04 of this
      Agreement, as applicable, in each case, (i) which has an Outstanding Principal
      Balance not greater nor materially less than the Mortgage Loan for which it
      is
      to be substituted; (ii) which has a Mortgage Interest Rate and Net Mortgage
      Rate
      not less than, and not materially greater than, such Mortgage Loan; (iii) which
      has a maturity date not materially earlier or later than such Mortgage Loan
      and
      not later than the latest maturity date of any Mortgage Loan; (iv) which is
      of
      the same property type and occupancy type as such Mortgage Loan; (v) which
      has a
      Loan-to-Value Ratio not greater than the Loan-to-Value Ratio of such Mortgage
      Loan; (vi) which is current in payment of principal and interest as of the
      date
      of substitution; and (vii) as to which the payment terms do not vary in any
      material respect from the payment terms of the Mortgage Loan for which it is
      to
      be substituted.

     

    Tax
      Administration and Tax Matters Person:
      The
      Trustee or any successor thereto or assignee thereof shall serve as tax
      administrator hereunder and as agent for the Tax Matters Person. The Holder
      of
      each Class of Residual Certificates shall be the Tax Matters Person for the
      related REMIC, as more particularly set forth in Section 9.12
      hereof.

     

    Termination
      Purchase Price:
      The
      price, calculated as set forth in Section 10.01, to be paid in connection with
      the repurchase of the Mortgage Loans pursuant to Section 10.01.

     

    Transferee
      Affidavit:
      As
      defined in Section 5.05(a).

     

    Transferor
      Affidavit:
      As
      defined in Section 5.05(a).

     

    Trust
      Fund:
      The
      corpus of the trust created by this Agreement, consisting of the Mortgage Loans
      and the other assets described in Section 2.01(a).

     

    Trust
      REMIC:
      That
      group of assets contained in the Trust Fund designated as a REMIC consisting
      of
      (i) the Mortgage Loans, (ii) the Distribution Account, (iii) any REO Property
      relating to the Mortgage Loans, (iv) the rights with respect to the related
      Servicing Agreement, (v) the rights with respect to the Assignment Agreement
      and
      (vi) any proceeds of the foregoing.

     

    Trustee:
      U.S.
      Bank National Association or its successor in interest, or any successor trustee
      appointed as herein provided.

     

    Trustee
      Fee:
      As to each Mortgage Loan and any Distribution Date, an amount equal to the
      product of (i) the Scheduled Principal Balance of such Mortgage Loan as of
      the
      Due Date in the month preceding the month in which such Distribution Date occurs
      and (ii) 1/12th
      of the Trustee Fee Rate.

     

    Trustee
      Fee Rate:
      0.012% per annum.

     

    Trustee
      Information:
      As
      defined in Section 3.18(c). 

     

    Uninsured
      Cause:
      Any
      cause of damage to a Mortgaged Property or related REO Property such that the
      complete restoration of such Mortgaged Property or related REO Property is
      not
      fully reimbursable by the hazard insurance policies required to be maintained
      pursuant the related Servicing Agreement, without regard to whether or not
      such
      policy is maintained.

     

    United
      States Person:
      A
      citizen or resident of the United States, 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 Treasury regulations), provided that,
      for
      purposes solely of the Residual Certificates, no partnership or other entity
      treated as a partnership for United States federal income tax purposes shall
      be
      treated as a United States Person unless all Persons that own an interest in
      such partnership either directly or through any entity that is not a corporation
      for United States federal income tax purposes are United States Persons, or
      an
      estate whose income is subject to United States federal income tax regardless
      of
      its source, 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 such
      United States Persons have the authority to control all substantial decisions
      of
      the trust. To the extent prescribed in regulations by the Secretary of the
      Treasury, which have not yet been issued, a trust which was in existence on
      August 20, 1996 (other than a trust treated as owned by the grantor under
      subpart E of part I of subchapter J of chapter 1 of the Code) and which was
      treated as a United States Person on August 20, 1996 may elect to continue
      to be
      treated as a United States Person notwithstanding the previous
      sentence.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      II

    Conveyance
      of Mortgage Loans;

    Original
      Issuance of Certificates

     

    Section
      2.01 Conveyance
      of Mortgage Loans to Trustee. 

     

    (a) The
      Depositor concurrently with the execution and delivery of this Agreement, sells,
      transfers and assigns to the Trust without recourse all its right, title and
      interest in and to (i) the Mortgage Loans identified in the Mortgage Loan
      Schedule, including all interest and principal due with respect to the Mortgage
      Loans after the Cut-off Date, but excluding any payments of principal and
      interest due on or prior to the Cut-off Date; (ii) such assets as shall from
      time to time be credited or are required by the terms of this Agreement to
      be
      credited to the Master Servicer Collection Account and the Distribution Account,
      (iii) such assets relating to the Mortgage Loans as from time to time may be
      held by the Servicers in the Protected Accounts, the Master Servicer in the
      Master Servicer Collection Account and the Trustee in the Distribution Account,
      (iv) any REO Property, (v) the Required Insurance Policies and any amounts
      paid
      or payable by the insurer under any Insurance Policy (to the extent the
      mortgagee has a claim thereto), (vi) the Mortgage Loan Purchase Agreement to
      the
      extent provided in Subsection 2.03(a), (vii) the rights with respect to the
      Servicing Agreements as assigned to the Trustee on behalf of the
      Certificateholders by the Assignment Agreement and (viii) all proceeds of the
      foregoing. Although it is the intent of the parties to this Agreement that
      the
      conveyance of the Depositor’s right, title and interest in and to the Mortgage
      Loans and other assets in the Trust Fund pursuant to this Agreement shall
      constitute a purchase and sale and not a loan, in the event that such conveyance
      is deemed to be a loan, it is the intent of the parties to this Agreement that
      the Depositor shall be deemed to have granted to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in, to and under the Mortgage Loans and other assets in the Trust Fund, and
      that
      this Agreement shall constitute a security agreement under applicable law.
      Moreover, if for any other reason this Agreement is held or deemed to create
      a
      security interest in the Mortgage Loans and the other assets constituting the
      Trust Fund, then it is intended as follows: (a) this Agreement shall also be
      deemed to be a security agreement within the meaning of Articles 8 and 9 of
      the
      Uniform Commercial Code; (b) the conveyance provided for in this Section shall
      be deemed to be a grant by the Depositor to the Trustee of a security interest
      in all of the Depositor’s right, title and interest in and to the Mortgage Loans
      and all proceeds of the conversion, voluntary or involuntary, of the foregoing
      into cash, instruments, securities or other property, including without
      limitation all amounts from time to time held or invested in the Distribution
      Account, whether in the form of cash, instruments, securities or other property;
      (c) the possession by the Trustee or its agent of the Mortgage Loans 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 of the
      Uniform Commercial Code; (d) the Trustee shall be deemed to be the “securities
      intermediary,” as such term is defined in Section 8-102(a)(14)(ii) of the New
      York Uniform Commercial Code, that in the ordinary course of its business
      maintains “securities accounts” for others, as such term is used in Section
      8-501 of the New York Uniform Commercial Code; (e) the “securities
      intermediary’s jurisdiction” as defined in the New York Uniform Commercial Code
      shall be the State of New York; (f) the Trustee is not a “clearing corporation”,
      as such term is defined in Section 8-102(a)(5) of the New York Uniform
      Commercial Code and (g) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed to be notifications to or acknowledgments, receipts or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Trustee for the purpose of perfecting such security interest under
      applicable law. The Depositor, the Seller and the Trustee agree that it is
      not
      intended that any mortgage loan be conveyed to the Trust that is either (i)
      a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004 (iii) a “High Cost Home
      Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act
      effective November 7, 2004 or (iv) a “High-Cost Home Loan” as defined by the
      Indiana High Cost Home Loan Law effective January 1, 2005.

     

    (b) In
      connection with the above transfer and assignment, the Depositor hereby
      delivers, or hereby causes to be delivered, to the Custodian, as agent for
      the
      Trustee, with respect to each Mortgage Loan:

     

    (i) the
      original Mortgage Note, endorsed without recourse (a) to the order of the
      Trustee or (b) in the case of a Mortgage Loan registered on the MERS system,
      endorsed in blank, in either case showing to the extent available to the related
      Mortgage Loan Seller an unbroken chain of endorsements from the original payee
      thereof to the Person endorsing such Mortgage Note to the Trustee, or lost
      note
      affidavit together with a copy of the related Mortgage Note;

     

    (ii) the
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, for Mortgage Loans other than the
      EMC
      Flow Loans, if the original is not available, a copy), with evidence of such
      recording indicated thereon (or if clause (w) in the proviso below applies,
      shall be in recordable form);

     

    (iii) unless
      the Mortgage Loan is either a MOM Loan or has been assigned in the name of
      MERS,
      a certified copy of the assignment (which may be in the form of a blanket
      assignment if permitted in the jurisdiction in which the Mortgaged Property
      is
      located) to “U.S. Bank National Association, as Trustee”, with evidence of
      recording with respect to each Mortgage Loan in the name of the Trustee thereon
      (or if clause (w) in the proviso below applies or for Mortgage Loans with
      respect to which the related Mortgaged Property is located in a state other
      than
      Maryland or an Opinion of Counsel has been provided as set forth in this Section
      2.01(b), shall be in recordable form);

     

    (iv) all
      intervening assignments of the Security Instrument, if applicable and only
      to
      the extent available to the Depositor with evidence of recording
      thereon;

     

    (v) the
      original or a copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vi) the
      original policy of title insurance or mortgagee’s certificate of title insurance
      or commitment or binder for title insurance or, in the event such original
      title
      policy has not been received from the title insurer, such original title policy
      will be delivered within one year of the Closing Date or, in the event such
      original title policy is unavailable, a photocopy of such title policy or,
      in
      lieu thereof, a current lien search on the related Mortgaged Property;
      and

     

    (viii) originals
      of all modification agreements, if applicable and available.

     

    provided,
      however,
      that in
      lieu of the foregoing, the Depositor may deliver to the Custodian, as agent
      of
      the Trustee, the following documents, under the circumstances set forth below:
      (w) in lieu of the original Security Instrument (other than the Mortgages
      related to the EMC Flow Loans), assignments to the Trustee or intervening
      assignments thereof which have been delivered, are being delivered or will,
      upon
      receipt of recording information relating to the Security Instrument required
      to
      be included thereon, be delivered to recording offices for recording and have
      not been returned to the Depositor in time to permit their delivery as specified
      above, the Depositor may deliver, or cause to be delivered, a true copy thereof
      with a certification, on the face of such copy, substantially as follows:
“Certified to be a true and correct copy of the original”; (x) in lieu of the
      Security Instrument, assignment to the Trustee or intervening assignments
      thereof, if the applicable jurisdiction retains the originals of such documents
      (as evidenced by a certification from the Depositor to such effect) the
      Depositor may deliver photocopies of such documents containing an original
      certification by the judicial or other governmental authority of the
      jurisdiction where such documents were recorded; (y) in lieu of the Mortgages
      (other
      than the Mortgages related to the EMC Flow Loans), assignment to the Trustee
      or
      in blank or intervening assignments thereof, if the applicable jurisdiction
      retains the originals of such documents (as evidenced by a certification from
      the Depositor to such effect) the Depositor may deliver, or cause to be
      delivered, photocopies of such documents containing an original certification
      by
      the judicial or other governmental authority of the jurisdiction where such
      documents were recorded; and
      (z)
      in lieu of the Mortgage Notes relating to the Mortgage Loans identified on
      Exhibit 5 to the Mortgage Loan Purchase Agreement, the Depositor may deliver,
      or
      cause to be delivered, a lost note affidavit from the related Seller; and (z)
      the Depositor shall not be required to deliver intervening assignments or
      Mortgage Note endorsements between the related underlying originator or
      underlying Seller and the related Seller, between the related Seller 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, or cause to be delivered, 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 Master
      Servicer Collection Account on the Closing Date. The Depositor shall deliver,
      or
      cause to be delivered, such original documents (including any original documents
      as to which certified copies had previously been delivered) to the Trustee
      or
      the Custodian, as its agent, promptly after they are received. The Depositor
      shall cause the related Seller, at its expense, to cause each assignment of
      the
      Security Instrument to the Trustee to be recorded not later than 180 days after
      the Closing Date, unless (a) such recordation is not required by the Rating
      Agencies or an Opinion of Counsel addressed to the Trustee has been provided
      to
      the Trustee (with a copy to the Custodian) which states that recordation of
      such
      Security Instrument is not required to protect the interests of the
      Certificateholders in the related Mortgage Loans or (b) MERS is identified
      on
      the Mortgage or on a properly recorded assignment of the Mortgage as the
      mortgagee of record solely as nominee for the Seller and its successor and
      assigns; provided, however, notwithstanding the foregoing, each assignment
      shall
      be submitted for recording by the Seller in the manner described above, at
      no
      expense to the Trust or the Trustee or the Custodian, as its agent, upon the
      earliest to occur of: (i) reasonable direction by the Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 25% of
      the
      Trust Fund, (ii) the occurrence of an Event of Default, (iii) the occurrence
      of
      a bankruptcy, insolvency or foreclosure relating to the Seller and (iv) the
      occurrence of a servicing transfer as described in Section 8.02 hereof.
      Notwithstanding the foregoing, if the Seller fails to pay the cost of recording
      the assignments, such expense will be paid by the Trustee and the Trustee shall
      be reimbursed for such expenses by the Trust in accordance with Section
      9.05.

     

    Section
      2.02 Acceptance
      of Mortgage Loans and Underlying Certificates by Trustee. 

     

    (a) The
      Trustee acknowledges the sale, transfer and assignment of the Trust Fund to
      it
      by the Depositor and receipt of, subject to further review and the exceptions
      which may be noted pursuant to the procedures described below, and declares
      that
      it holds, the documents (or certified copies thereof) delivered to the
      Custodian, as its agent, pursuant to Section 2.01(b), and declares that it
      will
      continue to hold those documents and any amendments, replacements or supplements
      thereto and all other assets of the Trust Fund delivered to it as Trustee in
      trust for the use and benefit of all present and future Holders of the related
      Certificates. On the Closing Date, the Custodian, with respect to the Mortgage
      Loans, shall acknowledge with respect to each Mortgage Loan by delivery to
      the
      Depositor, the related Seller, the Master Servicer and the Trustee of an Initial
      Certification receipt of the Mortgage File, but without review of such Mortgage
      File, except to the extent necessary to confirm that such Mortgage File contains
      the related Mortgage Note or lost note affidavit. No later than 90 days after
      the Closing Date (or, with respect to any Substitute Mortgage Loan, within
      five
      Business Days after the receipt by the Trustee or Custodian thereof), the
      Trustee agrees, for the benefit of the related Certificateholders, to review
      or
      cause to be reviewed by the Custodian on its behalf (under the Custodial
      Agreement), each Mortgage File delivered to it and to execute and deliver,
      or
      cause to be executed and delivered, to the Depositor, the related Seller, the
      Master Servicer and the Trustee an Interim Certification. In conducting such
      review, the Trustee or Custodian will ascertain whether all required documents
      have been executed and received, and based on the Mortgage Loan Schedule,
      whether those documents relate, determined on the basis of the Mortgagor name,
      original principal balance and loan number, to the Mortgage Loans it has
      received, as identified in the Mortgage Loan Schedule. In performing any such
      review, the Trustee or the Custodian, as its agent, 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,
      as its agent, finds any document constituting part of the Mortgage File has
      not
      been executed or received, or to be unrelated, determined on the basis of the
      Mortgagor name, original principal balance and loan number, to the Mortgage
      Loans identified in Exhibit B or to appear defective on its face (a “Material
      Defect”), the Trustee or the Custodian, as its agent, shall promptly notify the
      Seller. In accordance with the Mortgage Loan Purchase Agreement, the Seller
      shall correct or cure any such defect within ninety (90) days from the date
      of
      notice from the Trustee or the Custodian, as its agent, of the defect and if
      the
      Seller fails to correct or cure the defect within such period, and such defect
      materially and adversely affects the interests of the related Certificateholders
      in the related Mortgage Loan, the Trustee shall enforce the related Seller’s
      obligation under the Mortgage Loan Purchase Agreement to, within 90 days from
      the Trustee’s or the Custodian’s notification, provide a Substitute Mortgage
      Loan (if within two years of the Closing Date) or purchase such Mortgage Loan
      at
      the Purchase Price; provided that, if such defect would cause the Mortgage
      Loan
      to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of the
      Code, any such cure or repurchase must occur within 90 days from the date such
      breach was discovered; provided, however, that if such defect relates solely
      to
      the inability of the related 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 related Seller shall not be required to purchase such Mortgage
      Loan if the 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 related
      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
      related Seller shall instead deliver a recording receipt of such recording
      office or, if such receipt is not available, a certificate confirming that
      such
      documents have been accepted for recording, and delivery to the Trustee or
      the
      Custodian, as its agent, shall be effected by the Seller within thirty days
      of
      its receipt of the original recorded document. 

     

    (b) No
      later
      than 180 days after the Closing Date, the Trustee or the Custodian, as its
      agent, will review, for the benefit of the Certificateholders, the Mortgage
      Files delivered to it and will execute and deliver or cause to be executed
      and
      delivered to the Depositor, the related Seller, the Master Servicer and the
      Trustee a Final Certification. In conducting such review, the Trustee or the
      Custodian, as its agent, will ascertain whether an original of each document
      required to be recorded has been returned from the recording office with
      evidence of recording thereon or a certified copy has been obtained from the
      recording office. If the Trustee or the Custodian, as its agent, finds a
      Material Defect, the Trustee or the Custodian, as its agent, shall promptly
      notify the Seller (provided, however, that with respect to those documents
      described in subsections (b)(iv) and (viii) of Section 2.01, the Trustee’s and
      Custodian’s obligations shall extend only to the documents actually delivered to
      the Custodian pursuant to such subsections). In accordance with the Mortgage
      Loan Purchase Agreement, the related Seller shall correct or cure any such
      defect within 90 days from the date of notice from the Trustee or the Custodian,
      as its agent, of the Material Defect and if the related Seller is unable to
      cure
      such defect within such period, and if such defect materially and adversely
      affects the interests of the related Certificateholders in the related Mortgage
      Loan, the Trustee shall enforce the related Seller’s obligation under the
      Mortgage Loan Purchase Agreement to, within 90 days from the Trustee’s or
      Custodian’s notification, provide a Substitute Mortgage Loan (if within two
      years of the Closing Date) or purchase such Mortgage Loan at the Purchase Price,
      provided that, if such defect would cause the Mortgage Loan to be other than
      a
“qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such
      cure, repurchase or substitution must occur within 90 days from the date such
      breach was discovered, provided, however, that if such defect relates solely
      to
      the inability of the related 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 related Seller shall not be required to purchase such Mortgage
      Loan, if the related 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
      related 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
      related Seller shall instead deliver a recording receipt of such recording
      office or, if such receipt is not available, a certificate confirming that
      such
      documents have been accepted for recording, and delivery to the Trustee or
      the
      Custodian, as its agent, shall be effected by the related Seller within thirty
      days of its receipt of the original recorded document.

     

    (c) In
      the
      event that a Mortgage Loan is purchased by the related Seller in accordance
      with
      Subsections 2.02(a) or (b) above, the related Seller shall remit to the Master
      Servicer the Purchase Price for deposit in the Master
      Servicer Collection Account
      and the
      Seller shall provide to the Trustee written notification detailing the
      components of the Purchase Price. Upon deposit of the Purchase Price in the
      Master Servicer Collection Account, the Depositor shall notify the Trustee
      and
      the Custodian, as agent of the Trustee (upon receipt of a Request for Release
      in
      the form of Exhibit D attached hereto with respect to such Mortgage Loan),
      shall
      release to the Seller the related Mortgage File and the Trustee shall execute
      and deliver all instruments of transfer or assignment, without recourse,
      representation or warranty, furnished to it by the related Seller, as are
      necessary to vest in the related Seller title to and rights under the Mortgage
      Loan. Such purchase shall be deemed to have occurred on the date on which the
      Purchase Price in immediately available funds is received by the Trustee. The
      Master Servicer shall amend the Mortgage Loan Schedule to reflect such
      repurchase and shall promptly notify the Rating Agencies, the related Seller
      and
      the Trustee of such amendment. The obligation of the related Seller to
      repurchase or substitute for any Mortgage Loan a Substitute Mortgage Loan as
      to
      which such a defect in a constituent document exists shall be the sole remedy
      respecting such defect available to the related Certificateholders or to the
      Trustee on their behalf.

     

    Section
      2.03 Assignment
      of Interest in the Mortgage Loan Purchase Agreement. 

     

    (a) The
      Depositor hereby assigns to the Trustee, on behalf of the Certificateholders
      of
      the Certificates, all of its right, title and interest in the Mortgage Loan
      Purchase Agreement, including but not limited to the Depositor’s rights and
      obligations pursuant to the Servicing Agreements (noting that the Seller has
      retained the right in the event of breach of the representations, warranties
      and
      covenants, if any, with respect to the related Mortgage Loans of the
related
      Servicer
      under the related Servicing Agreement to enforce the provisions thereof and
      to
      seek all or any available remedies). The obligations of the related Seller
      to
      substitute or repurchase, as applicable, a Mortgage Loan shall be the Trustee’s
      and the related Certificateholders’ sole remedy for any breach thereof. At the
      request of the Trustee, the Depositor shall take such actions as may be
      necessary to enforce the above right, title and interest on behalf of the
      Trustee and the Certificateholders or shall execute such further documents
      as
      the Trustee may reasonably require in order to enable the Trustee to carry
      out
      such enforcement.

     

    (b) If
      the
      Depositor or the Trustee discovers a breach of any of the representations and
      warranties set forth in the Mortgage Loan Purchase Agreement, which breach
      materially and adversely affects the value of the interests of related
      Certificateholders or the Trustee in the related Mortgage Loan, the party
      discovering the breach shall give prompt written notice of the breach to the
      other parties to this Agreement. EMC
      (on
      its own behalf and on behalf of Master Funding),
      within
      90 days of its discovery or receipt of notice that such breach has occurred
      (whichever occurs earlier), shall cure the breach in all material respects
      or,
      subject to the Mortgage Loan Purchase Agreement or Section 2.04 of this
      Agreement, as applicable, shall purchase the Mortgage Loan or any property
      acquired with respect thereto from the Trustee; provided, however, that if
      there
      is a breach of any representation set forth in the Mortgage Loan Purchase
      Agreement or Section 2.04 of this Agreement, as applicable, and the Mortgage
      Loan or the related property acquired with respect thereto has been sold, then
      EMC (on its own behalf and on behalf of Master Funding) shall pay, in lieu
      of
      the Purchase Price, any excess of the Purchase Price over the Net Liquidation
      Proceeds received upon such sale; provided further that, if such defect would
      cause the Mortgage Loan to be other than a “qualified mortgage” as defined in
      Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
      90
      days from the date such breach was discovered. If the Net Liquidation Proceeds
      exceed the Purchase Price, any excess shall be paid to EMC (on its own behalf
      and on behalf of Master Funding) to the extent not required by law to be paid
      to
      the borrower. Any such purchase by EMC (on its own behalf and on behalf of
      Master Funding) shall be made by providing an amount equal to the Purchase
      Price
      to the Master Servicer for deposit in the Master Servicer Collection Account
      and
      written notification detailing the components of such Purchase Price to the
      Master Servicer. The Depositor shall notify the Trustee and submit to the
      Custodian, as agent for the Trustee, a Request for Release, and the Custodian
      shall release, or the Trustee shall cause the Custodian to release, to the
      Seller the related Mortgage File and the Trustee shall execute and deliver
      all
      instruments of transfer or assignment furnished to it by EMC (on its own behalf
      and on behalf of Master Funding), without recourse, representation or warranty
      as are necessary to vest in the related Seller title to and rights under the
      Mortgage Loan or any property acquired with respect thereto. Such purchase
      shall
      be deemed to have occurred on the date on which the Purchase Price in available
      funds is received by the Trustee. The Master Servicer shall amend the Mortgage
      Loan Schedule to reflect such repurchase and shall promptly notify the EMC
      (on
      its own behalf and on behalf of Master Funding), the Trustee and the Rating
      Agencies of such amendment. Enforcement of the obligation of the Seller to
      purchase (or substitute a Substitute Mortgage Loan for) any Mortgage Loan or
      any
      property acquired with respect thereto (or pay the Purchase Price as set forth
      in the above proviso) as to which a breach has occurred and is continuing shall
      constitute the sole remedy respecting such breach available to the
      Certificateholders or the Trustee on their behalf.

     

    In
      connection with any repurchase of a Mortgage Loan or the cure of a breach of
      a
      representation or warranty set forth in Section 7 of the Mortgage Loan Purchase
      Agreement pursuant to this Section 2.03, EMC
      (on
      its own behalf and on behalf of Master Funding)
      shall, or cause the related Servicer to, furnish to
      the Trustee an officer’s certificate,
      signed by a duly authorized officer of the related Seller or the related
      Servicer, as the case may be, to the effect that such repurchase or cure has
      been made in accordance with the terms and conditions of this Agreement and
      that
      all conditions precedent to such repurchase or cure have been satisfied,
      including, in the case of a repurchase, the delivery to the Trustee of the
      Purchase Price or the excess of the Purchase Price over the Net Liquidation
      Proceeds, if applicable, for deposit into the Distribution Account, together
      with copies of the Opinion of Counsel, if any, required to be delivered pursuant
      to Section 2.08 and the related Request for Release, on which the Trustee may
      rely. Solely for purposes of the Trustee providing an Assessment of Compliance,
      upon receipt of the documentation specified in the preceding sentence, the
      Trustee shall approve such repurchase or cure, as applicable, and which approval
      shall be based solely on the Trustee’s receipt of such documentation and
      deposits, if applicable. It
      is
      understood and agreed that the obligation under this Agreement of the Seller
      to
      cure the breach of a representation or warranty set forth in Section 7 of the
      Mortgage Loan Purchase Agreement or to repurchase or substitute any Mortgage
      Loan as to which a breach has occurred and is continuing shall constitute the
      sole remedies against the related Seller respecting such breach available to
      Certificateholders, the Depositor or the Trustee.

     

    Section
      2.04 Substitution
      of Mortgage Loans. 

     

    Notwithstanding
      anything to the contrary in this Agreement, in lieu of purchasing a Mortgage
      Loan pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03
      of this Agreement, EMC (on its own behalf and on behalf of Master Funding)
      may,
      no later than the date by which such purchase by the related Seller would
      otherwise be required, tender to the Trustee a Substitute Mortgage Loan
      accompanied by a certificate of an authorized officer of the Seller that such
      Substitute Mortgage Loan conforms to the requirements set forth in the
      definition of “Substitute Mortgage Loan” in this Agreement; provided, however,
      that substitution pursuant to the Mortgage Loan Purchase Agreement or Section
      2.04 of this Agreement, as applicable, in lieu of purchase shall not be
      permitted after the termination of the two-year period beginning on the Startup
      Day; provided, further, that if the breach would cause the Mortgage Loan to
      be
      other than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code,
      any such cure or substitution must occur within 90 days from the date the breach
      was discovered. The Custodian, as agent for the Trustee, shall examine the
      Mortgage File for any Substitute Mortgage Loan in the manner set forth in
      Section 2.02(a) and the Trustee or the Custodian, as its agent, shall notify
      EMC
      (on its own behalf and on behalf of Master Funding), in writing, within five
      Business Days after receipt, whether or not the documents relating to the
      Substitute Mortgage Loan satisfy the requirements of Subsection 2.02(a). Within
      two Business Days after such notification, EMC (on its own behalf and on behalf
      of Master Funding) shall provide to the Trustee for deposit in the Distribution
      Account the amount, if any, by which the Outstanding Principal Balance as of
      the
      next preceding Due Date of the Mortgage Loan for which substitution is being
      made, after giving effect to the Scheduled Principal due on such date, exceeds
      the Outstanding Principal Balance as of such date of the Substitute Mortgage
      Loan, after giving effect to Scheduled Principal due on such date, which amount
      shall be treated for the purposes of this Agreement as if it were the payment
      by
      EMC (on its own behalf and on behalf of Master Funding) of the Purchase Price
      for the purchase of a Mortgage Loan by EMC (on its own behalf and on behalf
      of
      Master Funding). After such notification to EMC (on its own behalf and on behalf
      of Master Funding) and, if any such excess exists, upon receipt of such deposit,
      the Trustee shall accept such Substitute Mortgage Loan which shall thereafter
      be
      deemed to be a Mortgage Loan hereunder. 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 Trust Fund 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 related
      Seller. The Scheduled Principal on a Substitute Mortgage Loan due on the Due
      Date in the month of substitution shall be the property of the related Seller
      and the Scheduled Principal on the Mortgage Loan for which the substitution
      is
      made due on such Due Date shall be the property of the Trust Fund. Upon
      acceptance of the Substitute Mortgage Loan (and delivery to the Custodian of
      a
      Request for Release for such Mortgage Loan), the Custodian, as agent for the
      Trustee, shall release to the related Seller the related Mortgage File related
      to any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement
      or Section 2.04 of this Agreement, as applicable, and shall execute and deliver
      all instruments of transfer or assignment, without recourse, representation
      or
      warranty in form as provided to it as are necessary to vest in the related
      Seller title to and rights under any Mortgage Loan released pursuant to the
      Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as
      applicable. EMC (on its own behalf and on behalf of Master Funding) shall
      deliver to the Custodian the documents related to the Substitute Mortgage Loan
      in accordance with the provisions of the Mortgage Loan Purchase Agreement or
      Subsections 2.01(b) and 2.02(b) of this Agreement, as applicable, with the
      date
      of acceptance of the Substitute Mortgage Loan deemed to be the Closing Date
      for
      purposes of the time periods set forth in those Subsections. The representations
      and warranties set forth in the Mortgage Loan Purchase Agreement shall be deemed
      to have been made by the related Seller with respect to each Substitute Mortgage
      Loan as of the date of acceptance of such Mortgage Loan by the Trustee. The
      Master Servicer shall amend the Mortgage Loan Schedule to reflect such
      substitution and shall provide a copy of such amended Mortgage Loan Schedule
      to
      EMC (on its own behalf and on behalf of Master Funding), the Trustee and the
      Rating Agencies.

     

    In
      connection with any substitution of a Mortgage Loan pursuant to this Section
      2.04 EMC (on its own behalf and on behalf of Master Funding) shall, or cause
      the
      related Servicer to, furnish to the Trustee an officer’s certificate, signed by
      a duly authorized officer of EMC (on its own behalf and on behalf of Master
      Funding) or the related Servicer, as the case may be, to the effect that such
      substitution has been made in accordance with the terms and conditions of this
      Agreement and that all conditions precedent to such substitution have been
      satisfied, together with copies of the Opinion of Counsel, if any, required
      to
      be delivered pursuant to Section 2.08 and the related Request for Release,
      on
      which the Trustee may rely. Solely for purposes of the Trustee providing an
      Assessment of Compliance, upon receipt of the deposit specified in the preceding
      paragraph, if applicable, and the documentation specified in the preceding
      sentence, the Trustee shall approve such substitution and which approval shall
      be based solely on the Trustee’s receipt of such documentation and deposits. It
      is understood and agreed that the obligation under this Agreement of EMC (on
      its
      own behalf and on behalf of Master Funding) to substitute any Mortgage Loan
      as
      to which a breach has occurred and is continuing shall constitute the sole
      remedies against the Seller respecting such breach available to
      Certificateholders, the Depositor or the Trustee.

     

    Section
      2.05 Issuance
      of Certificates. 

     

    (a) The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the other
      assets comprising the Trust Fund and, concurrently therewith, the Trustee has
      signed, and countersigned and delivered to the Depositor, in exchange therefor,
      the Certificates in such authorized denominations representing such Fractional
      Undivided Interests as the Depositor has requested. The Trustee agrees that
      it
      will hold the Mortgage Loans and such other assets as may from time to time
      be
      delivered to it segregated on the books of the Trustee in trust for the benefit
      of the related Certificateholders.

     

    Section
      2.06 Representations
      and Warranties Concerning the Depositor. 

     

    The
      Depositor hereby represents and warrants to the Trustee and the Master Servicer
      as follows:

     

    (a) the
      Depositor (i) is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and (ii) is qualified and
      in
      good standing as a foreign corporation to do business in each jurisdiction
      where
      such qualification is necessary, except where the failure so to qualify would
      not reasonably be expected to have a material adverse effect on the Depositor’s
      business as presently conducted or on the Depositor’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (b) the
      Depositor has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (c) the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Depositor or its properties or the articles of
      incorporation or by-laws of the Depositor, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Depositor’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (d) the
      execution, delivery and performance by the Depositor of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e) this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the other parties hereto,
      constitutes a valid and binding obligation of the Depositor 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 Depositor,
      threatened against the Depositor, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Depositor will be determined adversely to the Depositor
      and
      will if determined adversely to the Depositor materially and adversely affect
      the Depositor’s ability to enter into this Agreement or perform its obligations
      under this Agreement; and the Depositor 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; 

     

    (g) The
      Depositor has filed all reports required to be filed by Section 13 or Section
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the Depositor was required to file such reports) and it has been
      subject to such filing requirements for the past 90 days; and

     

    (h) immediately
      prior to the transfer and assignment to the Trustee, each Mortgage Note and
      each
      Mortgage were not subject to an assignment or pledge, and the Depositor had
      good
      and marketable title to and was the sole owner thereof and had full right to
      transfer and sell such Mortgage Loan to the Trustee free and clear of any
      encumbrance, equity, lien, pledge, charge, claim or security
      interest.

     

    Section
      2.07  Representations
      and Warranties of EMC.

     

    EMC,
      in
      its capacity as Seller and Master Servicer, hereby represents and warrants
      to
      the Depositor and the Trustee as follows, as of the Closing Date:

     

    (a)  EMC
      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 EMC 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 the Mortgage Loan
      Purchase Agreement and to perform any of its other obligations under this
      Agreement in accordance with the terms hereof.

     

    (b)  EMC
      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 EMC the execution, delivery and performance
      of
      this Agreement, assuming the due authorization, execution and delivery hereof
      by
      the other parties hereto or thereto, as applicable, constitutes a legal, valid
      and binding obligation of EMC, enforceable against EMC 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.

     

    (c)  The
      execution and delivery of this Agreement by EMC, the sale of the Mortgage Loans
      by EMC 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 EMC and will not (A) result in a material breach of any term or
      provision of the charter or by-laws of EMC or (B) conflict with, result in
      a
      breach, violation or acceleration of, or result in a default under, the terms
      of
      any other material agreement or instrument to which EMC is a party or by which
      it may be bound, or (C) constitute a violation of any statute, order or
      regulation applicable to EMC of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over EMC; and EMC 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 EMC’s ability to perform
      or meet any of its obligations under this Agreement.

     

    (d)  EMC
      is an
      approved Seller of conventional mortgage loans for Fannie Mae and 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.

     

    (e)  No
      litigation is pending or, to the best of EMC’s knowledge, threatened, against
      EMC that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or the ability of EMC to sell the Mortgage
      Loans or to perform any of its other obligations under this Agreement in
      accordance with the terms hereof or thereof.

     

    (f)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by EMC of, or
      compliance by EMC with, this Agreement or the consummation of the transactions
      contemplated hereby, or if any such consent, approval, authorization or order
      is
      required, EMC has obtained the same.

     

    (g)  With
      respect to each Mortgage Loan as of the Closing Date (or such other date as
      may
      be specified in Section 7 of the Mortgage Loan Purchase Agreement), EMC, as
      Seller, hereby remakes and restates each of the representations and warranties
      set forth in Section 7 of the Mortgage Loan Purchase Agreement to the Depositor
      and the Trustee to the same extent as if fully set forth herein.

     

    Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in the Mortgage Loan Purchase Agreement with respect to
      the
      Mortgage Loans 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. EMC, in its capacity
      as
      Seller, hereby covenants with respect to the representations and warranties
      set
      forth in the Mortgage Loan Purchase Agreement with respect to the Mortgage
      Loans, 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 2.08 hereof and
      any
      such substitution pursuant to (i) above shall not be effected prior to the
      additional delivery to the applicable Custodian of a Request for Release;
      provided further that, if such breach would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure, repurchase or substitution must occur within 90 days from the date
      such breach was discovered. The Trustee shall give prompt written notice to
      the
      parties hereto of EMC’s failure to cure such breach as set forth in the
      preceding sentence. EMC 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
      Master Servicer to amend the Mortgage Loan Schedule, EMC shall, unless it cures
      such breach in a timely fashion pursuant to this Section 2.07, promptly notify
      the Master Servicer whether it intends either to repurchase, or to substitute
      for, the Mortgage Loan affected by such breach. With respect to the
      representations and warranties with respect to the Mortgage Loans that are
      made
      to the best of EMC’s knowledge, if it is discovered by any of the Depositor, the
      Master Servicer, EMC 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 EMC’s lack of knowledge
      with respect to the substance of such representation or warranty, EMC (in its
      capacity as Seller) shall nevertheless be required to cure, substitute for
      or
      repurchase the affected Mortgage Loan in accordance with the
      foregoing.

     

    With
      respect to any Replacement Mortgage Loan or Loans, EMC (in its capacity as
      Seller) shall deliver to the Trustee or the related 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. Notwithstanding the foregoing,
      such
      substitution must be done within two years of the Closing Date. 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 EMC (in its capacity
      as Seller). For the month of substitution, distributions to Certificateholders
      will include the Scheduled Payment due on any Deleted Mortgage Loan for the
      related Due Period and thereafter EMC (in its capacity as Seller) shall be
      entitled to retain all amounts received in respect of such Deleted Mortgage
      Loan. The Master Servicer shall amend the Mortgage Loan Schedule for the benefit
      of the Certificateholders to reflect the removal of each such Deleted Mortgage
      Loan and the substitution of the Replacement Mortgage Loan or Loans and the
      Master Servicer shall deliver the amended Mortgage Loan Schedule to the Trustee
      and the related Custodian. Upon such substitution, the Replacement Mortgage
      Loan
      or Loans shall be subject to the terms of this Agreement in all respects, and
      EMC 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 or Section 8 of the Mortgage Loan Purchase Agreement with
      respect to such Mortgage Loan. Upon any such substitution and the deposit into
      the Master Servicer Collection Account of the amount required to be deposited
      therein in connection with such substitution as described in the following
      paragraph and receipt by the related Custodian of a Request for Release for
      such
      Mortgage Loan, the related Custodian shall release to EMC 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 EMC’s direction
      such instruments of transfer or assignment as have been prepared by EMC, in
      each
      case without recourse, representation or warranty as shall be necessary to
      vest
      in EMC, or its respective designee, title to the Trustee’s interest in any
      Deleted Mortgage Loan substituted for pursuant to this Section
      2.07.

     

    For
      any
      month in which EMC 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 Master Servicer Collection Account, by EMC upon its 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 EMC (in its capacity as Seller) shall have repurchased a Mortgage
      Loan, the Purchase Price therefor shall be deposited into the Master Servicer
      Collection Account maintained by the Master Servicer, on the Determination
      Date
      for the Distribution Date in the month following the month during which EMC
      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 2.08 and the receipt of a Request for Release, the related Custodian
      shall release the related Mortgage File held for the benefit of the
      Certificateholders to EMC, and the Trustee shall execute and deliver at such
      Person’s direction the related instruments of transfer or assignment prepared by
      EMC, in each case without recourse, representation or warranty, as shall be
      necessary to transfer title from the Trustee for the benefit of the
      Certificateholders and transfer the Trustee’s interest to EMC to any Mortgage
      Loan purchased pursuant to this Section 2.07. It is understood and agreed that
      the obligation under this Agreement of EMC to cure, repurchase or replace any
      Mortgage Loan as to which a breach has occurred and is continuing shall
      constitute the sole remedies against EMC (in its capacity as Seller) respecting
      such breach available to the Certificateholders, the Depositor or the
      Trustee.

     

    The
      representations and warranties set forth in this Section 2.07 hereof shall
      survive delivery of the respective Mortgage Loans and Mortgage Files to the
      Trustee or the related Custodian for the benefit of the
      Certificateholders. 

     

    Section
      2.08 Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Repurchases. 

     

    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, 2.03, 2.04 or 2.07 shall be made unless
      the Seller delivers to the Trustee an Opinion of Counsel, addressed to the
      Trustee, to the effect that such repurchase or substitution would not (i) result
      in the imposition of the tax on “prohibited transactions” of the Trust REMIC or
      contributions after the Closing Date, as defined in Sections 860F(a)(2) and
      860G(d) of the Code, respectively, or (ii) cause the Trust REMIC 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, 2.03, 2.04 or 2.07) 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.

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      III

    Administration
      of the Trust Fund and Servicing of Mortgage Loans

     

    Section
      3.01 Master
      Servicer.

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer the Mortgage Loans in accordance with the
      terms of the applicable 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 each 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 each Servicer and shall cause each Servicer to perform and observe the
      covenants, obligations and conditions to be performed or observed by such
      Servicer under its applicable Servicing Agreement. The Master Servicer shall
      independently and separately monitor the Servicer’s servicing activities with
      respect to each 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 Servicers’ and Master Servicer’s
      records, and based on such reconciled and corrected information, the Master
      Servicer shall provide such information to the Trustee, in
      the
      form of Exhibit R attached hereto and as
      shall
      be necessary in order for it to prepare the statements specified in Section
      6.05(a) by
      12:00
      p.m. CST on the 5th Business Day prior to each Distribution Date,
      and
      prepare any other information and statements required to be forwarded by the
      Master Servicer hereunder; provided, however, in no event shall the Master
      Servicer be required to provide such information to the Trustee earlier than
      12:00 p.m. CST on the 19th
      calendar
      day of the month. The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of the Servicers pursuant
      to the applicable Servicing Agreement. The Master Servicer shall be entitled
      to
      conclusively rely on the Mortgage Loan data provided by the related Servicer
      and
      shall have no liability for any errors in such Mortgage Loan data.

     

    In
      addition to the foregoing, in connection with a modification of any Mortgage
      Loan by a Servicer, if the Master Servicer is unable to enforce the obligations
      of the Servicer with respect to such modification, the Master Servicer shall
      notify the Depositor of such Servicer’s failure to comply with the terms of the
      Servicing Agreement or this Agreement. If the Servicing Agreement requires
      the
      approval of the Master Servicer for a modification to a Mortgage Loan, the
      Master Servicer shall approve such modification if, based upon its receipt
      of
      written notification from the related Servicer outlining the terms of such
      modification and appropriate supporting documentation, the Master Servicer
      determines that the modification is permitted under the terms of the Servicing
      Agreement and that any conditions to such modification set forth in the
      Servicing Agreement have been satisfied. Furthermore, if the Servicing Agreement
      requires the oversight and monitoring of loss mitigation measures with respect
      to the related Mortgage Loans, the Master Servicer will monitor any loss
      mitigation procedure or recovery action related to a defaulted Mortgage Loan
      (to
      the extent it receives notice of such from the related Servicer) and confirm
      that such loss mitigation procedure or recovery action is initiated, conducted
      and concluded in accordance with any timeframes and any other requirements
      set
      forth in the Servicing Agreement, and the Master Servicer shall notify the
      Depositor in any case in which the Master Servicer believes that the related
      Servicer is not complying with such timeframes and/or other
      requirements.

     

    The
      Trustee shall furnish the Servicers and the Master Servicer with any powers
      of
      attorney substantially in the form of Exhibit P hereto and upon written request
      from a Servicing Officer other documents in form as provided to it necessary
      or
      appropriate to enable the Servicers and the Master Servicer to service and
      administer the Mortgage Loans and REO Property. The Trustee shall be indemnified
      by the Master Servicer for any costs, liabilities or expenses incurred by it
      in
      connection with such powers of attorney.

     

    The
      Trustee or the Custodian shall provide access to the records and documentation
      in possession of the Trustee regarding the Mortgage Loans and REO Property
      and
      the servicing thereof to the related 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; provided, however, that, unless otherwise required by
      law, the Trustee shall not 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 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 actual
      costs.

     

    The
      Trustee shall execute upon the related Servicer’s written instruction (which
      includes the documents to be signed) and deliver to the related Servicer and
      the
      Master Servicer any court pleadings, requests for trustee’s sale or other
      appropriate documents necessary or desirable to (i) the foreclosure or trustee’s
      sale with respect to a Mortgaged Property; (ii) any legal action brought to
      obtain judgment against any Mortgagor on the Mortgage Note or Security
      Instrument; (iii) obtain a deficiency judgment against the Mortgagor; or (iv)
      enforce any other rights or remedies provided by the Mortgage Note or Security
      Instrument or otherwise available at law or equity.

     

    Section
      3.02 REMIC-Related
      Covenants. 

     

    For
      as
      long as the Trust REMIC shall exist, the Trustee shall act in accordance
      herewith to assure continuing treatment of the Trust REMIC as a REMIC, and
      the
      Trustee shall comply with any directions of the Depositor, the related Servicer
      or the Master Servicer to ensure such continuing treatment. In particular,
      the
      Trustee shall not (unless expressly permitted under the terms of this Agreement)
      (a) sell or permit the sale of all or any portion of the Mortgage Loans or
      of
      any investment of deposits in an Account unless such sale is as a result of
      a
      repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee
      has
      received a REMIC Opinion addressed to the Trustee prepared at the expense of
      the
      Trust Fund; (b) other than with respect to a substitution pursuant to the
      Mortgage Loan Purchase Agreement, Section 2.04 or Section 2.07 of this
      Agreement, as applicable, accept any contribution to the Trust REMIC after
      the
      Startup Day without receipt of a REMIC Opinion addressed to the Trustee; or
      (c)
      acquire any assets for the Trust REMIC other than any REO Property after the
      Startup Day without receipt of a REMIC Opinion.

     

    Section
      3.03 Monitoring
      of Servicers. 

     

    (a) The
      Master Servicer shall be responsible for reporting to the Trustee and the
      Depositor the non-compliance by each Servicer with its duties under the related
      Servicing Agreement. In the review of each Servicer’s activities, the Master
      Servicer may rely upon an officer’s certificate of the Servicer (or similar
      document signed by an officer of the Servicer) with regard to the Servicer’s
      compliance with the terms of its Servicing Agreement. In the event that the
      Master Servicer, in its judgment, determines that a Servicer (other than the
      Company) should be terminated in accordance with 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 should be terminated in accordance with
      the EMC Servicing Agreement, or that a notice should be sent pursuant to the
      EMC
      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 in writing. Pursuant to its receipt
      of such written notification from the Master Servicer, the Trustee shall issue
      such notice of termination to the Company or take such other action as it deems
      appropriate.

     

    (b) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of each Servicer under the related Servicing
      Agreement, and shall, in the event that a Servicer, other than the Company,
      fails to perform its obligations in accordance with the related
      Servicing Agreement, subject to the preceding paragraph, terminate the rights
      and obligations of such Servicer 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 the Company
      fails to perform its obligations in accordance with the EMC Servicing Agreement,
      subject to the preceding paragraph,
      the Master Servicer shall notify the Trustee in writing of such failure.
      Pursuant to its receipt of such notification from the Master Servicer, the
      Trustee shall terminate the rights and obligations of the Company under the
      EMC
      Servicing Agreement and enter in to a new Servicing Agreement with a successor
      Servicer selected by the Trustee; provided, however, it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to such successor Servicer. In either event, such enforcement,
      including, without limitation, the legal prosecution of claims, termination
      of
      the 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 the Company is terminated as the Servicer, the
      successor servicer or the Trustee, as applicable) in its good faith business
      judgment, would require were it the owner of the Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer shall have received
      reasonable indemnity for its costs and expenses in pursuing such action. In
      the
      event that the Company is terminated as the Servicer, the Trustee shall pay
      the
      costs of such enforcement at its own expense, subject to its right to be
      reimbursed for such costs from the Distribution Account pursuant to Section
      3.03(c); provided that the Trustee shall not be required to prosecute or defend
      any legal action except to the extent that the Trustee shall have received
      reasonable indemnity for its costs and expenses in pursuing such action. Nothing
      herein shall impose any obligation on the part of the Trustee to assume or
      succeed to the duties or obligations of the Company or the Master Servicer
      unless the Trustee has not been able to find a successor servicer or a successor
      master servicer.

     

    (c) In
      the
      event that the Company is terminated as Servicer, to the extent that the costs
      and expenses of the Trustee related to any termination of the Company, 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 Company as a result
      of an
      event of default by the Company as a Servicer 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 the Company after
      such termination, the Trustee shall be entitled to reimbursement of such costs
      and expenses from the Distribution Account. In
      all other cases, to the extent that the costs and expenses of the Master
      Servicer related to any termination of a Servicer (other than the
      Company),
      appointment of a successor Servicer or the transfer and assumption of servicing
      by the Master Servicer with respect to any 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
      Servicer as a result of an event of default by such Servicer 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 the
      terminated Servicer, the Master Servicer shall be entitled to reimbursement
      of
      such costs and expenses from the Master
      Servicer Collection Account.

     

    (d) The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreement.

     

    (e) If
      the
      Master Servicer acts as a servicer, it shall not be liable for losses of the
      predecessor Servicer or any acts or omissions of the predecessor Servicer,
      or
      deemed to have made any representations and warranties of the related Servicer,
      if any, that it replaces.

     

    Section
      3.04 Fidelity
      Bond. 

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    Section
      3.05 Power
      to Act; Procedures. 

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Holders of the Certificates 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,
      Liquidation Proceeds and Subsequent Recoveries, and (iv) to effectuate
      foreclosure or other conversion of the ownership of the Mortgaged Property
      securing any Mortgage Loan, in each case, in accordance with the provisions
      of
      this Agreement and the related Servicing Agreement, as applicable; provided,
      however, that the Master Servicer shall not (and, consistent with its
      responsibilities under Section 3.03, shall not authorize any 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 the Trust REMIC 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 would not cause the Trust REMIC to fail to qualify
      as a
      REMIC or result in the imposition of a tax upon the Trust REMIC. The Trustee
      shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney empowering the Master Servicer or any
      Servicer to execute and deliver instruments of satisfaction or cancellation,
      or
      of partial or full release or discharge, and to foreclose upon or otherwise
      liquidate Mortgaged Property, and to appeal, prosecute or defend in any court
      action relating to the Mortgage Loans or the Mortgaged Property, in accordance
      with the related Servicing Agreement and this Agreement, and the Trustee shall
      execute and deliver such other documents, as the Master Servicer may request,
      to
      enable the Master Servicer to master service and administer the Mortgage Loans
      and carry out its duties hereunder, in each case in accordance with Accepted
      Master Servicing Practices (and the Trustee shall have no liability for misuse
      of any such powers of attorney by the Master Servicer or any Servicer). If
      the
      Master Servicer or the Trustee has been advised that it is likely that the
      laws
      of the state in which action is to be taken prohibit such action if taken in
      the
      name of the Trustee or that the Trustee would be adversely affected under the
      “doing business” or tax laws of such state if such action is taken in its name,
      the Master Servicer shall join with the Trustee in the appointment of a
      co-trustee pursuant to Section 9.11 hereof. In the performance of its duties
      hereunder, the Master Servicer shall be an independent contractor and shall,
      except in those instances where it is taking action in the name of the Trust,
      not be deemed to be the agent of the Trust.

     

    Section
      3.06 Due-on-Sale
      Clauses; Assumption Agreements. 

     

    To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

     

    Section
      3.07 Release
      of Mortgage Files.

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any 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 Servicer will, if required under the applicable Servicing
      Agreement (or if the applicable 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 D (or as otherwise provided
      in the Custodial Agreement) hereto signed by a Servicing Officer or in a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer (which certification shall include
      a
      statement to the effect that all amounts received in connection with such
      payment that are required to be deposited in the Protected Account maintained
      by
      the applicable Servicer pursuant to Section 4.01 or by the applicable Servicer
      pursuant to the applicable Servicing Agreement have been or will be so
      deposited) and shall request that the Custodian, on behalf of the Trustee,
      deliver to the applicable 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 applicable Servicer and the
      Trustee and Custodian shall have no further responsibility with regard to such
      Mortgage File. Upon any such payment in full, each 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) regarding the Mortgaged Property subject to the Mortgage,
      which instrument of satisfaction or assignment, as the case may be, shall be
      delivered to the Person or Persons entitled thereto against receipt therefor
      of
      such payment, it being understood and agreed that no expenses incurred in
      connection with such instrument of satisfaction or assignment, as the case
      may
      be, shall be chargeable to the applicable Protected Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, upon written
      instruction from such Servicer or the Master Servicer, the Trustee shall execute
      such documents as shall be prepared and furnished to the Trustee by a 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 a 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 D (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 Servicer or the Master
      Servicer. Such trust receipt shall obligate the Servicer or the Master Servicer
      to return the Mortgage File to the Custodian on behalf of the Trustee, when
      the
      need therefor by the Servicer or the Master Servicer no longer exists unless
      the
      Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
      of a Servicing Officer similar to that hereinabove specified, the Mortgage
      File
      shall be released by the Custodian, on behalf of the Trustee, to the Servicer
      or
      the Master Servicer.

     

    Section
      3.08 Documents,
      Records and Funds in Possession of Master Servicer to Be Held for
      Trustee.

     

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee or Custodian such
      documents and instruments coming into the possession of the Master Servicer
      or
      such Servicer from time to time as are required by the terms hereof, or in
      the
      case of the Servicers, the applicable Servicing Agreement, to be delivered
      to
      the Trustee or Custodian. Any funds received by the Master Servicer or by a
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Master Servicer or by a Servicer as Liquidation Proceeds, Insurance Proceeds
      or
      Subsequent Recoveries in respect of any Mortgage Loan shall be held for the
      benefit of the Trustee and the Certificateholders subject to the right of the
      Master Servicer to retain or withdraw from the Master Servicer Collection
      Account the Master Servicing Compensation and other amounts provided in this
      Agreement, and to the right of each Servicer to retain or withdraw its Servicing
      Fee and other amounts as provided in the applicable Servicing Agreement. The
      Master Servicer and each Servicer shall 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, 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, Insurance
      Proceeds or Subsequent Recoveries, shall be held by the Master Servicer for
      and
      on behalf of the Trustee and the Certificateholders and shall be and remain
      the
      sole and exclusive property of the Trustee; provided, however, that the Master
      Servicer and each Servicer shall be entitled to setoff against, and deduct
      from,
      any such funds any amounts that are properly due and payable to the Master
      Servicer or such Servicer to the extent provided under this Agreement or the
      applicable Servicing Agreement.

     

    Section
      3.09 Standard
      Hazard Insurance and Flood Insurance Policies. 

     

    (a) For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers
      under the related Servicing Agreement to maintain or cause to be maintained
      standard fire and casualty insurance and, where applicable, flood insurance,
      all
      in accordance with the provisions of the related Servicing Agreement. It is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    (b) Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Master Servicer Collection
      Account, subject to withdrawal pursuant to Section 4.02 and 4.03. Any cost
      incurred by the Master Servicer or any Servicer in maintaining any such
      insurance if the Mortgagor defaults in its obligation to do so shall be added
      to
      the amount owing under the Mortgage Loan where the terms of the Mortgage Loan
      so
      permit; provided, however, that the addition of any such cost shall not be
      taken
      into account for purposes of calculating the distributions to be made to
      Certificateholders and shall be recoverable by the Master Servicer or such
      Servicer pursuant to Sections 4.02 and 4.03.

     

    Section
      3.10 Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to prepare and present on behalf of the
      Trustee and the Certificateholders all claims under the Insurance Policies
      and
      take such actions (including the negotiation, settlement, compromise or
      enforcement of the insured’s claim) as shall be necessary to realize recovery
      under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
      to a Servicer and remitted to the Master Servicer) in respect of such policies,
      bonds or contracts shall be promptly deposited in the Master Servicer Collection
      Account for deposit 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, which repair or restoration the owner of such
      Mortgaged Property or EMC, as applicable, has agreed to make as a condition
      precedent to the presentation of claims on the related Mortgage Loan to the
      insurer under any applicable Insurance Policy need not be so deposited (or
      remitted).

     

    Section
      3.11 Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or authorize any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Mortgage
      Insurance Policy of any loss which, but for the actions of the Master Servicer
      or such Servicer, would have been covered thereunder. The Master Servicer shall
      use its best reasonable efforts to cause each Servicer (to the extent required
      under the related Servicing Agreement) to keep in force and effect (to the
      extent that the Mortgage Loan requires the Mortgagor to maintain such
      insurance), primary mortgage insurance applicable to each Mortgage Loan in
      accordance with the provisions of this Agreement and the related Servicing
      Agreement, as applicable. The Master Servicer shall not, and shall not authorize
      any Servicer (to the extent required under 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 present, or to cause each Servicer (to the extent
      required under the related Servicing Agreement) to present, on behalf of the
      Trustee and the Certificateholders, claims to the insurer under any Primary
      Mortgage Insurance Policies and, in this regard, to take such reasonable action
      as shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and
      4.02,
      any amounts collected by the Master Servicer or any Servicer under any Primary
      Mortgage Insurance Policies shall be deposited in the Master Servicer Collection
      Account, subject to withdrawal pursuant to Sections 4.02 and 4.03.

     

    Section
      3.12 Trustee
      to Retain Possession of Certain Insurance Policies and Documents. 

     

    The
      Trustee (or the Custodian, as directed by the Trustee), shall retain possession
      and custody of the originals (to the extent available) of any Primary Mortgage
      Insurance Policies, or certificate of insurance if applicable, and any
      certificates of renewal as to the foregoing as may be issued from time to time
      as contemplated by this Agreement. Until all amounts distributable in respect
      of
      the Certificates have been distributed in full and the Master Servicer otherwise
      has fulfilled its obligations under this Agreement, the Trustee (or its
      Custodian, if any, as directed by the Trustee) shall also retain possession
      and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause to be delivered to the Trustee (or the Custodian, as directed by the
      Trustee), upon the execution or receipt thereof the originals of any Primary
      Mortgage Insurance Policies, any certificates of renewal, and such other
      documents or instruments that constitute portions of the Mortgage File that
      come
      into the possession of the Master Servicer from time to time.

     

    Section
      3.13 Realization
      Upon Defaulted Mortgage Loans. 

     

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) to foreclose upon, repossess or otherwise
      comparably convert the ownership of Mortgaged Properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with the applicable Servicing Agreement.

     

    Section
      3.14 Compensation
      for the Master Servicer. 

     

    The
      Master Servicer will be entitled to all income and gain realized from any
      investment of funds in the Master Servicer Collection Account, pursuant to
      Article IV, for the performance of its activities hereunder. Servicing
      compensation in the form of assumption fees, if any, late payment charges,
      as
      collected, if any, or otherwise (including any prepayment premium or penalty)
      shall be retained by the applicable Servicer and shall not be deposited in
      the
      related Protected Account. The Master Servicer shall be required to pay all
      expenses incurred by it in connection with its activities hereunder and shall
      not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    Section
      3.15 REO
      Property. 

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Master Servicer shall, to the extent provided in the applicable Servicing
      Agreement, cause the applicable 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
      applicable Servicer to protect and conserve, such REO Property in the manner
      and
      to the extent required by the applicable Servicing Agreement, in accordance
      with
      the REMIC Provisions and in a manner that does not result in a tax on “net
      income from foreclosure property” or cause such REO Property to fail to qualify
      as “foreclosure property” within the meaning of Section 860G(a)(8) of the
      Code.

     

    (b) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Protected Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Monthly Advances and other unreimbursed advances as well as any unpaid Servicing
      Fees from Liquidation Proceeds received in connection with the final disposition
      of such REO Property; provided
      that, any such unreimbursed Monthly Advances as well as any unpaid Servicing
      Fees may be reimbursed or paid, as the case may be, prior to final disposition,
      out of any net rental income or other net amounts derived from such REO
      Property.

     

    (d) To
      the
      extent provided in 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 applicable Servicer as provided above, subject to approval
      by
      the Master Servicer, shall be deposited in the related Protected Account on
      or
      prior to the Determination Date in the month following receipt thereof and
      be
      remitted by wire transfer in immediately available funds to the Master Servicer
      for deposit into the Master Servicer Collection Account on the next succeeding
      Servicer Remittance Date.

     

    Section
      3.16 Annual
      Statement as to Compliance.

     

    The
      Master Servicer shall deliver (or otherwise make available) to the Depositor
      and
      the Trustee not later than March 15th
      of each
      calendar year beginning in 2008, an Officer’s Certificate (an “Annual Statement
      of Compliance”) stating that (i) a review of the activities of the Master
      Servicer during the preceding calendar year and of its performance under this
      Agreement has been made under such officer’s supervision and (ii) to the best of
      such officer’s knowledge, based on such review, the Master Servicer has
      fulfilled all of its obligations under this Agreement in all material respects
      throughout such year, or, if there has been a failure to fulfill any such
      obligation in any material respect, specifying each such failure known to such
      officer and the nature and status of the cure provisions thereof. Such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.
      The Master Servicer shall enforce the obligations of each Servicer, to the
      extent set forth in the related Servicing Agreement, to deliver a similar Annual
      Statement of Compliance by that Servicer to the Depositor and the Trustee as
      described above as and when required with respect to the Master Servicer. In
      the
      event that certain servicing responsibilities with respect to any Mortgage
      Loan
      have been delegated by the Master Servicer or a Servicer to a subservicer or
      subcontractor, each such entity shall cause such subservicer or subcontractor
      (and with respect to each Servicer, the Master Servicer shall enforce the
      obligation of such Servicer to the extent required under the related Servicing
      Agreement) to deliver a similar Annual Statement of Compliance by such
      subservicer or subcontractor to the Depositor, the Master Servicer and the
      Trustee as described above as and when required with respect to the Master
      Servicer or the related Servicer (as the case may be).

    

    Failure
      of the Master Servicer to comply with this Section 3.16 (including with respect
      to the timeframes required herein) shall be deemed an Event of Default, and
      at
      the written direction of the Depositor the Trustee shall, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Master Servicer for the same (but
      subject to the Master Servicer’s rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination).
      This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary.

    

    In
      the event the Master Servicer, any Servicer or
      any subservicer or subcontractor engaged by either such party is terminated
      or
      resigns pursuant to the terms of this Agreement, or any other applicable
      agreement in the case of a Servicer, a subservicer or subcontractor, as the
      case
      may be, such party shall provide an Annual Statement of Compliance pursuant
      to
      this Section 3.16 or to the related section of such other applicable agreement,
      as the case may be, as to the performance of its obligations with respect to
      the
      period of time it was subject to this Agreement or any other applicable
      agreement, as the case may be notwithstanding any such termination or
      resignation.

    

    Section
      3.17 Assessments
      of Compliance and Attestation Reports. 

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      each of the Master Servicer, the Trustee and the Custodian (to the extent set
      forth in this Section) (each, an “Attesting Party”), each at its own expense,
      shall deliver (or otherwise make available) to the Master Servicer, the Trustee
      and the Depositor on or before March 15th
      of each
      calendar year beginning in 2008, a report regarding such Attesting Party’s
      assessment of compliance (an “Assessment of Compliance”) with the Servicing
      Criteria during the preceding calendar year. The Assessment of Compliance,
      as
      set forth in Regulation AB, must contain the following:

     

    (a) A
      statement by an authorized officer of such Attesting Party of its authority
      and
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the related Attesting Party;

     

    (b) A
      statement by an authorized officer that such Attesting Party used the Servicing
      Criteria attached as Exhibit L 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 L hereto which are indicated as applicable to the related Attesting
      Party.

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2008, each Attesting Party shall furnish to the
      Master Servicer, the Depositor and the Trustee a report (an “Attestation
      Report”) by a registered public accounting firm that attests to, and reports on,
      the Assessment of Compliance made by the related Attesting Party, as required
      by
      Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
      AB,
      which Attestation Report must be made in accordance with standards for
      attestation reports issued or adopted by the Public Company Accounting Oversight
      Board. 

     

    The
      Master Servicer shall enforce the obligation of each Servicer to deliver to
      the
      Trustee, the Master Servicer and the Depositor an Assessment of Compliance
      and
      Attestation Report as and when provided in the related Servicing Agreement.
      Each
      of the Master Servicer and the Trustee shall cause, and the Master Servicer
      shall enforce the obligation (as and when provided in the related Servicing
      Agreement) of each Servicer to cause, any subservicer and each subcontractor
      (to
      the extent such subcontractor is determined by the Master Servicer or the
      Trustee, as applicable, to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB) that is engaged by such Servicer,
      the
      Master Servicer or the Trustee, as applicable, to deliver to the Trustee, the
      Master Servicer and the Depositor an Assessment of Compliance and Attestation
      Report as and when provided above. Such Assessment of Compliance, as to any
      subservicer or subcontractor, shall at a minimum address the applicable
      Servicing Criteria specified on Exhibit L 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
      Master Servicer 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 L and notify the Depositor of any exceptions. Notwithstanding
      the foregoing, as to any subcontractor, an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

    The
      Custodian shall deliver to the Master Servicer, the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit L hereto which are indicated as applicable to a “custodian”.
      Notwithstanding the foregoing, an Assessment of Compliance or Attestation Report
      is not required to be delivered by any Custodian unless it is required as part
      of a Form 10-K with respect to the Trust Fund.

    

    Failure
      of the Master Servicer to comply with this Section 3.17 (including with respect
      to the timeframes required herein) shall
      constitute an
      Event
      of Default, and at the written direction of the Depositor the Trustee shall,
      in
      addition to whatever rights the Trustee may have under this Agreement and at
      law
      or equity or to damages, including injunctive relief and specific performance,
      upon notice immediately terminate all of the rights and obligations of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Master Servicer for the same (but
      subject to the Master Servicer’s rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination). Failure of the Trustee to comply
      with this Section 3.17 (including with respect to the timeframes required in
      this Section) which failure results in a failure to timely file the related
      Form
      10-K, shall be deemed a default which may result in the termination of the
      Trustee pursuant to Section 9.08 of this Agreement and the Depositor may, in
      addition to whatever rights the Depositor may have under this Agreement and
      at
      law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Trustee under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Trustee for the same (but subject
      to
      the Trustee’s right to reimbursement of all amounts for which it is entitled to
      be reimbursed prior to the date of termination). This paragraph shall supersede
      any other provision in this Agreement or any other agreement to the
      contrary.

    

    In
      the event the Master Servicer, the Custodian, the Trustee
      or any
      subservicer or subcontractor engaged by any such party is terminated, assigns
      its rights and obligations under, or resigns pursuant to, the terms of the
      Agreement, the related Custodial Agreement, or any other applicable agreement
      in
      the case of a subservicer or subcontractor, as the case may be, such party
      shall
      provide an Assessment of Compliance and cause to be provided an Attestation
      Report pursuant to this Section 3.17 or to the related section of such other
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

    

    Section
      3.18 Reports
      Filed with Securities and Exchange Commission. 

     

    (a)  (i)
      (A)
      Within 15 days after each Distribution Date, the Trustee shall, in accordance
      with industry standards, prepare and file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
      10-D, signed by the Master Servicer, with a copy of the Monthly Statement to
      be
      furnished by the Trustee to the Certificateholders for such Distribution Date;
      provided that, the Trustee shall have received no later than five (5) calendar
      days after the related Distribution Date, all information required to be
      provided to the Trustee as described in clause (a)(iv) below. Any disclosure
      that is in addition to the Monthly Statement and that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall
      be,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit M to the Trustee and the Depositor and approved for inclusion by
      the
      Depositor, and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure absent
      such reporting (other than with respect to when it is the reporting party as
      set
      forth in Exhibit M) and approval.

     

    (B)
      Within five (5) calendar days after the related Distribution Date, (i) the
      parties set forth in Exhibit M shall be required to provide, and the Master
      Servicer shall enforce the obligations of each Servicer (to the extent provided
      in the related Servicing Agreement) to provide, pursuant to Section 3.18(a)(iv)
      below, to the Trustee (via email to notifications@fsir.com) and the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible
      format, or in such other form as otherwise agreed upon by the Trustee
      and the
      Depositor and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and (ii) the Depositor will approve, as to form
      and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. Subject to the foregoing, the Trustee has
      no
      duty under this Agreement to monitor or enforce the performance by the other
      parties listed on Exhibit M of their duties under this paragraph or to
      proactively solicit or procure from such parties any Additional Form 10-D
      Disclosure information. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
      Section.

     

    (C)
      After
      preparing the Form 10-D, the Trustee shall forward electronically a copy of
      the
      Form 10-D to the Depositor (in the case of any Additional 10-D Disclosure and
      otherwise if requested by the Depositor) and the Master Servicer for review.
      Within
      two Business Days after receipt of such copy, but no later than the 12th
      calendar day after the Distribution Date (provided that, the Trustee forwards
      a
      copy of the Form 10-D no later than the 10th
      calendar
      after the Distribution Date), the Depositor shall notify the Trustee in writing
      (via email to notifications@fsir.com) of any changes to or approval of such
      Form
      10-D. In the absence of receipt of any written changes or approval, the Trustee
      shall be entitled to assume that such Form 10-D is in final form and the Trustee
      may proceed with the execution and filing of the Form 10-D. No later than 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 return an electronic or fax copy of such signed Form 10-D (with an original
      executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trustee shall follow the procedures set forth in Section 3.18(a)(v)(B).
      Promptly (but no later than one (1) Business Day) after filing with the
      Commission, the Trustee shall make available on its internet website identified
      in Section 6.05 a final executed copy of each Form 10-D filed by the Trustee.
      The signing party at the Master Servicer can be contacted as set forth in
      Section 11.07. Form 10-D requires the registrant to indicate (by checking “yes”
or “no”) that it (1) has filed all reports required to be filed by Section 13 or
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days. The Depositor shall
      notify the Trustee in writing, no later than the fifth calendar day after the
      related Distribution Date with respect to the filing of a report on Form 10-D,
      if the answer to the questions should be “no”. The Trustee shall be entitled to
      rely on the representations in Section 2.06(g) or any such notice in preparing,
      executing and/or filing any such report. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Trustee of
      their
      respective duties under Sections 3.18(a)(i) and (v) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections. Neither the Master Servicer nor the Trustee shall have
      any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute and/or timely file such Form 10-D,
      where such failure results from a party’s failure to deliver on a timely basis,
      any information from such party needed to prepare, arrange for execution or
      file
      such Form 10-D, not resulting from its own negligence, bad faith or willful
      misconduct. 

     

    (ii)
      (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K (each such event, a “Reportable Event”), the Trustee
      shall prepare and file, 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 M to the Trustee and the Depositor and approved
      for inclusion by the Depositor, and the Trustee will have no duty or liability
      for any failure hereunder to determine or prepare any Form 8-K Disclosure
      Information absent such reporting (other than with respect to when it is the
      reporting party as set forth in Exhibit M) and approval.

     

    (B)
      For
      so long as the Trust is subject to the Exchange Act reporting requirements,
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event (i) the parties set forth in Exhibit M shall be required
      pursuant to Section 3.18(a)(iv) below to provide, and the Master Servicer will
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide to the Trustee and the Depositor, to the extent
      known by a responsible officer thereof, in EDGAR-compatible format, or in such
      other form as otherwise agreed upon by the Trustee and the Depositor and such
      party, the form and substance of any Form 8-K Disclosure Information, if
      applicable, and (ii) the Depositor shall approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information on Form 8-K. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      Section. 

     

    (C)
      After
      preparing the Form 8-K, the Trustee shall forward electronically a copy of
      the
      Form 8-K to the Depositor and the Master Servicer for review. No later than
      the
      close of business New York City time on the 3rd Business Day after the
      Reportable Event, a duly authorized officer of the Master Servicer shall sign
      the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with
      an original executed hard copy to follow by overnight mail) to the Trustee.
      Promptly, but no later than the close of business on the 3rd Business Day after
      the Reportable Event (provided that, the Trustee forwards a copy of the Form
      8-K
      no later than noon New York time on the third Business Day after the Reportable
      Event), the Depositor shall notify the Trustee in writing via email to
      notifications@fsir.com of any changes to or approval of such Form 8-K. In the
      absence of receipt of any written changes or approval, the Trustee shall be
      entitled to assume that such Form 8-K is in final form and the Trustee may
      proceed with the execution and filing of the Form 8-K. If a Form 8-K cannot
      be
      filed on time or if a previously filed Form 8-K needs to be amended, the Trustee
      shall follow the procedures set forth in Section 3.18(a)(v)(B). Promptly (but
      no
      later than one (1) Business Day) after filing with the Commission, the Trustee
      shall, make available on its internet website a final executed copy of each
      Form
      8-K filed by the Trustee. The signing party at the Master Servicer can be
      contacted as set forth in Section 11.07. The parties to this Agreement
      acknowledge that the performance by Master Servicer and the Trustee of their
      respective duties under this Section 3.18(a)(ii) related to the timely
      preparation, execution and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 3.18(a)(ii). Neither the Master Servicer nor the Trustee
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      such
      Form 8-K, where such failure results from a party’s failure to deliver on a
      timely basis, any information from such party needed to prepare, arrange for
      execution or file such Form 8-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (iii)
      (A)
      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 “Form 10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust ends on December 31st
      of
      each year), commencing in March 2008, the Trustee shall prepare and file on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act. Each
      such
      Form 10-K shall include the following items, in each case to the extent they
      have been delivered to the Trustee within the applicable time frames set forth
      in this Agreement, (I) an annual compliance statement for each
      Servicer, the Master
      Servicer, the Trustee and any subservicer or subcontractor, as applicable,
      as
      described under Section 3.16, (II)(A) the annual reports on assessment of
      compliance with Servicing Criteria for each Servicer, the Master Servicer,
      each
      subservicer and subcontractor participating in the servicing function, the
      Trustee and the Custodian, as described under Section 3.17, and (B) if any
      such
      report on assessment of compliance with Servicing Criteria described under
      Section 3.17 identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such report on assessment
      of compliance with Servicing Criteria described under Section 3.17 is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (III)(A) the
      registered public accounting firm attestation report for each Servicer, the
      Master Servicer, the Trustee, each subservicer, each subcontractor, as
      applicable, and the Custodian, as described under Section 3.17, and (B) if
      any
      registered public accounting firm attestation report described under Section
      3.17 identifies any material instance of noncompliance, disclosure identifying
      such instance of noncompliance, or if any such registered public accounting
      firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (IV) a Sarbanes-Oxley Certification as described in Section 3.18
      (a)(iii)(D) below (provided, however, that the Trustee 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 M to the Trustee and the Depositor and approved for inclusion by
      the
      Depositor, and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-K Disclosure absent
      such reporting (other than in the case where the Trustee is the reporting party
      as set forth in Exhibit M) and approval.

     

    (B)
      No
      later than March 15th
      of each
      year that the Trust is subject to the Exchange Act reporting requirements,
      commencing in 2008, (i) the parties set forth in Exhibit M shall be required
      to
      provide, and the Master Servicer shall enforce the obligations of each Servicer
      (to the extent provided in the related Servicing Agreement) to provide, pursuant
      to Section 3.18(a)(iv) below to the Trustee and the Depositor, to the extent
      known by a responsible officer thereof, in EDGAR-compatible format, or in such
      other form as otherwise agreed upon by the Trustee and the Depositor and such
      party, the form and substance of any Additional Form 10-K Disclosure, if
      applicable, and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Additional Form 10-K
      Disclosure on Form 10-K. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
      Section.

     

    (C)
      After
      preparing the Form 10-K, the Trustee shall forward electronically a copy of
      the
      Form 10-K to the Depositor (only in the case where such Form 10-K includes
      Additional Form 10-K Disclosure and otherwise if requested by the Depositor)
      and
      the Master Servicer for review. Within three Business Days after receipt of
      such
      copy, but no later than March 25th
      (provided that, the Trustee forwards a copy of the Form 10-K no later than
      four
      Business Days after March 15th), the Depositor shall notify the Trustee in
      writing (which may be furnished electronically) of any changes to or approval
      of
      such Form 10-K. In the absence of receipt of any written changes or approval,
      the Trustee shall be entitled to assume that such Form 10-K is in final form
      and
      the Trustee may proceed with the execution and filing of the Form 10-K. No
      later
      than the close of business Eastern Standard time on the 4th Business Day prior
      to the Form 10-K Filing Deadline, an officer of the Master Servicer in charge
      of
      the master servicing function shall sign the Form 10-K and return an electronic
      or fax copy of such signed Form 10-K (with an original executed hard copy to
      follow by overnight mail) to the Trustee. If a Form 10-K cannot be filed on
      time
      or if a previously filed Form 10-K needs to be amended, the Trustee will follow
      the procedures set forth in Section 3.18(a)(v)(B). Promptly (but no later than
      one (1) Business Day) after filing with the Commission, the Trustee shall make
      available on its internet website a final executed copy of each Form 10-K filed
      by the Trustee. The signing party at the Master Servicer can be contacted
as
      set forth in Section 11.07.
      Form
      10-K requires the registrant to indicate (by checking “yes ” or “no”) that it
      (1) has filed all reports required to be filed by Section 13 or 15(d) of the
      Exchange Act during the preceding 12 months (or for such shorter period that
      the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days. The Depositor shall notify the Trustee
      in writing, no later than the 15th calendar day in March of each year in which
      the Trust is subject to the reporting requirements of the Exchange Act with
      respect to the filing of a report on Form 10-K, if the answer to the questions
      should be “no”. The Trustee shall be entitled to rely on the representations in
      Section 2.06(g) or any such notice in preparing, executing and/or filing any
      such report. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Trustee of their respective duties under Sections
      3.18(a)(iii) and (iv) related to the timely preparation, execution and filing
      of
      Form 10-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under such Sections and Sections
      3.16 and Section 3.17. Neither the Master Servicer nor the Trustee shall have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      10-K, where such failure results from the Master Servicer’s or the Trustee’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 Trustee no later than
      March 15th
      of each
      year in which the Trust is subject to the reporting requirements of the Exchange
      Act. The Master Servicer shall cause any Servicer, and any subservicer or
      subcontractor engaged by it to, provide to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying Person”), by March 15th of each
      year in which the Trust is subject to the reporting requirements of the Exchange
      Act (or such other date specified in the related Servicing Agreement) and
      otherwise within a reasonable period of time upon request, a certification
      (each, a “Back-Up Certification”), in the form attached hereto as Exhibit K,
      upon which the Certifying Person, the entity for which the Certifying Person
      acts as an officer, and such entity’s officers, directors and Affiliates
      (collectively with the Certifying Person, “Certification Parties”) can
      reasonably rely. An officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the Trust.
      Such officer of the Certifying Person can be contacted as set forth in Section
      11.07. In
      connection with the filing of any Form 10-K hereunder, the Trustee shall sign
      a
      Back-Up Certification substantially in the form of Exhibit Q; provided, however,
      that the Trustee shall not be required to undertake an analysis of any
      accountant’s report attached as an exhibit to the Form 10-K. In
      the
      event the Trustee is terminated or resigns pursuant to the terms of this
      Agreement or any subcontractor or subservicer is terminated pursuant to the
      related servicing agreement, the Trustee, subcontractor or subservicer, as
      applicable, shall provide a Back-Up Certification to the Certifying Person
      pursuant to this Section 3.18(b) with respect to the period of time it was
      subject to this Agreement or the related servicing agreement, as
      applicable.

     

    (iv)
      With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trustee’s obligation to include
      such Additional Information in the applicable Exchange Act report is subject
      to
      receipt from the entity that is indicated in Exhibit M as the responsible party
      for providing that information, if other than the Trustee, as and when required
      as described in Section 3.18(a)(i) through (iii) above. Such Additional
      Disclosure shall be accompanied by a notice substantially in the form of Exhibit
      N. Each of the Master Servicer, the Seller, the Trustee, the Custodian and
      the
      Depositor hereby agrees to notify and provide, and the Master Servicer agrees
      to
      enforce the obligations (to the extent provided in the related Servicing
      Agreement) of each Servicer to notify and provide, to the extent known to the
      Trustee and the Depositor all Additional Disclosure relating to the Trust Fund,
      with respect to which such party is indicated in Exhibit M as the responsible
      party for providing that information. The Depositor shall be responsible for
      any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Additional Disclosure information pursuant to this
      Section.

     

    (v)
      (A)
      On or prior to January 30th of the first year in which the Trustee is able
      to do
      so under applicable law, the Trustee shall prepare and file a Form 15 relating
      to the automatic suspension of reporting in respect of the Trust under the
      Exchange Act. 

     

    (B)
      In
      the event that the Trustee is unable to timely file with the Commission all
      or
      any required portion of any Form 8-K, 10-D or 10-K required to be filed by
      this
      Agreement because required disclosure information was either not delivered
      to it
      or delivered to it after the delivery deadlines set forth in this Agreement
      or
      for any other reason, the Trustee shall promptly notify the Depositor and the
      Master Servicer. In the case of Form 10-D and Form 10-K, the Depositor, the
      Master Servicer and the Trustee shall cooperate to prepare and file a Form
      12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all
      required Form 8-K Disclosure Information and upon the approval and direction
      of
      the Depositor, include such disclosure information on the next Form 10-D. In
      the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      and
      such amendment relates to any Additional Disclosure, the Trustee shall notify
      the Depositor and the parties affected thereby and such parties will cooperate
      to prepare any necessary Form 8-K, 10-DA or 10-KA. Any Form 15, Form 12b-25
      or
      any amendment to Form 8-K, 10-D or 10-K shall be signed by an appropriate
      officer of the Master Servicer. The parties hereto acknowledge that the
      performance by the Master Servicer and the Trustee of their respective duties
      under this Section 3.18(a)(v) related to the timely preparation, execution
      and
      filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      is
      contingent upon the Master Servicer and the Depositor timely performing their
      duties under this Section. Neither the Master Servicer nor the Trustee shall
      have any liability for any loss, expense, damage or claim arising out of or
      with
      respect to any failure to properly prepare, execute and/or timely file any
      such
      Form 15, Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, where such
      failure results from a party’s failure to deliver on a timely basis, any
      information from such party needed to prepare, arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trustee, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement, the Mortgage Loans as the Trustee reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Trustee shall have no responsibility to file any items other than those
      specified in this Section 3.18; provided, however, the Trustee shall cooperate
      with the Depositor in connection with any additional filings with respect to
      the
      Trust Fund as the Depositor deems necessary under the Exchange Act. Copies
      of
      all reports filed by the Trustee under the Exchange Act shall be available
      on
      the Trustee’s website initially located at www.usbank.com/abs. Fees and expenses
      incurred by the Trustee in connection with this Section 3.18 shall not be
      reimbursable from the Trust Fund.

     

    (b)  The
      Trustee shall indemnify and hold harmless the Depositor and the Master Servicer
      and each of its officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the Trustee’s obligations under Sections 3.16, 3.17 and 3.18 or
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Trustee shall indemnify and hold harmless the
      Depositor and the Master Servicer and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other reasonable costs and expenses arising out of or based upon (i) any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any Back-Up Certification, any Annual Statement of Compliance, any Assessment
      of
      Compliance or any Additional Disclosure provided by the Trustee on its behalf
      or
      on behalf of any subservicer or subcontractor engaged by the Trustee pursuant
      to
      Section 3.16, 3.17 or 3.18 (the
      “Trustee Information”), or (ii) any omission or alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the
      statements therein, in light of the circumstances in which they were made,
      not
      misleading; provided, by way of clarification, that this paragraph shall be
      construed solely by reference to the Trustee Information and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Trustee Information or any portion thereof is presented together
      with or separately from such other information.

     

    The
      Depositor shall indemnify and hold harmless the Trustee and the Master Servicer
      and each of its officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the obligations of the Depositor under Sections 3.16, 3.17
      and
      3.18 or the Depositor’s negligence, bad faith or willful misconduct in
      connection therewith. In addition, the Depositor shall indemnify and hold
      harmless the Master Servicer, the Trustee and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other reasonable costs and expenses arising out of or based upon (i) any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any Additional Disclosure provided by the Depositor that is required to be
      filed
      pursuant to this Section 3.18 (the
      “Depositor Information”),
      or
(ii)
      any omission or alleged omission to state therein a material fact required
      to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Depositor Information that is required to be filed and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Depositor Information or any portion thereof is presented together
      with or separately from such other information.

     

    The
      Master Servicer shall indemnify and hold harmless the Trustee and the Depositor
      and each of its respective officers, directors and affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other reasonable costs and expenses
      arising out of or based upon a breach of the obligations of the Master Servicer
      under Sections 3.16, 3.17 and 3.18 or the Master Servicer’s negligence, bad
      faith or willful misconduct in connection therewith. In addition, the Master
      Servicer shall indemnify and hold harmless the Depositor and each of its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Annual Statement of Compliance, any Assessment of Compliance, any
      Attestation Report or any Additional Disclosure or other information provided
      by
      the Master Servicer on its behalf or on behalf of any subservicer or
      subcontractor engaged by the Master Servicer pursuant to Section 3.16, 3.17
      or
      3.18 (the
      “Master Servicer Information”), or (ii) any omission or alleged omission to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein, in light of the circumstances in which they were made,
      not misleading; provided, by way of clarification, that this paragraph shall
      be
      construed solely by reference to the Master Servicer Information and not to
      any
      other information communicated in connection with the Certificates, without
      regard to whether the Master Servicer Information or any portion thereof is
      presented together with or separately from such other information.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Trustee or the Master Servicer, as applicable,
      then
      the defaulting party, in connection with any conduct for which it is providing
      indemnification under this Section 3.18(c), agrees that it shall contribute
      to
      the amount paid or payable by the other parties as a result of the losses,
      claims, damages or liabilities of the other party in such proportion as is
      appropriate to reflect the relative fault and the relative benefit of the
      respective parties.

     

    The
      indemnification provisions set forth in this Section 3.18(c) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)  Failure
      of the Master Servicer to comply with this Section 3.18 (including with respect
      to the timeframes required herein) shall, constitute an Event of Default, and
      at
      the written direction of the Depositor the Trustee shall, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Master Servicer for the same (but subject to the Master
      Servicer’s rights to payment of any Master Servicing Compensation and
      reimbursement of all amounts for which it is entitled to be reimbursed prior
      to
      the date of termination). Failure of the Trustee to comply with this Section
      3.18 (including with respect to the timeframes required in this Section) which
      failure results in a failure to timely file the related Form 10-K, shall be
      deemed a default which may result in the termination of the Trustee pursuant
      to
      Section 9.08 of this Agreement and the Depositor may, in addition to whatever
      rights the Depositor may have under this Agreement and at law or equity or
      to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Trustee under
      this Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Trustee for the same (but subject to the Trustee’s right to
      reimbursement of all amounts for which it is entitled to be reimbursed prior
      to
      the date of termination). This paragraph shall supersede any other provision
      in
      this Agreement or any other agreement to the contrary. In connection with the
      termination of the Master Servicer pursuant to this Section 3.18(d), the Trustee
      shall be entitled to reimbursement of all costs and expenses associated with
      such termination to the extent set forth in Section 9.05. Notwithstanding
      anything to the contrary in this Agreement, no Event of Default by the Master
      Servicer or default by the Trustee shall have occurred with respect to any
      failure to properly prepare, execute and/or timely file any report on Form
      8-K,
      Form 10-D or Form 10-K, any Form 15 or Form 12b-25 or any amendments to Form
      8-K, 10-D or 10-K, where such failure results from any party’s failure to
      deliver on a timely basis, any information from such party needed to prepare,
      arrange for execution or file any such report, Form or amendment, and does
      not
      result from its own negligence, bad faith or willful misconduct.

     

    (d)  Notwithstanding
      the provisions of Section 11.02, this Section 3.18 may be amended without the
      consent of the Certificateholders.

     

    (e)  Any
      report, notice or notification to be delivered by the Master Servicer or the
      Trustee to the Depositor pursuant to this Section 3.18, may be delivered via
      email to or,
      in
      the case of a notification, telephonically by calling Reg AB Compliance Manager
      at (212) 272-7525. 

     

    Section
      3.19 Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.16, 3.17
      and
      3.18 of this Agreement is to facilitate compliance by the Seller, 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 Seller, the
      Depositor, the Master Servicer or the Trustee for delivery of additional or
      different information as the Seller, the Depositor, the Master Servicer or
      the
      Trustee may determine in good faith is necessary to comply with the provisions
      of Regulation AB and (d) no amendment of this Agreement shall be required to
      effect any such changes in the obligations of the parties to this transaction
      as
      are necessary to accommodate evolving interpretations of the provisions of
      Regulation AB. 

     

    Section
      3.20 UCC. 

     

    The
      Depositor shall inform the Trustee in writing of any Uniform Commercial Code
      financing statements that were filed on the Closing Date in connection with
      the
      Trust with stamped recorded copies of such financing statements to be delivered
      to the Trustee promptly upon receipt by the Depositor. If directed by the
      Depositor in writing, the Trustee will file any continuation statements solely
      at the expense of the Depositor. The Depositor shall file any financing
      statements or amendments thereto required by any change in the Uniform
      Commercial Code.

     

    Section
      3.21 Optional
      Purchase of Defaulted Mortgage Loans. 

     

    (a) With
      respect to any Mortgage Loan which as of the first day of a Fiscal Quarter
      is
      delinquent in payment by 90 days or more or is an REO Property, the Seller
      shall
      have the right to purchase such Mortgage Loan from the Trust at a price equal
      to
      the Purchase Price; provided however (i) that such Mortgage Loan is still 90
      days or more delinquent or is an REO Property as of the date of such purchase
      and (ii) this purchase option, if not theretofore exercised, shall terminate
      on
      the date prior to the last day of the related Fiscal Quarter. This purchase
      option, if not exercised, shall not be thereafter reinstated unless the
      delinquency is cured and the Mortgage Loan thereafter again becomes 90 days
      or
      more delinquent or becomes an REO Property, in which case the option shall
      again
      become exercisable as of the first day of the related Fiscal Quarter. This
      right
      may be assigned by the Seller to a third party, including a holder of a Class
      of
      Certificates.

     

    EMC
      may,
      at its option, purchase any Mortgage Loan from the Issuing Entity for which
      the
      first Scheduled Payment due to the Issuing Entity after the Closing Date becomes
      thirty days past due; provided, however, such Mortgage Loan was purchased by
      EMC
      or one of its affiliates from an originator pursuant to a loan purchase
      agreement that obligated such originator to repurchase such Mortgage Loan if
      one
      or more Scheduled Payments becomes 30 or more days Delinquent (and such
      originator has agreed to repurchase such Mortgage Loan). Such purchase shall
      be
      made at a price equal to 100% of the Stated Principal Balance thereof plus
      accrued interest thereon at the applicable mortgage rate, from the date through
      which interest was last paid by the related mortgagor or advanced to the first
      day of the month in which such amount is to be distributed.

     

    (b) If
      at any
      time the Seller remits to the Master Servicer a payment for deposit in the
      Master
      Servicer Collection Account covering
      the amount of the Purchase Price for such a Mortgage Loan, and the Seller
      provides to the Trustee a certification signed by a Servicing Officer stating
      that the amount of such payment has been deposited in the Master
      Servicer Collection Account,
      then
      the Trustee shall execute the assignment of such Mortgage Loan prepared and
      delivered to the Trustee, at the request of the Seller, without recourse,
      representation or warranty, to the Seller which shall succeed to all of the
      Trustee’s right, title and interest in and to such Mortgage Loan, and all
      security and documents relative thereto. Such assignment shall be an assignment
      outright and not for security. The Seller 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
      IV

    Accounts

     

    Section
      4.01 Protected
      Accounts.

     

    (a) The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain a Protected Account in accordance with the applicable Servicing
      Agreement, with records to be kept with respect thereto on a Mortgage Loan
      by
      Mortgage Loan basis, into which accounts shall be deposited within two Business
      Days (or as of such other time specified in the related Servicing Agreement)
      of
      receipt and identification, all collections of principal and interest on any
      Mortgage Loan and any REO Property received by a Servicer, including Principal
      Prepayments, Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries
      and
      advances made from the Servicer’s own funds (less servicing compensation as
      permitted by the applicable Servicing Agreement in the case of any Servicer)
      and
      all other amounts to be deposited in the applicable Protected Account. Each
      Servicer is hereby authorized to make withdrawals from and deposits to the
      applicable Protected Account for purposes required or permitted by this
      Agreement. Reconciliations will be prepared for the Protected Accounts within
      45
      calendar days after the bank statement cut-off date. To the extent provided
      in
      the related Servicing Agreement, the related Protected Account shall be held
      by
      a Designated Depository Institution and segregated on the books of such
      institution in the name of the Trustee for the benefit of Holders of the
      Certificates.

     

    (b) To
      the
      extent provided in the related 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 Holders of the Certificates and, except as provided
      in the preceding paragraph, not commingled with any other funds. Such Permitted
      Investments shall mature, or shall be subject to redemption or withdrawal,
      no
      later than the date on which such funds are required to be withdrawn for deposit
      in the Master Servicer Collection Account, and shall be held until required
      for
      such deposit. The income earned from Permitted Investments made pursuant to
      this
      Section 4.01 shall be paid to the related Servicer under the applicable
      Servicing Agreement, and the risk of loss of moneys required to be distributed
      to the Holders of the Certificates resulting from such investments shall be
      borne by and be the risk of the related Servicer. The related Servicer (to
      the
      extent provided in the applicable Servicing Agreement) shall deposit the amount
      of any such loss in the related 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 Holders of the Certificates.

     

    (c) To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, the related Servicer shall
      withdraw or shall cause to be withdrawn from its Protected Account and shall
      immediately deposit or cause to be deposited in the Master Servicer Collection
      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 such Servicer pursuant to its Servicing Agreement which were due on or before
      the related Due Date, net of the amount thereof comprising its Servicing Fee
      or
      any fees with respect to any lender-paid primary mortgage insurance
      policy;

     

    (ii) Full
      Principal Prepayments received by such Servicer with respect to the Mortgage
      Loans in the related Prepayment Period, with interest to the date of prepayment,
      net of the amount thereof comprising its Servicing Fee;

     

    (iii) Liquidation
      Proceeds or Subsequent Recoveries received by such Servicer with respect to
      the
      Mortgage Loans during the related calendar month;

     

    (iv) Partial
      Principal Prepayments received by such Servicer for the Mortgage Loans in the
      related Prepayment Period; and

     

    (v) Any
      amount to be used as a Monthly Advance and any Compensating Interest
      Payments.

     

    (d) Withdrawals
      may be made from an Account only to make remittances as provided in Sections
      4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for
      Monthly Advances which have been recovered by subsequent collections 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 the Trust Fund in accordance with Section
      10.01. As provided in Sections 4.01(a) and 4.02(b) certain amounts otherwise
      due
      to the Servicers may be retained by them and need not be deposited in the Master
      Servicer Collection Account.

     

    Section
      4.02 Master
      Servicer Collection Account. 

     

    (a)  The
      Master Servicer shall establish and maintain in the name of the Trustee, for
      the
      benefit of the Holders of the Certificates, the Master Servicer Collection
      Account as a segregated trust account or accounts. The Master Servicer
      Collection Account shall be an Eligible Account. The Master Servicer will
      deposit in the Master Servicer Collection Account as identified by the Master
      Servicer and as received by the Master Servicer, the following
      amounts:

     

    (i)  Any
      amounts withdrawn from a Protected Account for deposit into the Master Servicer
      Collection Account in accordance with the related Servicing
      Agreement;

     

    (ii)  Any
      Monthly Advance and any Compensating Interest Payments;

     

    (iii)  Any
      Insurance Proceeds or Net Liquidation Proceeds or Subsequent Recoveries received
      by or on behalf of the Master Servicer or which were not deposited in a
      Protected Account;

     

    (iv)  The
      Purchase Price with respect to any Mortgage Loans purchased by the Seller
      pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03
      hereof, any amounts which are to be treated pursuant to Section 2.04 of this
      Agreement as the payment of a Purchase Price in connection with the tender
      of a
      Substitute Mortgage Loan by the Seller, the Purchase Price with respect to
      any
      Mortgage Loans purchased by the Company pursuant to Section 3.21, and all
      proceeds of any Mortgage Loans or property acquired with respect thereto
      repurchased by the Depositor or its designee pursuant to Section
      10.01;

     

    (v)  Any
      amounts required to be deposited with respect to losses on investments of
      deposits in an Account; and

     

    (vi)  Any
      other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Master Servicer Collection Account pursuant to this
      Agreement.

     

    (b)  All
      amounts deposited to the Master Servicer Collection Account shall be held by
      the
      Master Servicer in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Master Servicer Collection Account
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of (i) prepayment or late
      payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges and (ii)
      the
      items enumerated in Subsections 4.05(a)(i), (ii), (iii), (iv), (vi), (vii),
      (viii), (ix), (x), (xi), (xii) and (xiii), need not be credited by the Master
      Servicer or the related Servicer to the Distribution Account or the Master
      Servicer Collection Account, as applicable. Reconciliations will be prepared
      for
      the Master Servicing Collection Account within 45 calendar days after the bank
      statement cut-off date. In the event that the Master Servicer shall deposit
      or
      cause to be deposited to the Distribution Account any amount not required to
      be
      credited thereto, the Trustee, upon receipt of a written request therefor signed
      by a Servicing Officer of the Master Servicer, shall promptly transfer such
      amount to the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    (c)  The
      amount at any time credited to the Master Servicer Collection Account may be
      invested, in the name of the Trustee, or its nominee, for the benefit of the
      Certificateholders, in Permitted Investments as directed by Master Servicer.
      All
      Permitted Investments shall mature or be subject to redemption or withdrawal
      on
      or before, and shall be held until, the next succeeding Distribution Account
      Deposit Date. Any and all investment earnings on amounts on deposit in the
      Master
      Servicer Collection Account
      from
      time to time shall be for the account of the Master Servicer. The Master
      Servicer from time to time shall be permitted to withdraw or receive
      distribution of any and all investment earnings from the Master Servicer
      Collection Account. 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 Master Servicer. The Master Servicer shall deposit the amount of
      any
      such loss in the Master Servicer Collection 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.

     

    Section
      4.03 Permitted
      Withdrawals and Transfers from the Master Servicer Collection
      Account. 

     

    (a)  The
      Master Servicer will, from time to time on demand of a Servicer or the Trustee,
      make or cause to be made such withdrawals or transfers from the Master Servicer
      Collection Account as the Master Servicer has designated for such transfer
      or
      withdrawal pursuant to this Agreement and the related Servicing Agreement.
      The
      Master Servicer may clear and terminate the Master Servicer Collection Account
      pursuant to Section 10.01 and remove amounts from time to time deposited in
      error.

     

    (b)  On
      an
      ongoing basis, the Master Servicer shall withdraw from the Master Servicer
      Collection Account (i) any expenses, costs and liabilities recoverable by the
      Trustee, the Master Servicer or the Custodian pursuant to Sections 3.03, 7.03
      and 9.05 and (ii) any amounts payable to the Master Servicer as set forth in
      Section 3.14; provided however, that the Master Servicer shall be obligated
      to
      pay from its own funds any amounts which it is required to pay under Section
      7.03(a).

     

    (c)  In
      addition, on or before each Distribution Account Deposit Date, the Master
      Servicer shall deposit in the Distribution Account (or remit to the Trustee
      for
      deposit therein) any Monthly Advances required to be made by the Master Servicer
      with respect to the Mortgage Loans.

     

    (d)  No
      later
      than noon New York time on each Distribution Account Deposit Date, the Master
      Servicer will transfer all Available Funds on deposit in the Master Servicer
      Collection Account with respect to the related Distribution Date to the Trustee
      for deposit in the Distribution Account.

     

    Section
      4.04 Distribution
      Account.

     

    (a) The
      Trustee shall establish and maintain in the name of the Trustee, for the benefit
      of the Certificateholders, the Distribution Account as a segregated trust
      account or accounts.

     

    (b) The
      Distribution Account shall be an Eligible Account. The Trustee shall deposit
      in
      the Distribution Account the following amounts:

     

    (i) Any
      amounts withdrawn from the Master Servicer Collection Account and remitted
      by
      the Master Servicer for deposit into the Distribution
      Account;

     

    (ii) Any
      Monthly Advance;

     

    (iii) Any
      Compensating Interest Payments paid by the applicable Servicer;

     

    (iv) Any
      Insurance Proceeds or Net Liquidation Proceeds or Subsequent Recoveries received
      by or on behalf of the Master Servicer;

     

    (v) The
      Purchase Price with respect to any Mortgage Loans purchased by the Seller
      pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03
      hereof, any amounts which are to be treated pursuant to Section 2.04 of this
      Agreement as the payment of a Purchase Price in connection with the tender
      of a
      Substitute Mortgage Loan by the Seller, the Purchase Price with respect to
      any
      Mortgage Loans purchased by the Seller pursuant to Section 3.21, and all
      proceeds of any Mortgage Loans or property acquired with respect thereto
      repurchased by the Depositor or its designee pursuant to Section
      10.01;

     

    (vi) Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (vii) Any
      other
      amounts received by or on behalf of the Trustee and required to be deposited
      in
      the Distribution Account pursuant to this Agreement.

     

    (c) All
      amounts deposited to the Distribution Account shall be held by the Trustee
      in
      the name of the Trustee in trust for the benefit of the Certificateholders
      in
      accordance with the terms and provisions of this Agreement. In the event that
      the Master Servicer shall deposit or remit for deposit to the Distribution
      Account any amount not required to be credited thereto, the Trustee, upon
      receipt of a written request therefor signed by a Servicing Officer of the
      Master Servicer, shall promptly transfer such amount to the Master Servicer,
      any
      provision herein to the contrary notwithstanding.

     

    (d) The
      Distribution Account shall constitute a trust account of the Trust Fund
      segregated on the books of the Trustee and held by the Trustee in trust in
      its
      Corporate Trust Office, and the Distribution Account and the funds deposited
      therein shall not be subject to, and shall be protected from, all claims, liens,
      and encumbrances of any creditors or depositors of the Trustee or the Master
      Servicer (whether made directly, or indirectly through a liquidator or receiver
      of the Trustee or the Master Servicer). The Distribution Account shall be an
      Eligible Account. The amount at any time credited to the Distribution Account
      shall be
      (i) held in cash and fully insured by the FDIC to the maximum coverage provided
      thereby or (ii) invested in the name of the Trustee, in such Permitted
      Investments as may be selected by the Trustee or deposited in demand deposits
      with such depository institutions as may be selected by the Trustee, provided
      that time deposits of such depository institutions would be a Permitted
      Investment. All Permitted Investments shall mature or be subject to redemption
      or withdrawal on or before, and shall be held until, the next succeeding
      Distribution Date if the obligor for such Permitted Investment is the Trustee
      or, if such obligor is any other Person, the Business Day preceding such
      Distribution Date. All investment earnings on amounts on deposit in the
      Distribution Account or benefit from funds uninvested therein from time to
      time
      shall be for the account of the Trustee. The Trustee shall be permitted to
      withdraw or receive distribution of any and all investment earnings from the
      Distribution Account on each Distribution Date. If there is any loss on a
      Permitted Investment or demand deposit, the Trustee shall deposit such amount
      in
      the Distribution Account.
      With
      respect to the Distribution Account and the funds deposited therein, the Master
      Servicer shall take such action as may be necessary to ensure that the related
      Certificateholders shall be entitled to the priorities afforded to such a trust
      account (in addition to a claim against the estate of the Trustee) as provided
      by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if
      applicable, or any applicable comparable state statute applicable to state
      chartered banking corporations.

     

    Section
      4.05 Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

    (a) The
      Trustee will, from time to time on written 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 and the Servicing Agreements or as the Trustee has instructed
      hereunder for the following purposes (limited in the case of amounts due the
      Master Servicer to those not withdrawn from the Master Servicer Collection
      Account in accordance with the terms of this Agreement);

     

    (i) to
      reimburse the Master Servicer or any Servicer for any Monthly Advance of its
      own
      funds, the right of the Master Servicer or a Servicer to reimbursement pursuant
      to this subclause (i) being limited to amounts received on a particular Mortgage
      Loan (including, for this purpose, the Purchase Price therefor, Insurance
      Proceeds, Liquidation Proceeds and Subsequent Recoveries) which represent late
      payments or recoveries of the principal of or interest on such Mortgage Loan
      respecting which such Monthly Advance was made;

     

    (ii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

     

    (iii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or such Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; provided that the Master Servicer
      shall not be entitled to reimbursement for Liquidation Expenses with respect
      to
      a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage
      Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of
      this
      Subsection 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses
      were not included in the computation of such Excess Liquidation
      Proceeds;

     

    (iv) to
      reimburse the Master Servicer or any Servicer for advances of funds (other
      than
      Monthly Advances) made with respect to the Mortgage Loans, and the right to
      reimbursement pursuant to this subclause being limited to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Purchase Price
      therefor, Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries)
      which represent late recoveries of the payments for which such advances were
      made;

     

    (v) to
      reimburse the Master Servicer or any Servicer for any Monthly Advance or
      advance, after a Realized Loss has been allocated with respect to the related
      Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant
      to clauses (i) and (iv);

     

    (vi) to
      pay
      the Master Servicer as set forth in Section 3.14;

     

    (vii) to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d);

     

    (viii) to
      pay to
      the Master Servicer, as additional servicing compensation, any Excess
      Liquidation Proceeds to the extent not retained by the related
      Servicer;

     

    (ix) to
      reimburse or pay any Servicer any such amounts as are due thereto under the
      applicable Servicing Agreement and have not been retained by or paid to the
      Servicer, to the extent provided in the related Servicing
      Agreement;

     

    (x) to
      reimburse the Trustee or the Custodian for expenses, costs and liabilities
      incurred by or reimbursable to it pursuant to this Agreement and the Custodial
      Agreement;

     

    (xi)
      to
      pay the Trustee as set forth in Section 9.05;

     

    (xii) to
      remove
      amounts deposited in error; and

     

    (xiii) to
      clear
      and terminate the Distribution Account pursuant to Section 10.01.

     

    (b) The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Distribution Account pursuant to subclauses (i) through (iv) or with respect
      to any such amounts which would have been covered by such subclauses had the
      amounts not been retained by the Master Servicer without being deposited in
      the
      Distribution Account under Section 4.04(c). 

     

    (c) On
      each
      Distribution Date, the Trustee shall distribute the Available Funds to the
      extent on deposit in the Distribution Account to the Holders of the Certificates
      in accordance with Section 6.01.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      V

    Certificates

     

    Section
      5.01 Certificates.

     

    (a) The
      Depository and the Depositor signing on behalf of the Issuing Entity have
      entered into a Depository Agreement dated as of the Closing Date (the
“Depository Agreement”). The Non-Offered Certificates (which are also Physical
      Certificates) and the Individual Certificates and as provided in Subsection
      5.01(b), the Certificates shall at all times remain registered in the name
      of
      the Depository or its nominee and at all times: (i) registration of such
      Certificates may not be transferred by the Trustee except to a successor to
      the
      Depository; (ii) ownership and transfers of registration of such Certificates
      on
      the books of the Depository shall be governed by applicable rules established
      by
      the Depository; (iii) the Depository may collect its usual and customary fees,
      charges and expenses from its Depository Participants; (iv) the Trustee shall
      deal with the Depository as representative of such Certificate Owners of the
      respective Class of Certificates for purposes of exercising the rights of the
      related Certificateholders under this Agreement, and requests and directions
      for
      and votes of such representative shall not be deemed to be inconsistent if
      they
      are made with respect to different Certificate Owners; and (v) the Trustee
      may
      rely and shall be fully protected in relying upon information furnished by
      the
      Depository with respect to its Depository Participants.

     

    The
      Residual Certificates and the Non-Offered Subordinate Certificates are initially
      Physical Certificates. If at any time the Holders of all of the Certificates
      of
      one or more such Classes request that the Trustee cause such Class to become
      Global Certificates, the Trustee and the Depositor will take such action as
      may
      be reasonably required to cause the Depository to accept such Class or Classes
      for trading if it may legally be so traded.

     

    All
      transfers by Certificate Owners of such respective Classes of Book-Entry
      Certificates and any Global Certificates shall be made in accordance with the
      procedures established by the Depository Participant or brokerage firm
      representing such Certificate Owners. Each Depository Participant shall only
      transfer Book-Entry Certificates of Certificate Owners it represents or of
      brokerage firms for which it acts as agent in accordance with the Depository’s
      normal procedures.

     

    (b) If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository and
      (B)
      the Depositor is unable to locate a qualified successor within 30 days or (ii)
      the Depositor at its option advises the Trustee in writing that it elects to
      terminate the book-entry system through the Depository, the Trustee shall
      request that the Depository notify all Certificate Owners of the occurrence
      of
      any such event and of the availability of definitive, fully registered
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Trustee of the Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall issue
      the
      definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions.

     

    (c) The
      Classes of the Certificates shall have the following designations, initial
      principal amounts and Pass-Through Rates:

     

    
      	
              Designation

            	 	
              Initial
                Principal Amount

            	 	
              Pass-Through
                Rate

            	 
	
              A-1

            	 	
              $

            	
              261,122,000.00

            	 	
              6.00

            	
              %

            
	
              A-2

            	 	
              $

            	
              20,605,000.00

            	 	
              6.00

            	
              %

            
	
              A-3

            	 	
              $

            	
              33,190,900.00

            	 	
              6.00

            	
              %

            
	
              X

            	 	
              $

            	
              (1)

            	 	
              (2)

            	 
	
              PO

            	 	
              $

            	
              2,877,159.53

            	 	
              0.00

            	
              %

            
	
              B-1

            	 	
              $

            	
              5,476,000.00

            	 	
              6.00

            	
              %

            
	
              B-2

            	 	
              $

            	
              2,987,000.00

            	 	
              6.00

            	
              %

            
	
              B-3

            	 	
              $

            	
              1,659,000.00

            	 	
              6.00

            	
              %

            
	
              B-4

            	 	
              $

            	
              1,825,000.00

            	 	
              6.00

            	
              %

            
	
              B-5

            	 	
              $

            	
              1,328,000.00

            	 	
              6.00

            	
              %

            
	
              B-6

            	 	
              $

            	
              830,857.53

            	 	
              6.00

            	
              %

            
	
              R

            	 	
              $

            	
              100.00

            	 	
              6.00

            	
              %

            

    

    

    
      	 	
              (1)

            	
              As
                described in the definition of Notional Amount
                herein.

            

    

     

    
      	 	
              (2)

            	
              The
                Class X Certificates will bear interest at a Pass-Through Rate equal
                to
                weighted average of the excesses, if any, of (a) the Net Mortgage
                Rates on
                the Mortgage Loans over (b) 6.000% per
                annum.

            

    

     

    (d) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date in the Trust Fund has been designated as the
      “latest possible maturity date” for the Regular Certificates.

     

    (e) With
      respect to each Distribution Date, each Class of Certificates shall accrue
      interest during the related Interest Accrual Period. With respect to each
      Distribution Date and each such Class of Certificates, interest shall be
      calculated on the basis of a 360-day year comprised of twelve 30-day months,
      based upon the respective Pass-Through Rate set forth, or determined as
      provided, above and the Current Principal Amount (or Notional Amount in the
      case
      of the Interest Only Certificates) of such Class applicable to such Distribution
      Date. 

     

    (f) The
      Certificates shall be substantially in the forms set forth in Exhibits A-1,
      A-2,
      A-3, A-4 or A-5, as applicable. On original issuance, the Trustee shall sign,
      countersign and shall deliver them at the direction of the Depositor. Pending
      the preparation of Definitive Certificates of any Class, the Trustee may sign
      and countersign temporary Certificates that are printed, lithographed or
      typewritten, in authorized denominations for Certificates of such Class,
      substantially of the tenor of the Definitive Certificates in lieu of which
      they
      are issued and with such appropriate insertions, omissions, substitutions and
      other variations as the officers or authorized signatories executing such
      Certificates may determine, as evidenced by their execution of such
      Certificates. If temporary Certificates are issued, the Depositor will cause
      Definitive Certificates to be prepared without unreasonable delay. After the
      preparation of Definitive Certificates, the temporary Certificates shall be
      exchangeable for definitive Certificates upon surrender of the temporary
      Certificates at the office of the Trustee, without charge to the Holder. Upon
      surrender for cancellation of any one or more temporary Certificates, the
      Trustee shall sign and countersign and deliver in exchange therefor a like
      aggregate principal amount, in authorized denominations for such Class, of
      Definitive Certificates of the same Class. Until so exchanged, such temporary
      Certificates shall in all respects be entitled to the same benefits as
      Definitive Certificates.

     

    (g) Each
      Class of Book-Entry Certificates will be registered as a single Certificate
      of
      such Class held by a nominee of the Depository or the DTC Custodian, and
      beneficial interests will be held by investors through the book-entry facilities
      of the Depository in minimum denominations of (i) in the case of the Senior
      Certificates (other than the Class A-2 Certificates and Residual Certificates),
      $100,000 and in each case increments of $1.00 in excess thereof, (ii) in the
      case of the Class A-2 Certificates, $1,000 and increments of $1.00 in excess
      thereof, and (iii) in the case of the Subordinate Certificates, $100,000 and
      increments of $1.00 in excess thereof, except that one Certificate of each
      such
      Class may be issued in a different amount so that the sum of the denominations
      of all outstanding Certificates of such Class shall equal the Current Principal
      Amount of such Class on the Closing Date. On the Closing Date, the Trustee
      shall
      execute and countersign Physical Certificates all in an aggregate principal
      amount that shall equal the Current Principal Amount of such Class on the
      Closing Date. The Non-Offered Certificates shall be issued in certificated
      fully-registered form in minimum dollar denominations of $100,000 and integral
      multiples of $1.00 in excess thereof, except that one of each of the Non-Offered
      Certificates of each Class may be issued in a different amount so that the
      sum
      of the denominations of all outstanding related Non-Offered Certificates of
      such
      Class shall equal the Current Principal Amount of such Class on the Closing
      Date. The Class R Certificates shall be issued in certificated fully-registered
      form, in the denomination of $100. Each Class of Global Certificates, if any,
      shall be issued in fully registered form in minimum dollar denominations of
      $100,000 and integral multiples of $1.00 in excess thereof, except that one
      Certificate of each Class may be in a different denomination so that the sum
      of
      the denominations of all outstanding Certificates of such Class shall equal
      the
      Current Principal Amount of such Class on the Closing Date. On the Closing
      Date,
      the Trustee shall execute and countersign (i) in the case of each Class of
      the
      Offered Certificates, the Certificate in the entire Current Principal Amount
      of
      the respective Class and (ii) in the case of each Class of the Non-Offered
      Certificates, Individual Certificates all in an aggregate principal amount
      that
      shall equal the Current Principal Amount of each such respective Class on the
      Closing Date. The Certificates referred to in clauses (i) and (ii) and if at
      any
      time there are to be Global Certificates, the Global Certificates shall be
      delivered by the Depositor to the Depository or pursuant to the Depository’s
      instructions, shall be delivered by the Depositor on behalf of the Depository
      to
      and deposited with the DTC Custodian. The Trustee shall sign the Certificates
      by
      facsimile or manual signature and countersign them by manual signature on behalf
      of the Trustee by one or more authorized signatories, each of whom shall be
      Responsible Officers of the Trustee or its agent. A Certificate bearing the
      manual and facsimile signatures of individuals who were the authorized
      signatories of the Trustee or its agent at the time of issuance shall bind
      the
      Trustee, notwithstanding that such individuals or any of them have ceased to
      hold such positions prior to the delivery of such Certificate. 

     

    (h) No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless there appears on such Certificate the manually executed
      countersignature of the Trustee or its agent, and such countersignature upon
      any
      Certificate shall be conclusive evidence, and the only evidence, that such
      Certificate has been duly executed and delivered hereunder. All Certificates
      issued on the Closing Date shall be dated the Closing Date. All Certificates
      issued thereafter shall be dated the date of their
      countersignature.

     

    (i) The
      Closing Date is hereby designated as the “startup” day of the Trust REMIC within
      the meaning of Section 860G(a)(9) of the Code.

     

    (j) For
      federal income tax purposes, each REMIC shall have a tax year that is a calendar
      year and shall report income on an accrual basis.

     

    (k) The
      Trustee on behalf of the Trust shall cause the Trust REMIC to timely elect
      to be
      treated as a REMIC under Section 860D of the Code. Any inconsistencies or
      ambiguities in this Agreement or in the administration of any trust established
      hereby shall be resolved in a manner that preserves the validity of such
      elections.

     

    (l) The
      following legend shall be placed on the Residual Certificates, whether upon
      original issuance or upon issuance of any other Certificate of any such Class
      in
      exchange therefor or upon transfer thereof:

     

    THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE PROPOSED
      TRANSFEREE PROVIDES THE TRUSTEE WITH AN OPINION OF COUNSEL ADDRESSED TO THE
      DEPOSITOR, TRUSTEE AND MASTER SERVICER AND ON WHICH THEY MAY RELY THAT IS
      SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF
      SUCH
      PERSON WILL NOT RESULT IN OR CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION,
      IS
      PERMISSIBLE UNDER APPLICABLE LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE
      TRUSTEE.

     

    The
      following legend shall be placed upon the Class B-4, Class B-5 and Class B-6
      Certificates, whether upon original issuance or upon issuance of any other
      Certificate of any such Class in exchange therefor or upon transfer
      thereof:

     

    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 OR THE TRUSTEE, WHICH WILL BE
      DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
      CERTIFICATE OR UNLESS THE OPINION SPECIFIED IN SECTION 5.07 OF THE AGREEMENT
      IS
      PROVIDED.

     

    Section
      5.02 Registration
      of Transfer and Exchange of Certificates. 

     

    (a) The
      Trustee shall maintain at its Corporate Trust Office a separate Certificate
      Register for Certificates in which, subject to such reasonable regulations
      as it
      may prescribe, the Trustee shall provide for the registration of the
      Certificates and of transfers and exchanges of the Certificates as herein
      provided.

     

    (b) Subject
      to Subsection 5.01(a) and, in the case of any Global Certificate or Physical
      Certificate upon the satisfaction of the conditions set forth below, upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Trustee maintained for such purpose, the Trustee shall sign,
      countersign and shall deliver, in the name of the designated transferee or
      transferees, a new Certificate of a like Class and aggregate Fractional
      Undivided Interest, but bearing a different number.

     

    (c) By
      acceptance of an Individual Certificate, whether upon original issuance or
      subsequent transfer, each holder of such a Certificate acknowledges the
      restrictions on the transfer of such Certificate set forth in the Securities
      Legend and agrees that it will transfer such a Certificate only as provided
      herein. In addition to the provisions of Subsection 5.02(h), the following
      restrictions shall apply with respect to the transfer and registration of
      transfer of an Individual Certificate to a transferee that takes delivery in
      the
      form of an Individual Certificate:

     

    (i) The
      Trustee shall register the transfer of an Individual Certificate if the
      requested transfer is being made to a transferee who has provided the Trustee
      with a Rule 144A Certificate or comparable evidence as to its QIB
      status.

     

    (ii) The
      Trustee shall register the transfer of any Individual Certificate if (x) the
      transferor has advised the Trustee in writing that the Certificate is being
      transferred to an Institutional Accredited Investor; and (y) prior to the
      transfer the transferee furnishes to the Trustee an Investment Letter (and
      the
      Trustee shall be fully protected in so doing), provided that, if based upon
      an
      Opinion of Counsel addressed to the Trustee to the effect that the delivery
      of
      (x) and (y) above are not sufficient to confirm that the proposed transfer
      is
      being made pursuant to an exemption from, or in a transaction not subject to,
      the registration requirements of the Securities Act and other applicable laws,
      the Trustee shall as a condition of the registration of any such transfer
      require the transferor to furnish such other certifications, legal opinions
      or
      other information prior to registering the transfer of an Individual Certificate
      as shall be set forth in such Opinion of Counsel.

     

    (d) Subject
      to Subsection 5.02(h), so long as a Global Certificate of such Class is
      outstanding and is held by or on behalf of the Depository, transfers of
      beneficial interests in such Global Certificate, or transfers by holders of
      Individual Certificates of such Class to transferees that take delivery in
      the
      form of beneficial interests in the Global Certificate, may be made only in
      accordance with this Subsection 5.02(d) and in accordance with the rules of
      the
      Depository:

     

    (i) In
      the
      case of a beneficial interest in the Global Certificate being transferred to
      an
      Institutional Accredited Investor, such transferee shall be required to take
      delivery in the form of an Individual Certificate or Certificates and the
      Trustee shall register such transfer only upon compliance with the provisions
      of
      Subsection 5.02(c)(ii).

     

    (ii) In
      the
      case of a beneficial interest in a Class of Global Certificates being
      transferred to a transferee that takes delivery in the form of an Individual
      Certificate or Certificates of such Class, except as set forth in clause (i)
      above, the Trustee shall register such transfer only upon compliance with the
      provisions of Subsection 5.02(c)(i).

     

    (iii) In
      the
      case of an Individual Certificate of a Class being transferred to a transferee
      that takes delivery in the form of a beneficial interest in a Global Certificate
      of such Class, the Trustee shall register such transfer if the transferee has
      provided the Trustee with a Rule 144A Certificate or comparable evidence as
      to
      its QIB status.

     

    (iv) No
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in the Global Certificate of a Class to a
      transferee that takes delivery in the form of a beneficial interest in the
      Global Certificate of such Class; provided that each such transferee shall
      be
      deemed to have made such representations and warranties contained in the Rule
      144A Certificate as are sufficient to establish that it is a QIB.

     

    (e) Subject
      to Subsection 5.02(h), an exchange of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate or Certificates of such
      Class, an exchange of an Individual Certificate or Certificates of a Class
      for a
      beneficial interest in the Global Certificate of such Class and an exchange
      of
      an Individual Certificate or Certificates of a Class for another Individual
      Certificate or Certificates of such Class (in each case, whether or not such
      exchange is made in anticipation of subsequent transfer, and, in the case of
      the
      Global Certificate of such Class, so long as such Certificate is outstanding
      and
      is held by or on behalf of the Depository) may be made only in accordance with
      this Subsection 5.02(e) and in accordance with the rules of the
      Depository:

     

    (i) A
      holder
      of a beneficial interest in a Global Certificate of a Class may at any time
      exchange such beneficial interest for an Individual Certificate or Certificates
      of such Class.

     

    (ii) A
      holder
      of an Individual Certificate or Certificates of a Class may exchange such
      Certificate or Certificates for a beneficial interest in the Global Certificate
      of such Class if such holder furnishes to the Trustee a Rule 144A Certificate
      or
      comparable evidence as to its QIB status.

     

    (iii) A
      holder
      of an Individual Certificate of a Class may exchange such Certificate for an
      equal aggregate principal amount of Individual Certificates of such Class in
      different authorized denominations without any certification.

     

    (f) (i) Upon
      acceptance for exchange or transfer of an Individual Certificate of a Class
      for
      a beneficial interest in a Global Certificate of such Class as provided herein,
      the Trustee shall cancel such Individual Certificate and shall (or shall request
      the Depository to) endorse on the schedule affixed to the applicable Global
      Certificate (or on a continuation of such schedule affixed to the Global
      Certificate and made a part thereof) or otherwise make in its books and records
      an appropriate notation evidencing the date of such exchange or transfer and
      an
      increase in the certificate balance of the Global Certificate equal to the
      certificate balance of such Individual Certificate exchanged or transferred
      therefor.

     

    (ii) Upon
      acceptance for exchange or transfer of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate of such Class as provided
      herein, the Trustee shall (or shall request the Depository to) endorse on the
      schedule affixed to such Global Certificate (or on a continuation of such
      schedule affixed to such Global Certificate and made a part thereof) or
      otherwise make in its books and records an appropriate notation evidencing
      the
      date of such exchange or transfer and a decrease in the certificate balance
      of
      such Global Certificate equal to the certificate balance of such Individual
      Certificate issued in exchange therefor or upon transfer thereof.

     

    (g) The
      Securities Legend shall be placed on any Individual Certificate issued in
      exchange for or upon transfer of another Individual Certificate or of a
      beneficial interest in a Global Certificate.

     

    (h) Subject
      to the restrictions on transfer and exchange set forth in this Section 5.02,
      the
      holder of any Individual Certificate may transfer or exchange the same in whole
      or in part (in an initial certificate balance equal to the minimum authorized
      denomination set forth in Section 5.01(g) above or any integral multiple of
      $1.00 in excess thereof) by surrendering such Certificate at the Corporate
      Trust
      Office, or at the office of any transfer agent, together with an executed
      instrument of assignment and transfer satisfactory in form and substance to
      the
      Trustee in the case of transfer and a written request for exchange in the case
      of exchange. The holder of a beneficial interest in a Global Certificate may,
      subject to the rules and procedures of the Depository, cause the Depository
      (or
      its nominee) to notify the Trustee in writing of a request for transfer or
      exchange of such beneficial interest for an Individual Certificate or
      Certificates. Following a proper request for transfer or exchange, the Trustee
      shall, within five Business Days of such request made at the Corporate Trust
      Office, sign, countersign and deliver at the Corporate Trust Office, to the
      transferee (in the case of transfer) or holder (in the case of exchange) or
      send
      by first class mail at the risk of the transferee (in the case of transfer)
      or
      holder (in the case of exchange) to such address as the transferee or holder,
      as
      applicable, may request, an Individual Certificate or Certificates, as the
      case
      may require, for a like aggregate Fractional Undivided Interest and in such
      authorized denomination or denominations as may be requested. The presentation
      for transfer or exchange of any Individual Certificate shall not be valid unless
      made at the Corporate Trust Office by the registered holder in person, or by
      a
      duly authorized attorney-in-fact.

     

    (i) At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of a like Class and aggregate
      Fractional Undivided Interest, upon surrender of the Certificates to be
      exchanged at the Corporate Trust Office; provided, however, that no Certificate
      may be exchanged for new Certificates unless the original Fractional Undivided
      Interest represented by each such new Certificate (i) is at least equal to
      the
      minimum authorized denomination or (ii) is acceptable to the Depositor as
      indicated to the Trustee in writing. Whenever any Certificates are so
      surrendered for exchange, the Trustee shall sign and countersign and the Trustee
      shall deliver the Certificates which the Certificateholder making the exchange
      is entitled to receive.

     

    (j) If
      the
      Trustee so requires, every Certificate presented or surrendered for transfer
      or
      exchange shall be duly endorsed by, or be accompanied by a written instrument
      of
      transfer, with a signature guarantee, in form satisfactory to the Trustee,
      duly
      executed by the holder thereof or his or her attorney duly authorized in
      writing.

     

    (k) No
      service charge shall be made for any transfer or exchange of Certificates,
      but
      the Trustee may require payment of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any transfer or
      exchange of Certificates.

     

    (l) The
      Trustee shall cancel all Certificates surrendered for transfer or exchange
      but
      shall retain such Certificates in accordance with its standard retention policy
      or for such further time as is required by the record retention requirements
      of
      the Securities Exchange Act of 1934, as amended, and thereafter may destroy
      such
      Certificates.

     

    Section
      5.03 Mutilated,
      Destroyed, Lost or Stolen Certificates. 

     

    (a) If
      (i)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as it may require to save it harmless, and (iii) the Trustee has
      not
      received notice that such Certificate has been acquired by a third Person,
      the
      Trustee shall sign, countersign and deliver, in exchange for or in lieu of
      any
      such mutilated, destroyed, lost or stolen Certificate, a new Certificate of
      like
      tenor and Fractional Undivided Interest but in each case bearing a different
      number. The mutilated, destroyed, lost or stolen Certificate shall thereupon
      be
      canceled of record by the Trustee and shall be of no further effect and evidence
      no rights.

     

    (b) Upon
      the
      issuance of any new Certificate under this Section 5.03, the Trustee may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the
      fees and expenses of the Trustee) connected therewith. Any duplicate Certificate
      issued pursuant to this Section 5.03 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.

     

    Section
      5.04 Persons
      Deemed Owners. 

     

    Prior
      to
      due presentation of a Certificate for registration of transfer, the Depositor,
      the Trustee and any agent of the Depositor 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 pursuant to Section 6.01 and for all
      other purposes whatsoever. Neither the Depositor nor the Trustee or any agent
      of
      the Depositor or the Trustee shall be affected by notice to the contrary. No
      Certificate shall be deemed duly presented for a transfer effective on any
      Record Date unless the Certificate to be transferred is presented no later
      than
      the close of business on the third Business Day preceding such Record
      Date.

     

    Section
      5.05 Transfer
      Restrictions on Residual Certificates. 

     

    (a) No
      transfer, sale or other disposition of a Residual Certificate (including a
      beneficial interest therein) may be made unless, prior to the transfer, sale
      or
      other disposition of a Residual Certificate, (1) the proposed transferee
      (including the initial purchasers thereof) delivers to the Trustee and the
      Depositor an affidavit and agreement in the form attached hereto as Exhibit
      E
      stating, among other things, that as of the date of such transfer such
      transferee is a Permitted Transferee and a United States Person and that such
      transferee is not acquiring such Residual Certificate for the account of any
      Person who is not a Permitted Transferee or a United States Person (a
“Transferee Affidavit”), and (2) the proposed transferor delivers to the Trustee
      and the Depositor an affidavit in the form attached hereto as Exhibit R to
      the
      effect that it has no knowledge that the statements made by
      the
      proposed transferee in
      any
      such Transferee Affidavit are false (a “Transferor Affidavit”). The Tax Matters
      Person shall not consent to a transfer of a Residual Certificate if it has
      actual knowledge that any statement made in the Transferee Affidavit or
      Transferor Affidavit issued pursuant to the preceding sentence is not true.
      Notwithstanding any transfer, sale or other disposition of a Residual
      Certificate to any Person who is not a Permitted Transferee, such transfer,
      sale
      or other disposition shall be deemed to be of no legal force or effect
      whatsoever and such Person shall not be deemed to be a Holder of a Residual
      Certificate for any purpose hereunder, including, but not limited to, the
      receipt of distributions thereon. If any purported transfer shall be in
      violation of the provisions of this Subsection 5.05(a), then the prior Holder
      thereof shall, upon discovery that the transfer of such Residual Certificate
      was
      not in fact permitted by this Subsection 5.05(a), be restored to all rights
      as a
      Holder thereof retroactive to the date of the purported transfer. None of the
      Trustee or the Depositor shall be under any liability to any Person for any
      registration or transfer of a Residual Certificate that is not permitted by
      this
      Subsection 5.05(a) or for making payments due on such Residual Certificate
      to
      the purported Holder thereof or taking any other action with respect to such
      purported Holder under the provisions of this Agreement so long as the related
      Transferee Affidavit and Transferor Affidavit referred to above were received
      with respect to such transfer, and the Trustee and the Depositor, as applicable,
      had no knowledge that they were untrue. The prior Holder shall be entitled
      to
      recover from any purported Holder of a Residual Certificate that was in fact
      not
      a permitted transferee under this Subsection 5.05(a) at the time it became
      a
      Holder all payments made on such Residual Certificate. Each Holder of a Residual
      Certificate, by acceptance thereof, shall be deemed for all purposes to have
      consented to the provisions of this Section 5.05 and to any amendment of this
      Agreement deemed necessary (whether as a result of new legislation or otherwise)
      by counsel of the Tax Matters Person, the Trustee or the Depositor to ensure
      that the Residual Certificates are not transferred to any Person who is not
      a
      Permitted Transferee or a United States Person and that any transfer of such
      Residual Certificates will not cause the imposition of a tax upon the Trust
      or
      cause the Trust REMIC to fail to qualify as a REMIC.

     

    (c) The
      Residual Certificates (including a beneficial interest therein) may not be
      purchased by or transferred to any Person who is not a United States
      Person.

     

    (d) By
      accepting a Residual Certificate, the purchaser thereof agrees to be a Tax
      Matters Person, and appoints the Trustee to act as its agent with respect to
      all
      matters concerning the tax obligations of the Trust.

     

    Section
      5.06 Restrictions
      on Transferability of Non-Offered Certificates. 

     

    (a) No
      offer,
      sale, transfer or other disposition (including pledge) of any Non-Offered
      Certificate shall be made by any Holder thereof unless registered under the
      Securities Act, or an exemption from the registration requirements of the
      Securities Act and any applicable state securities or “Blue Sky” laws is
      available and the prospective transferee (other than the Depositor) of such
      Certificate signs and delivers to the Trustee an Investment Letter, if the
      transferee is an Institutional Accredited Investor, in the form set forth as
      Exhibit F-l hereto, or a Rule 144A Certificate, if the transferee is a QIB,
      in
      the form set forth as Exhibit F-2 hereto. Notwithstanding the provisions of
      the
      immediately preceding sentence, no restrictions shall apply with respect to
      the
      transfer or registration of transfer of a beneficial interest in any Non-Offered
      Certificate that is a Global Certificate of a Class to a transferee that takes
      delivery in the form of a beneficial interest in the Global Certificate of
      such
      Class provided that each such transferee shall be deemed to have made such
      representations and warranties contained in the Rule 144A Certificate as are
      sufficient to establish that it is a QIB. In the case of a proposed transfer
      of
      any Certificate to a transferee other than a QIB, the Trustee may require an
      Opinion of Counsel addressed to the Trustee that such transaction is exempt
      from
      the registration requirements of the Securities Act. The cost of such opinion
      shall not be an expense of the Trustee or the Trust Fund.

     

    (b) The
      Non-Offered Certificates shall each bear a Securities Legend.

     

    Section
      5.07 ERISA
      Restrictions. 

     

    (a) Subject
      to the provisions of subsection (b), no Residual Certificates or Non-Offered
      Subordinate
      Certificates may 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 ERISA or Section 4975 of the Code, unless the proposed transferee provides
      either (i) the Trustee, with an Opinion of Counsel addressed to the Depositor,
      the Trustee and the Master Servicer (upon which they may rely) which is
      satisfactory to the Trustee, which opinion will not be at the expense of the
      Depositor, the Trustee or the Master Servicer, that the purchase of such
      Certificates by or on behalf of such Plan is permissible under applicable law,
      will not constitute or result in a nonexempt prohibited transaction under ERISA
      or Section 4975 of the Code and will not subject the Depositor, the Master
      Servicer or the Trustee to any obligation in addition to those undertaken in
      the
      Agreement or (ii) in the case of the Non-Offered Subordinate Certificates,
      a
      representation or certification to the Trustee (upon which the Trustee and
      the
      other parties hereto are authorized to rely) to the effect that the proposed
      transfer and holding of such a Certificate and the servicing, management and
      operation of the Trust: (I) will not result in a prohibited transaction under
      Section 406 of ERISA or Section 4975 of the Code which is not covered under
      an
      individual or class prohibited transaction exemption including but not limited
      to Department of Labor Prohibited Transaction Exemption (“PTE”) 84-14 (Class
      Exemption for Plan Asset Transactions Determined by Independent Qualified
      Professional Asset Managers); PTE 91-38 (Class Exemption for Certain
      Transactions Involving Bank Collective Investment Funds); PTE 90-1 (Class
      Exemption for Certain Transactions Involving Insurance Company Pooled Separate
      Accounts), PTE 95-60 (Class Exemption for Certain Transactions Involving
      Insurance Company General Accounts), and PTCE 96-23 (Class Exemption for Plan
      Asset Transactions Determined by In-House Asset Managers and (II) will not
      subject the Depositor, the Master Servicer or the Trustee to any obligation
      in
      addition to those undertaken in the Agreement.

     

    (b) Any
      Person acquiring an interest in a Global Certificate which is a Non-Offered
      Subordinate Certificate, by acquisition of such Certificate, shall be deemed
      to
      have represented to the Trustee that in the case of the Non-Offered Subordinate
      Certificates, either: (i) it is not acquiring an interest in such Certificate
      directly or indirectly by, or on behalf of, an employee benefit plan or other
      retirement arrangement which is subject to Title I of ERISA or Section 4975
      of
      the Code, or (ii) the transfer and holding of an interest in such Certificate
      to
      that Person and the subsequent 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, PTE 84-14, PTE 91-38, PTE 90-1, PTE 95-60 or
      PTE
      96-23 and (II) will not subject the Depositor, the Master Servicer or the
      Trustee to any obligation in addition to those undertaken in the
      Agreement.

     

    (c) Each
      beneficial owner of a Class B-1, Class B-2 or Class B-3 Certificate or any
      interest therein shall be deemed to have represented, by virtue of its
      acquisition or holding of that certificate or interest therein, that either
      (i)
      it is not a Plan or investing with “Plan Assets”, (ii) it has acquired and is
      holding such certificate in reliance on Prohibited Transaction Exemption 90-30,
      as amended from time to time (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, Dominion Bond Rating Service
      Limited (known as DBRS Limited), Dominion Bond Rating Service, Inc. (known
      as
      DBRS, Inc.) or Moody’s, and the certificate is so rated or (iii) (1) it is an
      insurance company, (2) the source of funds used to acquire or hold the
      certificate or interest therein is an “insurance company general account,” as
      such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    (d) Neither
      the Trustee nor the Master Servicer will be required to monitor, determine
      or
      inquire as to compliance with the transfer restrictions in this Agreement with
      respect to the Book-Entry Certificates. Any attempted or purported transfer
      of
      any Certificate in violation of the provisions of this Agreement shall be void
      ab initio and such Certificate shall be considered to have been held
      continuously by the prior permitted Certificateholder. Any transferor of any
      Certificate in violation of such provisions, shall indemnify and hold harmless
      the Trustee and the Master Servicer from and against any and all liabilities,
      claims, costs or expenses incurred by the Trustee or the Master Servicer as
      a
      result of such attempted or purported transfer. The Trustee shall not be liable
      for transfer of any such Book-Entry Certificates in or through book-entry
      facilities of any Depository or between or among Depository Participants or
      Certificate Owners made in violation of the transfer restrictions set forth
      herein.

     

    Section
      5.08 Rule
      144A Information. 

     

    For
      so
      long as any Non-Offered Certificates are outstanding and are “restricted
      securities” within the meaning of Rule 144(a)(3) of the Securities Act, (1) the
      Depositor will provide or cause to be provided to any holder of such Non-Offered
      Certificates and any prospective purchaser thereof designated by such a holder,
      upon the request of such holder or prospective purchaser, the information
      required to be provided to such holder or prospective purchaser by Rule
      144A(d)(4) under the Securities Act; and (2) the Depositor shall update such
      information from time to time in order to prevent such information from becoming
      false and misleading and will take such other actions as are necessary to ensure
      that the safe harbor exemption from the registration requirements of the
      Securities Act under Rule 144A is and will be available for resales of such
      Certificates conducted in accordance with Rule 144A.

     

     

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VI

    Payments
      to Certificateholders

     

    Section
      6.01 Distributions
      on the Certificates.

     

    (a) Interest
      and principal (as applicable) on the Certificates will be distributed by the
      Trustee monthly on each Distribution Date based on the Certificates Distribution
      Report for such Distribution Date furnished by the Trustee pursuant to 6.05
      hereof, commencing in May 2007, in an amount equal to the related Available
      Funds on deposit in the Distribution Account for such Distribution Date. On
      each
      Distribution Date, the related Available Funds on deposit in the Distribution
      Account shall be distributed as follows:

     

    (i) on
      each
      Distribution Date, the Available Funds will be distributed to the related Senior
      Certificates as follows:

     

    first,
      to the
      Senior Certificates (other than the Class PO Certificates), on a pro rata basis,
      the Accrued Certificate Interest on such Classes for such Distribution
      Date;

     

    second,
      to the
      Senior Certificates (other than the Class PO Certificates), on a pro rata basis,
      any Accrued Certificate Interest thereon remaining undistributed from previous
      Distribution Dates, to the extent of remaining Available Funds;

     

    third,
      to the
      Class A-1, Class A-2, Class A-3 and Class R Certificates, as principal, in
      the
      order described in this Agreement, the Senior Optimal Principal Distribution
      Amount, in reduction of the Current Principal Amount thereof, until the Current
      Principal Amounts thereof have been reduced to zero;

     

    fourth,
      to the
      Class PO Certificates, the portion of the Class PO Certificate Principal
      Distribution Amount for such Distribution Date to the extent of the remaining
      Available Funds, until the Current Principal Amount thereof has been reduced
      to
      zero; and

     

    fifth,
      to the
      Class PO Certificates, the portion of the Class PO Certificate Deferred Amount,
      provided that (i) on any Distribution Date, distributions pursuant to this
      priority fifth
      shall
      not exceed the excess, if any, of (x) Available Funds remaining after giving
      effect to distributions pursuant to priority first
      through
fourth
      above
      over (y) the sum of the amount of Accrued Certificate Interest for such
      Distribution Date and Accrued Certificate Interest remaining undistributed
      from
      previous Distribution Dates on all Classes of Subordinate Certificates then
      outstanding, (ii) such distributions shall not reduce the Current Principal
      Amount of the Class PO Certificates, and (iii) no distribution will be made
      in
      respect of the Class PO Certificate Deferred Amount on or after the Cross-Over
      Date.

     

    On
      each
      Distribution Date, an amount, up to the amount of the Senior Optimal Principal
      Distribution Amount for that Distribution Date, will be distributed as principal
      as follows in each case to the extent of the remaining Senior Optimal Principal
      Distribution Amount:

     

    (1)
      to
      the Class R Certificates, in reduction of the Current Principal Amounts thereof,
      until the Certificate Principal Amounts thereof have been reduced to
      zero;

     

    (2)
      to
      the Class A-3
      Certificates,
      the
      Lockout Priority Amount for such Distribution Date in reduction of the Current
      Principal Amount thereof, until the Certificate Principal Amount thereof has
      been reduced to zero;

     

    (3)
      to
      the Class A-1 Certificates and Class A-2 Certificates, sequentially in that
      order, in reduction of the Current Principal Amount thereof, in each case
      until the Current Principal Amount thereof has been reduced to zero;
      and

     

    (5)
      to
      the Class A-3 Certificates in reduction of the Current Principal Amount thereof
      (without regard to the Lockout Priority Amount for such Distribution Date),
      until the Current Principal Amount thereof has been reduced to
      zero.

     

    (ii) On
      each
      Distribution Date on or prior to the Cross-Over Date, an amount equal to the
      remaining Available Funds after the distributions in clause (i) above shall
      be
      distributed sequentially in the following order, to the Class B-1, Class B-2,
      Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up
      to
      an amount equal to and in the following order: (a) the Accrued Certificate
      Interest thereon for such Distribution Date, (b) any Accrued Certificate
      Interest thereon remaining undistributed from previous Distribution Dates and
      (c) such Class’s Allocable Share for such Distribution Date, in each case, to
      the extent of the remaining Available Funds.

     

    (iii) If,
      after
      distributions have been made pursuant to priorities first
      and
second
      of
      clause (i) above on any Distribution Date, the remaining Available Funds is
      less
      than the Scheduled Principal Balance of the Mortgage Loans, such amounts shall
      be reduced, and such remaining funds will be distributed to the Senior
      Certificates (other than the Class X Certificates) on the basis of such reduced
      amounts. Notwithstanding any reduction in principal distributable to the Class
      PO Certificates pursuant to this paragraph, the principal balance of the Class
      PO Certificates shall be reduced not only by principal so distributed but also
      by the difference between (i) principal distributable to the Class PO
      Certificates in accordance with priority fourth
      of
      clause (i) above, and (ii) principal actually distributed to the Class PO
      Certificates after giving effect to this paragraph (such difference for the
      Class PO Certificates, the “Class PO Certificate Cash Shortfall”). The Class PO
      Certificate Cash Shortfall for the Class PO Certificates with respect to any
      Distribution Date will be added to the Class PO Certificate Deferred
      Amount.

     

    (iv)  On
      each
      Distribution Date, any Available Funds remaining after payment of interest
      and
      principal to the Classes of Certificates entitled thereto, in each case as
      described above, will be distributed to the Class R Certificates; provided,
      that
      if on any Distribution Date there are any Available Funds remaining after
      payment of interest and principal to a Class or Classes of Certificates entitled
      thereto, such amounts will be distributed to the other Class or Classes of
      Senior Certificates, pro rata, based upon their Current Principal Amounts,
      until
      all amounts due to all Classes of Senior Certificates have been paid in full,
      before any amounts are distributed to the Class R Certificates.

     

    (b) “Pro
      rata” distributions among Classes of Certificates will be made in proportion to
      the then Current Principal Amount of such Classes.

     

    (c) No
      Accrued Certificate Interest will be payable with respect to any Class of
      Certificates after the Distribution Date on which the Current Principal Amount
      or Notional Amount of such Certificate has been reduced to zero.

     

    (d) Net
      Interest Shortfalls on the Mortgage Loans will be allocated among the Holders
      of
      each Class of Senior Certificates (other than the Class PO Certificates) and
      Subordinate Certificates, on a pro rata basis, in proportion to the respective
      amounts of Accrued Certificate Interest for that Distribution Date that would
      have been allocated thereto in the absence of such Net Interest Shortfalls for
      such Distribution Date. In addition, the amount of any interest shortfalls
      with
      respect to the Mortgage Loans will constitute unpaid Accrued Certificate
      Interest and will be distributable to Holders of the related Certificates
      entitled to such amounts on subsequent Distribution Dates, to the extent of
      the
      Available Funds remaining after current interest distributions as required
      herein. Any such amounts so carried forward will not bear interest. Any interest
      shortfalls will not be offset by a reduction in the servicing compensation
      of
      the Servicers or otherwise, except to the limited extent described in the fourth
      preceding paragraph with respect to Prepayment Interest Shortfalls. The interest
      portion of Realized Losses will be allocated first to the Subordinate
      Certificates, and after the Cross-Over Date, to the Senior Certificates, in
      each
      case on a pro rata basis, in proportion to the amount of Accrued Certificate
      Interest that would have been allocated thereto in the absence of such Realized
      Losses. 

     

    (e) The
      expenses and fees of the Trust shall be paid by the Trust REMIC.

     

    (f) [Reserved].

     

    (g) In
      addition, in the event that the Master Servicer receives any Subsequent
      Recoveries from a Servicer, the Master Servicer shall deposit such funds into
      the Master Servicer Collection Account pursuant to Section 4.02. 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 Current Principal Amount of the related Class of Subordinate Certificates
      with the highest payment priority to which Realized Losses have been allocated,
      but not by more than the amount of Realized Losses previously allocated to
      that
      Class of Subordinate Certificates pursuant to Section 6.03. The amount of any
      remaining Subsequent Recoveries will be applied to sequentially increase the
      Current Principal Amount of the related Subordinate Certificates, beginning
      with
      the Class of such Subordinate Certificates with the next highest payment
      priority, up to the amount of such Realized Losses previously allocated to
      such
      Class of Certificates pursuant to Section 6.03. 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
      Current Principal Amount of each Subordinate Certificate of such Class in
      accordance with its respective Fractional Undivided Interest.

     

    Section
      6.02 [Reserved.] 

     

    Section
      6.03 Allocation
      of Losses. 

     

    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, based on information provided by the
      Servicer.

     

    (a) (i) Realized
      Losses with respect to a Mortgage Loan will be allocated on a pro rata basis
      between the PO Percentage of the Scheduled Principal Balance of such Mortgage
      Loan and the Non-PO Percentage of such Scheduled Principal Balance.

     

    (ii) On
      each
      Distribution Date, the PO Percentage of the principal portion of any Realized
      Loss on a Discount Mortgage Loan and any Class PO Certificate Cash Shortfall
      will be allocated to the Class PO Certificates until the Current Principal
      Amount of the Class PO Certificates is reduced to zero. With
      respect to any Distribution Date through the Cross-Over Date, the aggregate
      of
      all amounts so allocable to the Class PO Certificates on such date in respect
      of
      any Realized Losses and any Class PO Certificate Cash Shortfalls and all amounts
      previously allocated in respect of such Realized Losses or Class PO Certificate
      Cash Shortfalls and not distributed on prior Distribution Dates will be the
      “Class PO Certificate Deferred Amount.” To
      the
      extent funds are available therefor on any Distribution Date through the
      Cross-Over Date, distributions in respect of the Class PO Certificate Deferred
      Amount for the Class PO Certificates from Available Funds will be made in
      accordance with priority
      fifth
      of
      clause (i) above. No interest shall accrue on the Class PO Certificate Deferred
      Amount. On each Distribution Date through the Cross-Over Date, the Current
      Principal Amount of the lowest ranking Class of Subordinate Certificates then
      outstanding will be reduced by the amount of any distributions in respect of
      any
      Class PO Certificate Deferred Amount on such Distribution Date in accordance
      with the priorities set forth above, through the operation of the Subordinate
      Certificate Writedown Amount. After the Cross-Over Date, no more distributions
      will be made in respect of, and applicable Realized Losses and Class PO
      Certificate Cash Shortfalls allocable to the Class PO Certificates will not
      be
      added to, the Class PO Certificate Deferred Amount. 

     

    (iii) The
      Non-PO Percentage of the principal portion of Realized Losses on the Mortgage
      Loans will be allocated on any Distribution Date as follows: first, to the
      Class
      B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class
      B-4
      Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2
      Certificates; and sixth, to the Class B-1 Certificates, in each case until
      the
      Current Principal Amount of such Class has been reduced to zero.

     

    (iv) Thereafter,
      the principal portion of Realized Losses on the Mortgage Loans will be allocated
      on any Distribution Date to the outstanding Class or Classes of Senior
      Certificates (other than the Class X Certificates), pro rata, based upon their
      respective Current Principal Amounts.

     

    (v) Notwithstanding
      the foregoing, no such allocation of any Realized Loss shall be made on a
      Distribution Date to any Class of Certificates (other than the Class
      X
      Certificates)
      to the
      extent that such allocation would result in the reduction of the aggregate
      Current Principal Amounts of all the Certificates (other than the Class X
      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 Scheduled 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 Limit”).

     

    (b) Any
      Realized Losses allocated to a Class of Certificates shall be allocated among
      the related Certificates of such Class (other than the Interest Only
      Certificates) in proportion to their respective Current Principal Amounts.
      Any
      allocation of Realized Losses shall be accomplished by reducing the Current
      Principal Amount of the related Certificates on the related Distribution
      Date.

     

    (c) Realized
      Losses shall be allocated on the Distribution Date in the month following the
      month in which such loss was incurred and, in the case of the principal portion
      thereof, after giving effect to distributions made on such Distribution
      Date.

     

    (d) On
      each
      Distribution Date, the Trustee shall determine the Subordinate Certificate
      Writedown Amount. Any
      Subordinate Certificate Writedown Amount shall effect a corresponding reduction
      in the Current Principal Amount of (i) if prior to the Cross-Over Date, the
      Current Principal Amounts of the Subordinate Certificates, in the reverse order
      of their numerical Class designations and (ii) from and after the Cross-Over
      Date, the Senior Certificates, in accordance with priorities set forth in clause
      (b) above, which reduction shall occur on such Distribution Date after giving
      effect to distributions made on such Distribution Date.

     

    (e) Any
      Net
      Interest Shortfall will be allocated among the Classes of Certificates in
      proportion to the respective amounts of Accrued Certificate Interest that would
      have been allocated thereto in the absence of such Net Interest Shortfall for
      such Distribution Date. The interest portion of any Realized Losses with respect
      to the Mortgage Loans occurring on or prior to the Cross-Over Date will not
      be
      allocated among any Certificates, but will reduce the amount of Available Funds
      on the related Distribution Date. As a result of the subordination of the
      Subordinate Certificates in right of distribution, such Realized Losses on
      the
      Mortgage Loans will be borne by the Subordinate Certificates, in inverse order
      of their numerical Class designations. Following the Cross-Over Date, the
      interest portion of Realized Losses on the Mortgage Loans will be allocated
      to
      the Senior Certificates.

     

    Section
      6.04 Payments. 

     

    (a) On
      each
      Distribution Date, other than the final Distribution Date, the Trustee shall
      distribute to each Certificateholder of record as of the immediately preceding
      Record Date the Certificateholder’s pro rata share of its Class (based on the
      aggregate Fractional Undivided Interest represented by such Holder’s
      Certificates) of all amounts required to be distributed on such Distribution
      Date to such Class. The Trustee shall calculate the amount to be distributed
      to
      each Class and, based on such amounts, the Trustee shall determine the amount
      to
      be distributed to each Certificateholder. All of the Trustee’s calculations of
      payments shall be based solely on information provided to the Trustee by the
      Master Servicer. The Trustee shall not be required to confirm, verify or
      recompute any such information but shall be entitled to rely conclusively on
      such information.

     

    (b) Payment
      of the above amounts to each Certificateholder shall be made (i) by check mailed
      to each Certificateholder entitled thereto at the address appearing in the
      Certificate Register or (ii) upon receipt by the Trustee on or before the fifth
      Business Day preceding the Record Date of written instructions from a
      Certificateholder by wire transfer to a United States dollar account maintained
      by the payee at any United States depository institution with appropriate
      facilities for receiving such a wire transfer; provided, however, that the
      final
      payment in respect of each Class of Certificates will be made only upon
      presentation and surrender of such respective Certificates at the office or
      agency of the Trustee specified in the notice to Certificateholders of such
      final payment.

     

    Section
      6.05 Statements
      to Certificateholders. 

     

    (a) Concurrently
      with each distribution to Holders of the Certificates, the Trustee shall make
      available to the parties hereto, each Rating Agency and each such Holder via
      the
      Trustee’s internet website as set forth below, a Certificates Distribution
      Report containing the following information with respect to the Certificates
      and
      the Mortgage Loans, expressed with respect to clauses (i) through (vii) in
      the
      aggregate and as a Fractional Undivided Interest representing an initial Current
      Principal Amount of $1,000, or in the case of the Residual Certificates, an
      initial Current Principal Amount of $100:

     

    (i) the
      Current Principal Amount (or Notional Amount) of each Class of Certificates
      immediately prior to such Distribution Date;

     

    (ii) the
      amount of the distribution allocable to principal on each applicable Class
      of
      Certificates;

     

    (iii) the
      aggregate amount of interest accrued at the related Pass-Through Rate with
      respect to each Class during the related Interest Accrual Period;

     

    (iv) the
      Net
      Interest Shortfall and any other adjustments to interest at the related
      Pass-Through Rate necessary to account for any difference between interest
      accrued and aggregate interest distributed with respect to each Class of
      Certificates;

     

    (v) the
      amount of the distribution allocable to interest on each Class of
      Certificates;

     

    (vi) the
      Pass-Through Rates for each Class of Certificates with respect to such
      Distribution Date;

     

    (vii) the
      Current Principal Amount (or Notional Amount) of each Class of Certificates
      after such Distribution Date;

     

    (viii) the
      amount of any Monthly Advances, Compensating Interest Payments and outstanding
      unreimbursed advances by the Master Servicer or the Servicers included in such
      distribution;

     

    (ix) the
      aggregate amount of any Realized Losses (listed separately for each category
      of
      Realized Loss) during the preceding calendar month and cumulatively since the
      Cut-off Date and the amount and source (separately identified) of any
      distribution in respect thereof included in such distribution;

     

    (x) with
      respect to each Mortgage Loan which incurred a Realized Loss during the
      preceding calendar month, (i) the loan number, (ii) the Scheduled Principal
      Balance of such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled
      Principal Balance of such Mortgage Loan as of the beginning of the related
      Due
      Period, (iii) the Net Liquidation Proceeds with respect to such Mortgage Loan
      and (iv) the amount of the Realized Loss with respect to such Mortgage
      Loan;

     

    (xi) the
      amount of Scheduled Principal and Principal Prepayments, (including but
      separately identifying the principal amount of Principal Prepayments, Insurance
      Proceeds, the purchase price in connection with the purchase of Mortgage Loans,
      cash deposits in connection with substitutions of Mortgage Loans and Net
      Liquidation Proceeds) and the number and principal balance of Mortgage Loans
      purchased or substituted for during the relevant period and cumulatively since
      the Cut-off Date;

     

    (xii) the
      number of Mortgage Loans (excluding REO Property) remaining in the Trust Fund
      as
      of the end of the preceding calendar month;

     

    (xiii) information
      regarding any Mortgage Loan delinquencies as of the end of the previous calendar
      month, including the aggregate number and aggregate Outstanding Principal
      Balance of Mortgage Loans using the MBA method of calculation (a) Delinquent
      30
      to 59 days on a contractual basis, (b) Delinquent 60 to 89 days on a contractual
      basis, and (c) Delinquent 90 or more days on a contractual basis, in each case
      as of the close of business on the last Business Day of the immediately
      preceding month;

     

    (xiv) the
      number of Mortgage Loans in the foreclosure process as of the end of the related
      Due Period and the aggregate Outstanding Principal Balance of such Mortgage
      Loans;

     

    (xv) the
      number and aggregate Outstanding Principal Balance of all Mortgage Loans as
      to
      which the Mortgaged Property was REO Property as of the end of the preceding
      calendar month;

     

    (xvi) the
      book
      value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan,
      (B) accrued interest through the date of foreclosure and (C) foreclosure
      expenses) of any REO Property; provided that, in the event that such information
      is not available to the Trustee on the Distribution Date, such information
      shall
      be furnished promptly after it becomes available;

     

    (xvii) the
      amount of Realized Losses allocated to each Class of Certificates since the
      prior Distribution Date and in the aggregate for all prior Distribution Dates;
      and

     

    (xviii) the
      Average Loss Severity Percentage;

     

    (xix) [Reserved]

     

    (xx) the
      then
      applicable Senior Percentage, Senior Prepayment Percentage, Subordinate
      Percentage and Subordinate Prepayment Percentage.

     

    The
      information set forth above shall be calculated or reported, as the case may
      be,
      by the Trustee, based solely on, and to the extent of, information provided
      to
      the Trustee by the Master Servicer. The Trustee may conclusively rely on such
      information and shall not be required to confirm, verify or recalculate any
      such
      information.

     

    The
      Trustee may make available each month, to any interested party, the Certificates
      Distribution Report to Holders of the Certificates via the Trustee’s website
      initially located at “www.usbank.com/abs.” Assistance in using the website can
      be obtained by calling the Trustee’s customer service desk at (800) 934-6802.
      Parties that are unable to use the above distribution option are entitled to
      have a paper copy mailed to them via first class mail by calling the Trustee’s
      customer service desk and indicating such. The Trustee shall have the right
      to
      change the way such reports are distributed in order to make such distribution
      more convenient and/or more accessible to the parties, and the Trustee shall
      provide timely and adequate notification to all parties regarding any such
      change.

     

    (b) By
      April
      30 of each year beginning in 2008, the Trustee will furnish such report to
      each
      Holder of the Certificates of record at any time during the prior calendar
      year
      as to the aggregate of amounts reported pursuant to subclauses (a)(ii) and
      (a)(v) above with respect to the Certificates, plus information with respect
      to
      the amount of servicing compensation and such other customary information as
      the
      Trustee may determine to be necessary and/or to be required by the Internal
      Revenue Service or by a federal or state law or rules or regulations to enable
      such Holders to prepare their tax returns for such calendar year. Such
      obligations shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be provided by the Trustee pursuant
      to the requirements of the Code.

     

    Section
      6.06 Monthly
      Advances. 

     

    The
      Master Servicer shall cause the related Servicer to remit any Advance required
      pursuant to the terms of the related Servicing Agreement. The related Servicer
      shall be obligated to make any such Advance only to the extent that such advance
      would not be a Nonrecoverable Advance. If the related Servicer shall have
      determined that it has made a Nonrecoverable Advance or that a proposed Advance
      or a lesser portion of such Advance would constitute a Nonrecoverable Advance,
      the related Servicer shall deliver (i) to the Trustee for the benefit of the
      Certificateholders funds constituting the remaining portion of such Advance,
      if
      applicable, and (ii) to the Master Servicer an Officer’s Certificate setting
      forth the basis for such determination. Subject
      to the Master Servicer’s recoverability determination, in the event that a
      Servicer (other than the Company) fails to make a required Advance, the Master
      Servicer, as successor servicer, shall be required to remit the amount of such
      Advance to the Master Servicer Collection Account.
      If EMC
      or the Master Servicer were required to make an Advance but failed to do so,
      the
      Trustee upon receiving notice or becoming aware of such failure, and pursuant
      to
      the applicable terms of this Agreement, shall appoint a successor servicer
      or
      Master Servicer, as applicable, who will make such Advance, or the Trustee
      as
      successor master servicer shall be
      required to remit the amount of such Advance to the Master Servicer Collection
      Account, unless
      the Trustee shall have determined that such Advance is a Nonrecoverable Advance.
      If the Trustee cannot find a successor servicer to replace the Company as
      Servicer the Trustee shall become the successor servicer and shall be required
      to remit the amount of such Advance to the Master Servicer Collection Account,
      unless the Trustee shall have determined that such Advance is a Nonrecoverable
      Advance.

     

    Section
      6.07 Compensating
      Interest Payments. 

     

    The
      Master Servicer shall deliver to the Trustee for deposit in the Distribution
      Account not later than the related Distribution Account Deposit Date an amount
      equal to the sum of the aggregate amounts paid by the Servicers under the
      related Servicing Agreement with respect to subclauses (a) and (b) of the
      definition of Interest Shortfall with respect to the Mortgage Loans for the
      related Distribution Date. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VII

    The
      Master Servicer

     

    Section
      7.01 Liabilities
      of the Master Servicer. 

     

    The
      Master Servicer shall be liable in accordance herewith only to the extent of
      the
      obligations specifically imposed upon and undertaken by it herein.

     

    Section
      7.02 Merger
      or Consolidation of the Master Servicer. 

     

    (a) 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 Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger or consolidation to which the Master
      Servicer shall be a party, or any Person succeeding to the business of the
      Master Servicer, shall be the successor of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      7.03 Indemnification
      of the Trustee and the Master Servicer 

     

    (a) The
      Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
      them harmless against, any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to, any claim or
      legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement with respect to the Mortgage Loans and the Certificates, the
      Servicing Agreements, the Assignment Agreement or the Certificates or the powers
      of attorney delivered by the Trustee hereunder (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 Indemnified
      Person shall
      have given the Master Servicer and the Depositor written notice thereof promptly
      after a Responsible Officer of the Indemnified Person shall have with respect
      to
      such claim or legal action and actual knowledge thereof. The Master Servicer’s
      failure to receive any such notice shall not affect the Indemnified Person’s
      right to indemnification hereunder, except to the extent the Master Servicer
      is
      materially prejudiced by such failure to give notice. This indemnity shall
      survive the resignation or removal of the Trustee or the Master Servicer and
      the
      termination of this Agreement.

     

    (b) [Reserved].

     

    (c) The
      Trust
      Fund will indemnify any Indemnified Person for any loss, liability or expense
      of
      any Indemnified Person not otherwise covered by the Master Servicer’s
      indemnification pursuant to Subsection (a) above.

     

    Section
      7.04 Limitations
      on Liability of the Master Servicer and Others. 

     

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 7.03:

     

    (a) Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust Fund or the Holders of the Certificates 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 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
      Master Servicer and any director, officer, employee or agent of 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
      Master Servicer, the Custodian and any director, officer, employee or agent
      of
      the Master Servicer or the Custodian, and the Trustee, to the extent it becomes
      a party to the EMC Servicing Agreement pursuant to Section 3.03, and any
      officer, director, employee or agent of the Trustee, shall be indemnified by
      the
      Trust and held harmless thereby against any loss, liability or expense
      (including reasonable legal fees and disbursements of counsel) incurred on
      their
      part that may be sustained in connection with, arising out of, or related to,
      any claim or legal action (including any pending or threatened claim or legal
      action) relating to this Agreement, the Certificates or any Servicing Agreement
      (except to the extent that the Master Servicer or the Trustee, as the case
      may
      be, is indemnified by the Servicer thereunder), other than (i) any such loss,
      liability or expense 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 to the
      Custodian’s failure to perform its duties under the Custodial Agreement,
      respectively, or (ii) any such loss, liability or expense incurred by reason
      of
      the Master Servicer’s or the Custodian’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or under the Custodial
      Agreement, as applicable, or by reason of reckless disregard of obligations
      and
      duties hereunder or under the Custodial Agreement, as applicable.

     

    (d) The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided, however, the 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 Holders of the Certificates hereunder. In such event, the legal expenses
      and
      costs of such action and any liability resulting therefrom shall be expenses,
      costs and liabilities of the Trust Fund and the Master Servicer shall be
      entitled to be reimbursed therefor out of the Master Servicer Collection Account
      as provided by Section 4.03. Nothing in this Subsection 7.04(d) shall affect
      the
      Master Servicer’s obligation to supervise, or to take such actions as are
      necessary to ensure, the servicing and administration of the Mortgage Loans
      pursuant to Section 3.01.

     

    (e) In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f) The
      Master Servicer shall not be liable for any acts or omissions of the related
      Servicers.

     

    (g) The
      Master Servicer may perform any of its duties hereunder or exercise its rights
      hereunder either directly or through Affiliates, agents or
      attorneys.

     

    Section
      7.05 Master
      Servicer Not to Resign. 

     

    Except
      as
      provided in Section 7.07, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) with the prior consent
      of
      the Trustee (which
      consent shall not be unreasonably withheld or delayed)
      or (ii)
      upon a determination that any such duties hereunder are no longer permissible
      under applicable law and such impermissibility cannot be cured; provided,
      however, in the event that the Trustee resigns or is terminated or removed
      in
      accordance with the provisions hereof, the Master Servicer shall resign. Any
      such determination permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Independent Counsel addressed to the Trustee to
      such
      effect delivered to the Trustee. No such resignation by the Master Servicer
      shall become effective until the Trustee or a successor to the Master Servicer
      reasonably satisfactory to the Trustee shall have assumed the responsibilities
      and obligations of the Master Servicer in accordance with Section 8.02 hereof.
      The Trustee shall notify the Rating Agencies of the resignation of the Master
      Servicer.

     

    Section
      7.06 Successor
      Master Servicer. 

     

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, the Seller or the Trustee
      may
      make such arrangements for the compensation of such successor master servicer
      out of payments on the Mortgage Loans as the Seller 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. Notwithstanding the foregoing,
      in no event shall the compensation of any Successor Master Servicer exceed
      that
      permitted the Master Servicer hereunder without the consent of all of the
      Certificateholders..

     

    Section
      7.07 Sale
      and Assignment of Master Servicing. 

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accepting such assignment and
      delegation (a) shall be a Person which shall be qualified to service mortgage
      loans for Fannie Mae or Freddie Mac; (b) shall have a net worth of not less
      than
      $10,000,000 (unless otherwise approved by each Rating Agency pursuant to clause
      (ii) below); (c) shall be reasonably satisfactory to the Trustee (as evidenced
      in a writing signed by the Trustee); and (d) shall execute and deliver to the
      Trustee an agreement, in form and substance reasonably satisfactory to the
      Trustee, which contains an assumption by such Person of the due and punctual
      performance and observance of each covenant and condition to be performed or
      observed by it as master servicer under this Agreement, any custodial agreement
      from and after the effective date of such agreement; (ii) each Rating Agency
      shall be given prior written notice of the identity of the proposed successor
      to
      the Master Servicer and each Rating Agency’s rating of the Certificates in
      effect immediately prior to such assignment, sale and delegation will not be
      downgraded, qualified or withdrawn as a result of such assignment, sale and
      delegation, as evidenced by a letter to such effect delivered to the Master
      Servicer and the Trustee; and (iii) the Master Servicer assigning and selling
      the master servicing shall deliver to the Trustee an Officer’s Certificate and
      an Opinion of Independent Counsel addressed to the Trustee, each stating that
      all conditions precedent to such action under this Agreement have been completed
      and such action is permitted by and complies with the terms of this Agreement.
      No such assignment or delegation shall affect any liability of the Master
      Servicer arising prior to the effective date thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VIII

    Default

     

    Section
      8.01 Events
      of Default. 

     

    “Event
      of
      Default,” wherever used herein, means any one of the following events (whatever
      the reason for such Event of Default and whether it shall be voluntary or
      involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body) and only with respect to the defaulting
      Master Servicer:

     

                                   
      (i)  Any
      failure by the Master Servicer to remit to the Trustee any amounts received
      or
      collected by the Master Servicer in respect of the Mortgage Loans and required
      to be remitted by it (other than any Advance) pursuant to this Agreement, which
      failure shall continue unremedied for one Business Day after the date on which
      written notice of such failure shall have been given to the Master Servicer
      by
      the Trustee or the Depositor, or to the Trustee and the Master Servicer by
      the
      Holders of Certificates evidencing not less than 25% of the Voting Rights
      evidenced by the Certificates; or

     

    (ii) any
      failure by the Master Servicer to observe or perform in any material respect
      any
      other of the covenants or agreements on the part of the Master Servicer
      contained in this Agreement or any breach of a representation or warranty by
      the
      Master Servicer, which failure or breach shall continue unremedied for a period
      of 60 days after the date on which written notice of such failure, properly
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Trustee or to the Master Servicer and the Trustee by the Holders of
      Certificates evidencing Fractional Undivided Interests aggregating not less
      than
      25% of the Trust Fund; or

     

    (iii) There
      is
      entered against the Master Servicer a decree or order by a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver or liquidator in any insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the winding
      up or liquidation of its affairs, and the continuance of any such decree or
      order is unstayed and in effect for a period of 60 consecutive days, or an
      involuntary case is commenced against the Master Servicer under any applicable
      insolvency or reorganization statute and the petition is not dismissed within
      60
      days after the commencement of the case; or

     

    (iv) The
      Master Servicer consents 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 Master Servicer or
      substantially all of its property; or the Master Servicer admits in writing
      its
      inability to pay its debts generally as they become due, files a petition to
      take advantage of any applicable insolvency or reorganization statute, makes
      an
      assignment for the benefit of its creditors, or voluntarily suspends payment
      of
      its obligations;

     

    (v) The
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Sections 7.05 or 7.07; or

     

    (vi) The
      Master Servicer fails to deposit or cause to be deposited, in the Distribution
      Account any Monthly Advance required to be made by the Master Servicer (other
      than a Nonrecoverable Advance) by the close of business on the Business Day
      prior to the related Distribution Date.

     

    In
      each
      and every such case, so long as such Event of Default with respect to the Master
      Servicer shall not have been remedied, either the Trustee or the Holders of
      Certificates evidencing Fractional Undivided Interests aggregating not less
      than
      51% of the principal of the Trust Fund, by notice in writing to the Master
      Servicer (and to the Trustee if given by such Holders of the Certificates),
      with
      a copy to the Rating Agencies, may terminate all of the rights and obligations
      (but not the liabilities) of the Master Servicer under this Agreement and in
      and
      to the Mortgage Loans and/or the REO Property serviced by the Master Servicer
      and the proceeds thereof. Upon the receipt by the Master Servicer of the written
      notice, all authority and power of the Master Servicer under this Agreement,
      whether with respect to the Certificates, the Mortgage Loans, REO Property
      or
      under any other related agreements (but only to the extent that such other
      agreements relate to the Mortgage Loans or related REO Property) shall, subject
      to Section 8.02, automatically and without further action pass to and be vested
      in the Trustee pursuant to this Section 8.01; and, without limitation, the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the Master Servicer as attorney-in-fact or otherwise, any and all documents
      and
      other instruments and to do or accomplish all other acts or things necessary
      or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise. The Master Servicer agrees to cooperate with
      the Trustee in effecting the termination of the Master Servicer’s rights and
      obligations hereunder, including, without limitation, the transfer to the
      Trustee of (i) the property and amounts which are then or should be part of
      the
      Trust or which thereafter become part of the Trust; and (ii) originals or copies
      of all documents of the Master Servicer reasonably requested by the Trustee
      to
      enable it to assume the Master Servicer’s duties thereunder. All reasonable and
      properly documented costs and expenses incurred by the Trustee in connection
      with such transfer shall be reimbursed to the Trustee by the Master Servicer
      within 30 days of request therefor or, if the Master Servicer fails to pay
      any
      such amount, reimbursed from amounts on deposit in the Distribution Amount.
      In
      addition to any other amounts which are then, or, notwithstanding the
      termination of its activities under this Agreement, may become payable to the
      Master Servicer under this Agreement, the Master Servicer shall be entitled
      to
      receive, out of any amount received on account of a Mortgage Loan or related
      REO
      Property, that portion of such payments which it would have received as
      reimbursement under this Agreement if notice of termination had not been given.
      The termination of the rights and obligations of the Master Servicer shall
      not
      affect any obligations incurred by the Master Servicer prior to such
      termination.

     

    Notwithstanding
      the foregoing, if an Event of Default described in clause (vi) of this Section
      8.01 shall occur, the Trustee upon receiving notice or becoming aware of such
      failure, and pursuant to the applicable terms of this Agreement, shall, by
      notice in writing to the Master Servicer, which may be delivered by telecopy,
      immediately terminate all of the rights and obligations of the Master Servicer
      thereafter arising under this Agreement, but without prejudice to any rights
      it
      may have as a Holder of the Certificates or to reimbursement of Monthly Advances
      and other advances of its own funds, and the Trustee shall act as provided
      in
      Section 8.02 to carry out the duties of the Master Servicer, including the
      obligation to make any Monthly Advance the nonpayment of which was an Event
      of
      Default described in clause (vi) of this Section 8.01. Any such action taken
      by
      the Trustee must be prior to the distribution on the relevant Distribution
      Date.

     

    Section
      8.02 Trustee
      to Act; Appointment of Successor. 

     

    (a) Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to Section
      8.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect
      that the Master Servicer is legally unable to act or to delegate its duties
      to a
      Person which is legally able to act, the Trustee shall automatically become
      the
      successor in all respects to the Master Servicer in its capacity under this
      Agreement and the transactions set forth or provided for herein and shall
      thereafter have all the rights and powers of, and be subject to all the
      responsibilities, duties, liabilities and limitations on liabilities relating
      thereto placed on the Master Servicer by the terms and provisions hereof
      (including the requirement to make Monthly Advances pursuant to Section 6.06);
      provided, however, that the Trustee shall have no obligation whatsoever with
      respect to any liability (other than advances deemed recoverable and not
      previously made) incurred by the Master Servicer at or prior to the time of
      termination. As compensation therefor, the Trustee shall be entitled to
      compensation which the Master Servicer would have been entitled to retain if
      the
      Master Servicer had continued to act hereunder, except for those amounts due
      the
      Master Servicer as reimbursement permitted under this Agreement for advances
      previously made or expenses previously incurred. Notwithstanding the above,
      the
      Trustee may, if it shall be unwilling so to act, or shall, if it is legally
      unable so to act, appoint or petition a court of competent jurisdiction to
      appoint, any established housing and home finance institution which is a Fannie
      Mae- or Freddie Mac-approved servicer, and with respect to a successor to the
      Master Servicer only, having a net worth of not less than $10,000,000, 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;
      provided, that the Trustee shall obtain a letter from each Rating Agency that
      the ratings, if any, on each of the Certificates will not be lowered as a result
      of the selection of the successor to the Master Servicer. Pending appointment
      of
      a successor to the Master Servicer hereunder, the Trustee shall 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 the Mortgage Loans as it and such successor shall
      agree; provided, however, that the provisions of Section 7.06 shall apply,
      the
      compensation shall not be in excess of that which the Master Servicer would
      have
      been entitled to if the Master Servicer had continued to act hereunder, and
      that
      such successor shall undertake and assume the obligations of the Master Servicer
      to pay compensation to any third Person acting as an agent or independent
      contractor in the performance of master servicing responsibilities hereunder.
      The Trustee and such successor shall take such action, consistent with this
      Agreement, as shall be necessary to effectuate any such succession.

     

    (b) If
      the
      Trustee shall succeed to any duties of the Master Servicer respecting the
      Mortgage Loans as provided herein, it shall do so in a separate capacity and
      not
      in its capacity as Trustee and, accordingly, the provisions of Article IX shall
      be inapplicable to the Trustee in its duties as the successor to the Master
      Servicer in the servicing of the Mortgage Loans (although such provisions shall
      continue to apply to the Trustee in its capacity as Trustee); the provisions
      of
      Article VII, however, shall apply to it in its capacity as successor master
      servicer.

     

    Section
      8.03 Notification
      to Certificateholders. 

     

    Upon
      any
      termination or appointment of a successor to the Master Servicer, the Trustee
      shall give prompt written notice thereof to Holders of the Certificates at
      their
      respective addresses appearing in the Certificate Register and to the Rating
      Agencies.

     

    Section
      8.04 Waiver
      of Defaults. 

     

    The
      Trustee shall transmit by mail to all Holders of the Certificates, 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. The Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 51% of
      the
      Trust Fund may, on behalf of all Holders of the Certificates, 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 any required distribution on the Certificates, which default may only
      be
      waived by Holders of Certificates evidencing Fractional Undivided Interests
      aggregating 100% of the Trust Fund. 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
      8.05 List
      of Certificateholders. 

     

    Upon
      written request of three or more Holders of Certificates of record, for purposes
      of communicating with other Holders of Certificates with respect to their rights
      under this Agreement, the Trustee will afford such Certificateholders access
      during business hours to the most recent list of related Certificateholders
      held
      by the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      IX

    Concerning
      the Trustee 

     

    Section
      9.01 Duties
      of Trustee. 

     

    (a) The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred undertakes to perform
      such duties and only such duties as are specifically set forth in this Agreement
      as duties of the Trustee. If an Event of Default has occurred and has not been
      cured or waived, the Trustee shall exercise such of the rights and powers vested
      in it by this Agreement 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.

     

    (b) Upon
      receipt of all resolutions, certificates, statements, opinions, reports,
      documents, orders or other instruments which are specifically required to be
      furnished to the Trustee pursuant to any provision of this Agreement, the
      Trustee shall examine them to determine whether they are on their face in the
      form required by this Agreement; provided, however, that the Trustee shall
      not
      be responsible for the accuracy or content of any resolution, certificate,
      statement, opinion, report, document, order or other instrument furnished
      hereunder; provided, further, that the Trustee shall not be responsible for
      the
      accuracy or verification of any calculation provided to it pursuant to this
      Agreement.

     

    (c) On
      each
      Distribution Date, the Trustee shall make monthly distributions and the final
      distribution to the related Certificateholders from funds in the Distribution
      Account, as provided in Sections 6.01 and 10.01 herein based solely on the
      report of the Trustee.

     

    (d) No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided, however, that:

     

    (i) Prior
      to
      the occurrence of an Event of Default, and after the curing or waiver of all
      such Events of Default which may have occurred, the duties and obligations
      of
      the Trustee shall be determined solely by the express provisions of this
      Agreement, the Trustee shall not be liable except for the performance of their
      respective duties and obligations as are specifically set forth in this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee and, in the absence of bad faith on the part of the Trustee,
      the Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee, and conforming to the requirements of this
      Agreement;

     

    (ii) The
      Trustee shall not be liable in its individual capacity for an error of judgment
      made in good faith by a Responsible Officer or Responsible Officers of the
      Trustee unless it shall be proved that the Trustee was negligent in ascertaining
      the pertinent facts;

     

    (iii) The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the directions of
      the
      Holders of Certificates evidencing Fractional Undivided Interests aggregating
      not less than 25% of the portion of the Trust Fund related to such 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 exercising any trust
      or other power conferred upon the Trustee under this Agreement;

     

    (iv) The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Event of Default unless a Responsible Officer of
      the
      Trustee’s Corporate Trust Office 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 that the Trustee’s gross negligence or willful misconduct
      was the primary cause of such insufficiency (except to the extent that the
      Trustee is obligor and has defaulted thereon);

     

    (vi) Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      be liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Trustee
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action;

     

    (vii) None
      of
      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 and

     

    (viii) The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Master Servicer under the Servicing Agreements, except during such time,
      if
      any, as the Trustee shall be the successor to, and be vested with the rights,
      duties, powers and privileges of, the Master Servicer in accordance with the
      terms of this Agreement.

     

    (e) All
      funds
      received by the Master Servicer and the Trustee and required to be deposited
      in
      the Master Servicer Collection Account pursuant to this Agreement will be
      promptly so deposited by the Master Servicer or the Trustee, as
      applicable.

     

    (f) Except
      for those actions that the Trustee is required to take hereunder, the Trustee
      shall not have any obligation or liability to take any action or to refrain
      from
      taking any action hereunder in the absence of written direction as provided
      hereunder.

     

    Section
      9.02 Certain
      Matters Affecting the Trustee. 

     

    Except
      as
      otherwise provided in Section 9.01:

     

    (i) The
      Trustee may rely and shall be protected in acting or refraining from acting
      in
      reliance on any resolution, certificate of the Depositor, the Master Servicer
      or
      a Servicer, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    (ii) The
      Trustee may consult with counsel and any advice of such counsel or any Opinion
      of Counsel shall be full and complete authorization and protection with respect
      to any action taken or suffered or omitted by it hereunder in good faith and
      in
      accordance with such advice or Opinion of Counsel;

     

    (iii) The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement, other than its obligation to give notices
      pursuant to this Agreement, or to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, order or direction of any of
      the
      Certificateholders pursuant to the provisions of this Agreement, unless such
      Certificateholders shall have offered to the Trustee reasonable security or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby. Nothing contained herein shall, however, relieve the Trustee
      of the obligation, upon the occurrence of an Event of Default of which a
      Responsible Officer of the Trustee has actual knowledge (which has not been
      cured or waived), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise,
      as a
      prudent person would exercise under the circumstances in the conduct of his
      own
      affairs;

     

    (iv) Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred, the Trustee shall not be
      liable for any action taken, suffered or omitted by it in good faith and
      believed by it to be authorized or within the discretion or rights or powers
      conferred upon it by this Agreement;

     

    (v) The
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by Holders of Certificates evidencing
      Fractional Undivided Interests aggregating not less than 25% of the portion
      of
      the Trust Fund related to such Certificates, and provided that the payment
      within a reasonable time to the Trustee of the costs, expenses or liabilities
      likely to be incurred by it in the making of such investigation is, in the
      opinion of the Trustee reasonably assured to the Trustee by the security
      afforded to it by the terms of this Agreement. The Trustee may require
      reasonable indemnity against such expense or liability as a condition to taking
      any such action. The reasonable expense of every such examination shall be
      paid
      by the related Certificateholders requesting the investigation;

     

    (vi) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, agents or attorneys; provided,
      however, that the Trustee may not appoint any agent to perform its custodial
      functions with respect to the Mortgage Files or paying agent functions under
      this Agreement without the express written consent of the Master Servicer,
      which
      consent will not be unreasonably withheld. The Trustee shall not be liable
      or
      responsible for the misconduct or negligence of any of the Trustee’s agents or
      attorneys or a custodian or paying agent appointed hereunder by the Trustee
      with
      due care and, when required, with the consent of the Master
      Servicer;

     

    (vii) Should
      the Trustee deem the nature of any action required on its part, to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions;

     

    (viii) The
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be accountable
      for
      other than its negligence or willful misconduct in the performance of any such
      act;

     

    (ix) The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted hereunder, except
      as
      provided in Section 9.07; and

     

    (x) The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      the Seller pursuant to this Agreement or the Mortgage Loan Purchase Agreement,
      as applicable, or the eligibility of any Mortgage Loan for purposes of this
      Agreement.

     

    Section
      9.03 Trustee
      Not Liable for Certificates or Mortgage Loans. 

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Trustee on such Certificates) shall be taken as the
      statements of the Depositor, and neither the Trustee, nor the Custodian on
      its
      behalf, shall have any responsibility for their correctness. The Trustee does
      not make any representation as to the validity or sufficiency of the
      Certificates (other than the signature and countersignature of the Trustee
      on
      the such Certificates) or of any Mortgage Loan; 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 Sections 2.02 and 2.04.
      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.
      The Trustee shall not be accountable for the use or application by the Depositor
      of any of the Certificates or of the proceeds of such Certificates, or for
      the
      use or application of any funds paid to the Depositor with respect to the
      Mortgage Loans. The Trustee shall not be responsible for the legality or
      validity of this Agreement or any document or instrument relating to this
      Agreement, the validity of the execution of this Agreement or of any supplement
      hereto or instrument of further assurance, or the validity, priority, perfection
      or sufficiency of the security for the Certificates issued hereunder or intended
      to be issued hereunder. The Trustee shall not at any time have any
      responsibility or liability for or with respect to the legality, validity and
      enforceability of any Mortgage or any Mortgage Loan, or the perfection and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of either Trust Fund, or any portion
      of either Trust Fund or its ability to make the payments to be distributed
      to
      Certificateholders, under this Agreement. The Trustee shall not have any
      responsibility for filing any financing statement or continuation statement
      in
      any public office at any time or to otherwise perfect or maintain the perfection
      of any security interest or lien granted to it hereunder or to record this
      Agreement.

     

    Section
      9.04 Trustee
      May Own Certificates. 

     

    The
      Trustee in its individual capacity or in any capacity other than as Trustee
      hereunder may become the owner or pledgee of any Certificates with the same
      rights it would have if it were not Trustee and may otherwise deal with the
      parties hereto.

     

    Section
      9.05 Trustee’s
      Fees and Expenses. 

     

    The
      Trustee will be entitled to recover, from the Distribution Account pursuant
      to
      Section 4.05, the Trustee Fee, all reasonable out-of-pocket expenses,
      disbursements and advances and the expenses of the Trustee 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) or incurred or
      made
      by the Trustee in the administration of the trusts hereunder (including the
      reasonable compensation, expenses and disbursements of its counsel) except
      any
      such expense, disbursement or advance as may arise from its negligence or
      intentional misconduct or which is the responsibility of the Certificateholders.
      If funds in the Distribution Account are insufficient therefor, the Trustee
      shall recover such expenses from the Depositor and the Depositor hereby agrees
      to pay such expenses, disbursements or advances upon demand. Such compensation
      and reimbursement obligation shall not be limited by any provision of law in
      regard to the compensation of a trustee of an express trust.

     

    Section
      9.06 Eligibility
      Requirements for Trustee. 

     

    The
      Trustee and any successor Trustee shall during the entire duration of this
      Agreement be a state bank or trust company or a national banking association
      organized and doing business under the laws of such 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 S&P or Fitch and “Baa2” or higher by
      Moody’s with respect to their long-term rating and rated “BBB” or higher by
      S&P or Fitch and “Baa2” or higher by Moody’s with respect to any outstanding
      long-term unsecured unsubordinated debt, and, in the case of a successor Trustee
      other than pursuant to Section 9.10, rated in one of the two highest long-term
      debt categories of, or otherwise acceptable to, each of the Rating Agencies.
      If
      the Trustee publishes reports of condition at least annually, pursuant to law
      or
      to the requirements of the aforesaid supervising or examining authority, then
      for the purposes of this Section 9.06 the combined capital and surplus of such
      corporation shall be deemed to be its total equity capital (combined capital
      and
      surplus) as set forth in its most recent report of condition so published.
      In
      case at any time the Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 9.06, the Trustee shall resign immediately in the
      manner and with the effect specified in Section 9.08.

     

    The
      Trustee may not be the Seller, an originator of any of the Mortgage Loans,
      the
      Master Servicer, a Servicer, the Depositor or an affiliate of the Depositor
      unless the Trustee is in an institutional trust department of U.S. Bank National
      Association. 

     

    Section
      9.07 Insurance. 

     

    The
      Trustee at its own expense, shall at all times maintain and keep in full force
      and effect: (i) fidelity insurance, (ii) theft of documents insurance and (iii)
      forgery insurance (which may be collectively satisfied by a “Financial
      Institution Bond” and/or a “Bankers’ Blanket Bond”). All such insurance shall be
      in amounts, with standard coverage and subject to deductibles, as are customary
      for insurance typically maintained by banks or their affiliates which act as
      custodians for investor-owned mortgage pools. A certificate of an officer of
      the
      Trustee as to the Trustee’s compliance with this Section 9.07 shall be furnished
      to any Certificateholder upon reasonable written request.

     

    Section
      9.08 Resignation
      and Removal of the Trustee. 

     

    (a) The
      Trustee may at any time resign and be discharged from the Trust hereby created
      by giving written notice thereof to the Depositor, the Seller and the Master
      Servicer, with a copy to the Rating Agencies. Upon receiving such notice of
      resignation, the Depositor shall promptly appoint a successor trustee by written
      instrument, in triplicate, one copy of which instrument shall be delivered
      to
      each of the resigning trustee and the successor trustee. If no successor trustee
      shall have been so appointed and have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Trustee may petition
      any
      court of competent jurisdiction for the appointment of a successor
      trustee.

     

    (b) If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 9.06 and shall fail to resign after written request therefor by the
      Depositor or if at any time the Trustee shall become incapable of acting, or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee, or
      of
      its property shall be appointed, or any public officer shall take charge or
      control of the Trustee, or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, then the Depositor shall promptly
      remove the Trustee, and appoint a successor Trustee, by written instrument,
      in
      triplicate, one copy of which instrument shall be delivered to the Trustee,
      so
      removed, the successor Trustee.

     

    (c) The
      Holders of Certificates evidencing Fractional Undivided Interests aggregating
      not less than 51% of the portion of the Trust Fund related to such Certificates,
      may at any time remove the Trustee and appoint a successor Trustee for the
      related Trust Fund by written instrument or instruments, in quadruplicate,
      signed by such Holders or their attorneys-in-fact duly authorized, one complete
      set of which instruments shall be delivered to the Depositor, and the Trustee
      so
      removed and the successor so appointed. In the event that the Trustee is removed
      by the Holders of Certificates in accordance with this Section 9.08(c), the
      Holders of such Certificates shall be responsible for paying any compensation
      payable to a successor Trustee, in excess of the amount paid to the predecessor
      Trustee.

     

    (d) No
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 9.08 shall become effective
      except upon appointment of and acceptance of such appointment by the successor
      Trustee as provided in Section 9.09.

     

    Section
      9.09 Successor
      Trustee. 

     

    (a) Any
      successor Trustee appointed as provided in Section 9.08 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor Trustee an
      instrument accepting such appointment hereunder. The resignation or removal
      of
      the predecessor Trustee shall then become effective and such successor Trustee,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      like effect as if originally named as Trustee herein. The predecessor Trustee
      shall after payment of its outstanding fees and expenses promptly deliver to
      the
      successor Trustee all assets and records of the Trust held by it hereunder,
      and
      the Depositor and the predecessor Trustee shall execute and deliver such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor Trustee, all such
      rights, powers, duties and obligations.

     

    (b) No
      successor Trustee shall accept appointment as provided in this Section 9.09
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 9.06.

     

    (c) Upon
      acceptance of appointment by a successor trustee as provided in this Section
      9.09, the successor trustee shall mail notice of the succession of such trustee
      hereunder to all Certificateholders at their addresses as shown in the
      Certificate Register and to the Rating Agencies. The Depositor shall cause
      such
      notice to be mailed at the expense of the Trust Fund.

     

    Section
      9.10 Merger
      or Consolidation of Trustee. 

     

    Any
      state
      bank or trust company or national banking association into which the Trustee
      may
      be merged or converted or with which it may be consolidated or any state bank
      or
      trust company or national banking association resulting from any merger,
      conversion or consolidation to which the Trustee shall be a party, or any state
      bank or trust company or national banking association succeeding to all or
      substantially all of the corporate trust business of the Trustee shall be the
      successor of the Trustee hereunder, provided such state bank or trust company
      or
      national banking association shall be eligible under the provisions of Section
      9.06. Such succession shall be valid 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
      9.11 Appointment
      of Co-Trustee or Separate Trustee. 

     

    (a) Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the Trust or property
      constituting the same may at the time be located, the Depositor 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 and the
      Depositor 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, and
      to
      vest in such Person or Persons, in such capacity, such title to the Trust,
      or
      any part thereof, and, subject to the other provisions of this Section 9.11,
      such powers, duties, obligations, rights and trusts as the Depositor and the
      Trustee may consider necessary or desirable.

     

    (b) If
      the
      Depositor shall not have joined in such appointment within 15 days after the
      receipt by it of a written request so to do, the Trustee shall have the power
      to
      make such appointment without the Depositor.

     

    (c) No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor Trustee under Section 9.06 hereunder and no notice
      to
      Certificateholders of the appointment of co-trustee(s) or separate trustee(s)
      shall be required under Section 9.08 hereof.

     

    (d) In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.11, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee and required to be conferred on such co-trustee shall be
      conferred or imposed upon and exercised or performed by the Trustee and such
      separate trustee or co-trustee jointly, except to the extent that under any
      law
      of any jurisdiction in which any particular act or acts are to be performed
      (whether as Trustee hereunder or as successor to the 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 or any portion thereof in any such jurisdiction) shall
      be
      exercised and performed by such separate trustee or co-trustee at the direction
      of the Trustee.

     

    (e) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    (f) To
      the
      extent not prohibited by law, any separate trustee or co-trustee may, at any
      time, request the Trustee, its agent or attorney-in-fact, with full power and
      authority, to do any lawful act under or with respect to 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.

     

    (g) No
      trustee under this Agreement shall be personally liable by reason of any act
      or
      omission of another trustee under this Agreement. The Depositor and the Trustee
      acting jointly may at any time accept the resignation of or remove any separate
      trustee or co-trustee.

     

    Section
      9.12 Federal
      Information Returns and Reports to Certificateholders; REMIC
      Administration. 

     

    (a) For
      federal income tax purposes, the taxable year of the Trust REMIC shall be a
      calendar year and the Trustee shall maintain or cause the maintenance of the
      books of each such REMIC on the accrual method of accounting.

     

    (b) The
      Trustee shall prepare, sign and file or cause to be filed with the Internal
      Revenue Service federal tax information returns or elections required to be
      made
      hereunder with respect to the Trust REMIC, each Trust Fund, if applicable,
      and
      the Certificates containing such information and at the times and in the manner
      as may be required by the Code or applicable Treasury regulations, and shall
      furnish to each Holder of Certificates at any time during the calendar year
      for
      which such returns or reports are made such statements or information at the
      times and in the manner as may be required thereby, including, without
      limitation, reports relating to interest, original issue discount and market
      discount or premium (using a constant prepayment assumption of 300% PSA as
      described in the prospectus supplement relating to the Offered Certificates).
      The Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service under Form SS-4 or any other acceptable method for all tax
      entities. In connection with the foregoing, the Trustee shall timely prepare,
      file and sign, Internal Revenue Service Form 8811, which shall provide the
      name
      and address of the person who can be contacted to obtain information required
      to
      be reported to the holders of regular interests in the Trust REMIC (the “REMIC
      Reporting Agent”). The Trustee shall make elections to treat the Trust REMIC as
      a REMIC (which elections shall apply to the taxable period ending December
      31,
      2007 and each calendar year thereafter) in such manner as the Code or applicable
      Treasury regulations may prescribe, and as described by the Trustee. The Trustee
      shall sign all tax information returns filed pursuant to this Section and any
      other returns as may be required by the Code. The Holder of the Class R
      Certificate is hereby designated as the “Tax Matters Person” within the meaning
      of Treasury Regulation Section 1.860F-4(d)) for the Trust REMIC. The Trustee
      is
      hereby designated and appointed as the agent of each such Tax Matters Person.
      Any Holder of a Residual Certificate will by acceptance thereof appoint the
      Trustee as agent and attorney-in-fact for the purpose of acting as Tax Matters
      Person for the Trust REMIC during such time as the Trustee does not own any
      such
      Residual Certificate. In the event that the Code or applicable Treasury
      regulations prohibit the Trustee from signing tax or information returns or
      other statements, or the Trustee from acting as agent for the Tax Matters
      Person, the Trustee shall take whatever action that in their sole good faith
      judgment is necessary for the proper filing of such information returns or
      for
      the provision of a Tax Matters Person, including designation of the Holder
      of a
      Residual Certificate to sign such returns or act as Tax Matters Person. Each
      Holder of a Residual Certificate shall be bound by this Section.

     

    (c) The
      Trustee shall provide upon request and receipt of reasonable compensation such
      information as required in Section 860D(a)(6)(B) of the Code to the Internal
      Revenue Service, to any Person purporting to transfer a Residual Certificate
      to
      a Person other than a transferee permitted by Section 5.05(b), and to any
      regulated investment company, real estate investment trust, common trust fund,
      partnership, trust, estate, organization described in Section 1381 of the Code,
      or nominee holding an interest in a pass-through entity described in Section
      860E(e)(6) of the Code, any record holder of which is not a transferee permitted
      by Section 5.05(b) (or which is deemed by statute to be an entity with a
      disqualified member).

     

    (d) The
      Trustee shall prepare, sign and file or cause to be filed any state income
      tax
      returns required under Applicable State Law with respect to the Trust REMIC
      or
      the Trust Fund.

     

    (e) Notwithstanding
      any other provision of this Agreement, the Trustee shall comply with all federal
      withholding requirements respecting payments to Certificateholders of interest,
      original issue discount or principal on the Certificates that the Trustee
      reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Trustee withholds any amount from payments of interest, original issue discount
      or principal or advances thereof to any Certificateholder pursuant to federal
      withholding requirements, the Trustee shall, together with its monthly report
      to
      such Certificateholders, indicate such amount withheld.

     

    (f) The
      Trustee agrees to indemnify the Trust Fund and the Depositor for any taxes
      and
      costs including, without limitation, any reasonable attorneys fees imposed
      on or
      incurred by such Trust Fund, the Depositor or the Master Servicer, as a result
      of a breach of the Trustee’s covenants set forth in this Section 9.12; provided,
      however, such liability and obligation to indemnify in this paragraph shall
      not
      be joint and several, and the Trustee shall not be liable or be obligated to
      indemnify the Trust Fund for the failure by the other to perform any duty under
      this Agreement or the breach by the other of any covenant in this Agreement.
      In
      the event that any liable party hereto fails to honor its obligations under
      the
      preceding sentences, or taxes imposed on the Trust Fund are not otherwise paid,
      such taxes shall be paid first with amounts otherwise to be distributed to
      the
      Class R Certificates, and second with amounts otherwise to be distributed to
      the
      Holders of the following other Certificates in the following order of priority:
      first,
      to
      the
      Class B-6 Certificates, second, to the Class B-5 Certificates, third, to the
      Class B-4 Certificates, fourth, to the Class B-3 Certificates, fifth, to the
      Class B-2 Certificates, sixth, to the Class B-1 Certificates, and eighth, to
      the
      Class A, Class X and Class PO Certificates (on a pro rata basis based on the
      amounts to be distributed). Notwithstanding anything to the contrary contained
      herein, to the extent that such tax is payable by the Holder of any such
      Certificates, the Trustee is hereby authorized to retain on any Distribution
      Date, from the Holders of the Class R Certificates (and, if necessary, from
      the
      Holders of the other relevant Certificates in the priority specified in the
      preceding sentence), funds otherwise distributable to such Holders in an amount
      sufficient to pay such tax.
      The Trustee
      shall include in its monthly statement amounts allocated to the relevant
      Certificates, taking into account the priorities described in the second
      preceding sentence. The
      Trustee shall promptly notify in writing the party liable for any such tax
      of
      the amount thereof and the due date for the payment thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      X

    Termination

     

    Section
      10.01 Termination
      Upon Repurchase by the Depositor or its Designee or Liquidation of the Mortgage
      Loans.

     

    (a) Subject
      to Section 10.02, the respective obligations and responsibilities of the
      Depositor, the Trustee and the Master Servicer created hereby with respect
      to
      the Trust Fund and the related Certificates, other than the obligation of the
      Trustee to make payments to related Certificateholders as hereinafter set forth
      and the indemnification obligations under Section 7.03 hereof, shall terminate
      upon:

     

    (i) the
      repurchase by or at the direction of the Depositor or its designee of all of
      the
      Mortgage Loans and all related REO Property remaining at a price (in each case,
      the “Termination Purchase Price”) equal to the sum of (a) 100% of the
      Outstanding Principal Balance of each such Mortgage Loan (other than a Mortgage
      Loan related to REO Property) as of the date of repurchase, net of the principal
      portion of any unreimbursed Monthly Advances made by the purchaser, together
      with interest at the applicable Mortgage Interest Rate accrued but unpaid to,
      but not including, the first day of the month of repurchase, (b) the appraised
      value of any related REO Property, less the good faith estimate of the Depositor
      of liquidation expenses to be incurred in connection with its disposal thereof
      (but not more than the Outstanding Principal Balance of the related Mortgage
      Loan, together with interest at the applicable Mortgage Interest Rate accrued
      on
      that balance but unpaid to, but not including, the first day of the month of
      repurchase), such appraisal to be calculated by an appraiser mutually agreed
      upon by the Depositor and the Trustee at the expense of the Depositor, (c)
      unreimbursed out-of pocket costs of the Master Servicer, including unreimbursed
      servicing advances and the principal portion of any unreimbursed Monthly
      Advances, made on the Mortgage Loans prior to the exercise of such repurchase
      right and (d) any unreimbursed costs and expenses of the Trustee payable
      pursuant to Section 9.05 and to the Custodian pursuant to the Custodial
      Agreement; or

     

    (ii) the
      later
      of the making of the final payment or other liquidation, or any advance with
      respect thereto, of the last Mortgage Loan remaining in the Trust Fund or the
      disposition of all property acquired with respect to any Mortgage Loan;
      provided, however, that in the event that an advance has been made, but not
      yet
      recovered, at the time of such termination, the Person having made such advance
      shall be entitled to receive, notwithstanding such termination, any payments
      received subsequent thereto with respect to which such advance was made;
      or

     

    (iii) the
      payment to the Certificateholders of all amounts required to be paid to them
      pursuant to this Agreement.

     

    (b) In
      no
      event, however, shall the portion of the Trust Fund created hereby continue
      beyond the earlier of (i) the “latest possible maturity date” specified in
      Section 5.01(d) or (ii) 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’s, living on the date of this
      Agreement.

     

    (c) The
      right
      of the Depositor or its designee to repurchase all the assets of the Trust
      Fund
      as described in Subsection 10.01(a)(i) above shall be exercisable only if (i)
      the aggregate Scheduled Principal Balance of the Mortgage Loans at the time
      of
      any such repurchase is less than 10% of the Cut-Off Date Balance, and the or
      (ii) the Depositor, based upon an Opinion of Counsel addressed to the Depositor
      and the Trustee, has determined that the REMIC status of the Trust REMIC has
      been lost or that a substantial risk exists that such REMIC status will be
      lost
      for the then-current taxable year. At any time thereafter, in the case of (i)
      or
      (ii) above, the Depositor may elect to terminate the Trust REMIC at any time,
      and upon such election, the Depositor or its designee, shall repurchase all
      the
      assets of the Trust Fund described in Subsection 10.01(a)(i) above.

     

    (d) The
      Trustee shall give notice of any termination to the Certificateholders, with
      a
      copy to the Master Servicer and the Rating Agencies, upon which the
      Certificateholders shall surrender their Certificates to the Trustee for payment
      of the final distribution and cancellation. Such notice shall be given by
      letter, mailed not earlier than the l5th day and not later than the 25th day
      of
      the month next preceding the month of such final distribution, and shall specify
      (i) the Distribution Date upon which final payment of the related Certificates
      will be made upon presentation and surrender of the related Certificates at
      the
      office of the Trustee therein designated, (ii) the amount of any such final
      payment and (iii) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, payments being made only upon presentation and surrender
      of the related Certificates at the office of the Trustee therein
      specified.

     

    (e) If
      the
      option of the Depositor to repurchase or cause the repurchase of all the assets
      in the Trust Fund as described in Subsection 10.01(a)(i) above, is exercised,
      the Depositor and/or its designee shall deliver to the Trustee for deposit
      in
      the Distribution Account, by the Business Day prior to the applicable
      Distribution Date, an amount equal to the related Termination Purchase Price.
      Upon presentation and surrender of the related Certificates by the related
      Certificateholders, the Trustee shall distribute to such Certificateholders
      an
      amount determined as follows: with respect to each related Certificate (other
      than the Interest Only Certificates), the outstanding Current Principal Amount,
      plus with respect to each such Certificate, one month’s interest thereon at the
      applicable Pass-Through Rate; and with respect to the Class R Certificates,
      the
      percentage interest evidenced thereby multiplied by the difference, if any,
      between the above described repurchase price and the aggregate amount to be
      distributed to the Holders of the Certificates (other than the Class R
      Certificates). If the proceeds with respect to the related Mortgage Loans are
      not sufficient to pay all of the related Senior Certificates in full, any such
      deficiency shall be allocated first, to the related Subordinate Certificates,
      in
      inverse order of their numerical designations and then to the related Senior
      Certificates on a pro rata basis. Upon deposit of the related Termination
      Purchase Price and following such final Distribution Date, the Trustee shall
      release promptly to the Depositor and/or its designee the related Mortgage
      Files
      for the remaining Mortgage Loans, and the related portions of the Accounts
      with
      respect thereto shall terminate, subject to the Trustee’s obligation to hold any
      amounts payable to the related Certificateholders in trust without interest
      pending final distributions pursuant to Subsection 10.01(g). Any other amounts
      remaining in the Accounts will belong to the Depositor.

     

    (f) In
      the
      event that this Agreement is terminated by reason of the payment or liquidation
      of all Mortgage Loans or the disposition of all property acquired with respect
      to all Mortgage Loans under Subsection 10.01(a)(ii) above, the Master Servicer
      shall deliver to the Trustee for deposit in the Distribution Account all
      distributable amounts remaining in the Master Servicer Collection Account.
      Upon
      the presentation and surrender of the related Certificates, the Trustee shall
      distribute to the remaining related Certificateholders, pursuant to the written
      direction of the Trustee and in accordance with their respective interests,
      all
      related distributable amounts remaining in the Distribution Account. Upon
      deposit by the Master Servicer of such distributable amounts, and following
      such
      final Distribution Date, the Paying Agent shall release promptly to the
      Depositor or its designee the related Mortgage Files for the remaining Mortgage
      Loans, and the Distribution Account shall terminate, subject to the Paying
      Agent’s obligation to hold any amounts payable to the related Certificateholders
      in trust without interest pending final distributions pursuant to this
      Subsection 10.01(f).

     

    (g) If
      not
      all of the Certificateholders shall surrender their Certificates for
      cancellation within six months after the time specified in the above-mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within six months after the
      second notice, not all the related Certificates shall have been surrendered
      for
      cancellation, the Trustee may take appropriate steps, or appoint any agent
      to
      take appropriate steps, to contact the related remaining Certificateholders
      concerning surrender of their Certificates, and the cost thereof shall be paid
      out of the funds and other assets which remain subject to this
      Agreement.

     

    Section
      10.02 Additional
      Termination Requirements with respect to the Certificates. 

     

    (a) If
      the
      option of the Depositor to repurchase all of the Mortgage Loans and related
      properties under Subsection 10.01(a)(i) above is exercised, the Trust Fund
      and
      the Trust REMIC shall be terminated in accordance with the following additional
      requirements, unless the Trustee has been furnished with an Opinion of Counsel
      addressed to the Trustee to the effect that the failure of the Trust to comply
      with the requirements of this Section 10.02 will not (i) result in the
      imposition of taxes on “prohibited transactions” as defined in Section 860F of
      the Code on the Trust REMIC or (ii) cause the Trust REMIC to fail to qualify
      as
      a REMIC at any time that any Certificates are outstanding:

     

     

    (i) The
      Depositor shall establish a 90-day liquidation period and notify the Trustee
      thereof, and the Trustee shall in turn specify the first day of such period
      in a
      statement attached to the tax return for each of the Trust REMIC pursuant to
      Treasury Regulation Section 1.860F-1. The Depositor shall satisfy all the
      requirements of a qualified liquidation under Section 860F of the Code and
      any
      regulations thereunder, as evidenced by an Opinion of Counsel addressed to
      the
      Trustee obtained at the expense of the Depositor;

     

     

    (ii) During
      such 90-day liquidation period, and at or prior to the time of making the final
      payment on the Certificates, the Trustee shall sell all of the assets of the
      Trust REMIC for
      cash;
      and

     

     

    (iii) At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates all cash on hand (other than cash retained to meet
      claims), and the Trust REMIC shall
      terminate at that time.

     

    (b) By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for the Trust REMIC, which authorization shall be binding upon
      all
      successor Certificateholders.

     

    (c) The
      Trustee as agent for the Trust REMIC hereby agrees to adopt and sign such a
      plan
      of complete liquidation meeting the requirements for a qualified liquidation
      under Section 860F of the Code and any regulations thereunder upon the written
      request of the Depositor and the receipt of the Opinion of Counsel referred
      to
      in clause (a)(i) above and to take such other action in connection therewith
      as
      may be reasonably requested by the Depositor.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    ARTICLE
      XI

    Miscellaneous
      Provisions

     

    Section
      11.01 Intent
      of Parties. 

     

    The
      parties intend that each of REMIC I, REMIC II and REMIC III shall be treated
      as
      a REMIC for federal income tax purposes and that the provisions of this
      Agreement should be construed in furtherance of this intent.

     

    Section
      11.02 Amendment. 

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, but without notice to or the consent of any of the related
      Certificateholders, to cure any ambiguity, to correct or supplement any
      provisions herein or therein that may be defective or inconsistent with any
      other provisions herein or therein (including to give effect to the expectations
      of investors), to conform to the language in the prospectus supplement, to
      comply with any changes in the Code, to revise any provision to reflect the
      obligations of the parties to this Agreement as they relate to Regulation AB
      or
      to make any other provisions with respect to matters or questions arising under
      this Agreement which shall not be inconsistent with the provisions of this
      Agreement; provided, however, that 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 related Certificateholder or cause the Trust REMIC
      to fail to qualify as a REMIC for federal income tax purposes as evidenced
      by an
      Opinion of Counsel addressed to the Trustee but not at the Trustee’s
      expense.

     

    (b) With
      respect to the Certificates, this Agreement may also be amended from time to
      time by the Master Servicer, the Depositor and the Trustee, and the Holders
      of
      Certificates evidencing Fractional Undivided Interests aggregating not less
      than
      51% of the applicable Class or Classes, if such amendment affects only 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 related Certificateholders; provided, however,
      that
      no such amendment shall (i) reduce in any manner the amount of, or delay the
      timing of, payments received on Mortgage Loans which are required to be
      distributed on any Certificate without the consent of the Holder of such
      Certificate, (ii) reduce the aforesaid percentage of Certificates the Holders
      of
      which are required to consent to any such amendment, without the consent of
      the
      Holders of all Certificates then outstanding, or (iii) cause the Trust REMIC
      to
      fail to qualify as a REMIC for federal income tax purposes, as evidenced by
      an
      Opinion of Counsel addressed to the Trustee which shall be provided to the
      Trustee other than at the Trustee’s expense. Notwithstanding any other provision
      of this Agreement, for purposes of giving or withholding of consents pursuant
      to
      this first paragraph of Section 11.02(b), Certificates registered in the name
      of
      or held for the benefit of the Depositor, the Master Servicer, or the Trustee
      or
      any Affiliate thereof shall be entitled to vote their Fractional Undivided
      Interests with respect to matters affecting such Certificates.

     

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish a copy
      of
      such amendment or written notification of the substance of such amendment to
      each related Certificateholder, with a copy to the Rating Agencies.

     

    (d) In
      the
      case of an amendment under Subsection 11.02(b) above, it shall not be necessary
      for the related Certificateholders to approve the particular form of such an
      amendment. Rather, it shall be sufficient if the related Certificateholders
      approve the substance of the amendment. The manner of obtaining such consents
      and of evidencing the authorization of the execution thereof by related
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee may prescribe.

     

    (e) Prior
      to
      the execution of any amendment to this Agreement, the Trustee shall be entitled
      to receive and rely upon an Opinion of Counsel addressed to the Trustee stating
      that the execution of such amendment is authorized or permitted by this
      Agreement. The Trustee may, but shall not be obligated to, enter into any such
      amendment which affects the Trustee’s own rights, duties or immunities under
      this Agreement.

     

    Section
      11.03 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 or all of the Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere.
      The Depositor shall effect such recordation, at the expense of the Trust 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.

     

    Section
      11.04 Limitation
      on Rights of Certificateholders. 

     

    (a) The
      death
      or incapacity of any Certificateholder shall not terminate this Agreement or
      the
      Trust, nor entitle such Certificateholder’s legal representatives or heirs to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of the Trust, nor otherwise affect the rights,
      obligations and liabilities of the parties hereto or any of them.

     

    (b) Except
      as
      expressly provided in this Agreement, no Certificateholders shall have any
      right
      to vote or in any manner otherwise control the operation and management of
      the
      Trust, 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
      establish the Certificateholders from time to time as partners or members of
      an
      association; nor shall any Certificateholders be under any liability to any
      third Person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    (c) No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon,
      under or with respect to this Agreement against the Depositor, the Trustee,
      the
      Master Servicer or any successor to any such parties unless (i) such
      Certificateholder previously shall have given to the Trustee a written notice
      of
      a continuing default, as herein provided, (ii) the Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 51% of
      the
      Trust Fund shall have made written request upon the Trustee to institute such
      action, suit or proceeding in its own name as Trustee hereunder and shall have
      offered to the Trustee such reasonable indemnity as it may require against
      the
      costs and expenses and liabilities to be incurred therein or thereby, and (iii)
      the Trustee, for 60 days after its receipt of such notice, request and offer
      of
      indemnity, shall have neglected or refused to institute any such action, suit
      or
      proceeding.

     

    (d) No
      one or
      more Certificateholders shall have any right by virtue of any provision of
      this
      Agreement to affect the rights of any other Certificateholders or to obtain
      or
      seek to obtain priority or preference over any other such Certificateholder,
      or
      to enforce any right under this Agreement, except in the manner herein provided
      and for the equal, ratable and common benefit of all Certificateholders. For
      the
      protection and enforcement of the provisions of this Section 11.04, each and
      every Certificateholder and the Trustee shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    Section
      11.05 Acts
      of Certificateholders. 

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Certificateholders
      may
      be embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Certificateholders in person or by an agent duly appointed
      in writing. Except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Trustee and, where it is expressly required, to the Depositor. Proof of
      execution of any such instrument or of a writing appointing any such agent
      shall
      be sufficient for any purpose of this Agreement and conclusive in favor of
      the
      Trustee and the Depositor, if made in the manner provided in this Section
      11.05.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by a certificate
      of a
      notary public or other officer authorized by law to take acknowledgments of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Where such execution is by a signer
      acting in a capacity other than his or her individual capacity, such certificate
      or affidavit shall also constitute sufficient proof of his or her authority.
      The
      fact and date of the execution of any such instrument or writing, or the
      authority of the individual executing the same, may also be proved in any other
      manner which the Trustee deems sufficient.

     

    (c) The
      ownership of Certificates (notwithstanding any notation of ownership or other
      writing on such Certificates, except an endorsement in accordance with Section
      5.02 made on a Certificate presented in accordance with Section 5.04) shall
      be
      proved by the Certificate Register, and neither the Trustee, the Depositor,
      the
      Master Servicer nor any successor to any such parties shall be affected by
      any
      notice to the contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action of the holder of any Certificate shall bind every future holder of the
      same Certificate and the holder of every Certificate issued upon the
      registration of transfer or exchange thereof, if applicable, or in lieu thereof
      with respect to anything done, omitted or suffered to be done by the Trustee,
      the Depositor, the Master Servicer or any successor to any such party in
      reliance thereon, whether or not notation of such action is made upon such
      Certificates.

     

    (e) In
      determining whether the Holders of the requisite percentage of Certificates
      evidencing Fractional Undivided Interests have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder, Certificates
      owned by the Trustee, the Depositor, the Master Servicer or any Affiliate
      thereof shall be disregarded, except as otherwise provided in Section 11.02(b)
      and except that, in determining whether the Trustee shall be protected in
      relying upon any such request, demand, authorization, direction, notice, consent
      or waiver, only Certificates which a Responsible Officer of the Trustee actually
      knows to be so owned shall be so disregarded. Certificates which have been
      pledged in good faith to the Trustee, the Depositor, the Master Servicer or
      any
      Affiliate thereof may be regarded as outstanding if the pledgor establishes
      to
      the satisfaction of the Trustee the pledgor’s right to act with respect to such
      Certificates and that the pledgor is not an Affiliate of the Trustee, the
      Depositor, or the Master Servicer, as the case may be.

     

    Section
      11.06 Governing
      Law. 

     

    THIS
      AGREEMENT AND THE CERTIFICATES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS RULES (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, WHICH THE PARTIES HERETO
      EXPRESSLY RELY UPON IN THE CHOICE OF SUCH LAW AS THE GOVERNING LAW HEREUNDER)
      AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      11.07 Notices. 

     

    All
      demands and notices hereunder shall be in writing and shall be deemed given
      when
      delivered at (including delivery by facsimile) or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      to (i) in the case of the Depositor, 383 Madison Avenue, New York, New York
      10179, Attention: Vice President-Servicing, telecopier number: (212) 272-5591,
      or to such other address as may hereafter be furnished to the other parties
      hereto in writing; (ii) in the case of the Trustee, at its Corporate Trust
      Office, or such other address as may hereafter be furnished to the other parties
      hereto in writing; (iii) in the case of the Seller, 2780 Lake Vista Drive,
      Lewisville, Texas 75067, Attention: President or General Counsel, facsimile
      number: (469) 759-4714, or to such other address as may hereafter be furnished
      to the other parties hereto in writing; (iv) in the case of the Master Servicer,
      2780 Lake Vista Drive, Lewisville, Texas 75067, Attention: Michelle Viner,
      facsimile number: (214) 626-4889, telecopier number: (214) 626-3287, or to
      such
      other address as may hereafter be furnished to the other parties hereto in
      writing, and (v) in the case of the Rating Agencies, Fitch, Inc., One State
      Street Plaza, New York, New York 10004, Attention ABS Monitoring Department,
      and
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water
      Street, New York, New York 10041, or such other address as may be hereafter
      furnished to the Depositor, Trustee and Master Servicer in writing by Fitch
      or
      Standard & Poor’s. Any notice delivered to the Depositor, the Master
      Servicer or the Trustee under this Agreement shall be effective only upon
      receipt. Any notice required or permitted to be mailed to a Certificateholder,
      unless otherwise provided herein, shall be given by first-class mail, postage
      prepaid, at the address of such Certificateholder as shown in the Certificate
      Register. Any notice so mailed within the time prescribed in this Agreement
      shall be conclusively presumed to have been duly given when mailed, whether
      or
      not the Certificateholder receives such notice.

     

    Section
      11.08 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 severed from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the holders thereof.

     

    Section
      11.09 Successors
      and Assigns. 

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    Section
      11.10 Article
      and Section Headings. 

     

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      11.11 Counterparts. 

     

    This
      Agreement may be executed in two or more counterparts each of which when so
      executed and delivered shall be an original but all of which together shall
      constitute one and the same instrument.

     

    Section
      11.12 Notice
      to Rating Agencies. 

     

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limited or otherwise affect the meaning hereof. The Trustee shall
      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:

     

    1. Any
      material change or amendment to this Agreement or the Servicing
      Agreements;

     

    2. The
      occurrence of any Event of Default that has not been cured;

     

    3. The
      resignation or termination of the Master Servicer or the Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans;

     

    5. The
      final
      payment to Certificateholders; and

     

    6. Any
      change in the location of the In the event that this Agreement is terminated
      by
      reason of the payment or liquidation of all Mortgage Loans or the disposition
      of
      all property acquired with respect to all Mortgage Loans under Subsection
      10.01(a)(ii) above, the Master Servicer shall deliver to the Trustee for deposit
      in the Distribution Account all distributable amounts remaining in the Master
      Servicer Collection Account or the Distribution Account.

     

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

     

    
      	 	 	 	 	 	 	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC., as Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Baron Silverstein
	 	 	 	 	 	 	 	
              Name:

            	
              Baron
                Silverstein

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Maryellen Hunter
	 	 	 	 	 	 	 	
              Name:

            	Maryellen
              Hunter
	 	 	 	 	 	 	 	
              Title:

            	
              Assistant
                Vice President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION, as Master Servicer and Seller

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Mark Novachek
	 	 	 	 	 	 	 	
              Name:

            	Mark
              Novachek
	 	 	 	 	 	 	 	
              Title:

            	Assistant
              Secretary
	 	 	 	 	 	 	 	 	 

    

    

     

    

    Accepted
      and Agreed as to

    Sections
      2.01, 2.02, 2.03, 2.04 and 9.09(c)

     

    in
      its
      capacity as Seller

     

    EMC
      MORTGAGE CORPORATION

     

    

     

    
      	
              By:

            	/s/
              Dana Dillard
	
              Name:

            	Dana
              Dillard
	
              Title:

            	Senior
              Vice President

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      30th day of April, 2007 before me, a notary public in and for said State,
      personally appeared ___________________, known to me to be a
      _______________________ of Structured Asset Mortgage Investments II Inc., 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 and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

     

    On
      the
      30th day of April, 2007 before me, a notary public in and for said State,
      personally appeared ____________, known to me to be a ____________ of U.S.
      Bank
      National Association, the entity that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said entity, and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written. 

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF DALLAS

            	
              )

            	 

    

    

     

    On
      the
      30th day of April, 2007 before me, a notary public in and for said State,
      personally appeared _______________, known to me to be a __________________
      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 and affixed my official seal the
      day and year in this certificate first above written. 

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF DALLAS

            	
              )

            	 

    

    

     

    On
      the
      30th day of April, 2007 before me, a notary public in and for said State,
      personally appeared ____________, known to me to be ____________ 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 and affixed my official seal the
      day and year in this certificate first above written. 

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A-[_] CERTIFICATE

     

    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
      CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL
      PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING
      THE
      INITIAL ISSUANCE OF THE CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY
      OF THE TRUSTEE NAMED HEREIN.]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER
      NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR
      OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
      THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    

    
      	
              Certificate
                No.1

            	 	
              [Adjustable
                Pass-Through Rate][Pass-Through Rate: [___]%]

            
	 	 	 
	
              Class
                A-[_] Senior

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              April
                1, 2007

            	 	
              Aggregate
                Initial [Current Principal][Notional] Amount of this Senior Certificate
                as
                of the Cut-off Date:

              $[_____________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	
              Initial
                [Current Principal][Notional] Amount of this Senior Certificate as
                of the
                Cut-off Date: $[_____________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [____________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              [_________]

            	 	 

    

     

    PRIME
      MORTGAGE TRUST 2007-2

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-2

    

    
      	
              evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class A-[_] Certificates with respect to a portion of a Trust Fund
                consisting primarily of a pool of fixed rate mortgage loans secured
                by
                first liens on one-to-four family residential properties sold by
                STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Fractional
      Undivided Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a portion of a trust
      (the
“Trust Fund”) primarily consisting of fixed rate mortgage loans secured by first
      liens on one- to four- family residential properties (collectively, the
“Mortgage Loans”) sold by Structured Asset Mortgage Investments II Inc. (“SAMI
      II”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and
      Master Funding LLC to SAMI II. EMC will act as master servicer of the Mortgage
      Loans (the “Master Servicer”, which term includes any successors thereto under
      the Agreement referred to below). The Trust Fund was created pursuant to the
      Pooling and Servicing Agreement dated as of the Cut-off Date specified above
      (the “Agreement”), among EMC Mortgage Corporation, as seller (the “Seller”) and
      master servicer, SAMI II, as depositor (the “Depositor”) 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 during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Current Principal
      Amount hereof at a per annum rate equal to the Pass-Through Rate set forth
      above
      and as further described in the Agreement. The Trustee will distribute on the
      25th day of each month, or, if such 25th day is not a Business Day, the
      immediately following Business Day (each, a “Distribution Date”), commencing on
      the First Distribution Date specified above, to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar month preceding the month of such Distribution Date, an amount
      equal to the product of the Fractional Undivided 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 Current
      Principal Amount of this Class of Certificates will be reduced to
      zero.]

     

    [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 [Current Principal][Notional] Amount hereof
      at a
      per annum rate equal to the Pass-Through Rate set forth above and as further
      described in the Agreement. The Trustee will distribute on the 25th day of
      each
      month, or, if such 25th day is not a Business Day, the immediately following
      Business Day (each, a “Distribution Date”), commencing on the First Distribution
      Date specified above, to the Person in whose name this Certificate is registered
      at the close of business on the Business Day immediately preceding such
      Distribution Date, an amount equal to the product of the Fractional Undivided
      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 [Current Principal][Notional] Amount of this Class of Certificates
      will be reduced to zero. [The Class A-[_] Certificates have no Current Principal
      Amount.]]

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial [Current
      Principal][Notional] Amount of this Certificate is set forth above. [The Current
      Principal Amount 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.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, and with the consent of the Insurer with respect to
      amendments related to the Mortgage Pass-Through Certificates, evidencing
      Fractional Undivided Interests aggregating not less than 51% of the portion
      of
      the Trust Fund related to such Certificates (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided 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 Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and 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 assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. 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 “latest possible maturity date” specified
      in Section 5.01(d) of the Agreement or (ii) the expiration of 21 years after
      the
      death of certain persons identified in the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

    

    

    
      	
              Dated:
                April 30, 2007

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	 	 	
              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class A-[_] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	
              Authorized
                signatory of U.S. Bank National Association, not in its individual
                capacity but solely as Trustee

            
	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through 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

     

    
      	
              The
                assignee should include the following for purposes of
                distribution:

            	 
	 	 
	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                funds

            	 
	
              to
                _________________________________________________________________________________________________________________________

            	
              ,

            
	
              for
                the account of
                _____________________________________________________________________________________________________________

            	
              ,

            
	
              account
                number _______________, or, if mailed by check, to
                ____________________________________________________________________________

            	
              ,

            
	
              Applicable
                statements should be mailed to
                ___________________________________________________________________________________________

            	
              ,

            
	
              ____________________________________________________________________________________________________________________________

            	
              .

            
	 	 
	
                   This
                information is provided by
                ____________________________________________________________________________________________

            	
              ,

            
	
              the
                assignee named above, or
                ____________________________________________________________________________________________________

            	
              ,

            
	
              as
                its agent.

            	 

    

    
 

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-2

    

    FORM
      OF CLASS B-[_] CERTIFICATE

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES,
      [AND
      THE CLASS B-[_] 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
      CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL
      PAYMENTS HEREON AND ANY REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING
      THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY
      OF THE TRUSTEE NAMED HEREIN.

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO. ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.]

     

    [For
      the Class B-1, Class B-2 and Class B-3 Certificates] [EACH BENEFICIAL OWNER
      OF
      THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE DEEMED TO HAVE REPRESENTED,
      BY
      VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN,
      THAT EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), OR INVESTING WITH ASSETS OF
      A PLAN OR (II) IT HAS ACQUIRED AND IS HOLDING SUCH CERTIFICATE IN RELIANCE
      ON
      PROHIBITED TRANSACTION EXEMPTION 90-30, AS AMENDED FROM TIME TO TIME
      (“EXEMPTION”), AND THAT IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE
      AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THE CERTIFICATE MUST BE RATED,
      AT
      THE TIME OF PURCHASE, NOT LOWER THAN “BBB-“ (OR ITS EQUIVALENT) BY STANDARD
& POOR’S, FITCH, INC., DOMINION BOND RATING SERVICE, INC. (KNOWN AS DBRS,
      INC.), DOMINION BOND RATING SERVICE LIMITED (KNOWN AS DBRS LIMITED) OR MOODY’S
      INVESTORS SERVICE, INC., AND THE CERTIFICATE IS SO RATED OR (III) (1) IT IS
      AN
      INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THE
      CERTIFICATE OR INTEREST HEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT”, AS
      SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60,
      AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN
      SATISFIED.]

     

    [THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE
      HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
      MAY
      BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
      144A
      UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
      QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
      PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
      TO
      AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
      (IF
      AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR”
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION
      D
      UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH
      PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
      SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE
      FORM
      PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
      EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER
      IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH
      CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES
      AND
      ANY OTHER APPLICABLE JURISDICTION.]

     

    [For
      the Class B-4, Class B-5 and Class B-6 Certificates] [THIS CERTIFICATE MAY
      NOT
      BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT
      PLAN
      OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES
      OR
      REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE
      SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT
      RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL
      OR
      CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO,
      PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1,
      PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE,
      WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR
      A
      GLOBAL CERTIFICATE OR UNLESS THE OPINION SPECIFIED IN SECTION 5.07 OF THE
      AGREEMENT IS PROVIDED.] 

    

    
      	
              Certificate
                No.1

            	 	
              Variable
                Pass-Through Rate

            
	 	 	 
	
              Class
                B-[_]
                Subordinate

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: April 1,
                2007

            	 	
              Aggregate
                Initial Current Principal Amount of this Subordinate Certificate
                as of the
                Cut-off Date: $[_________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	
              Initial
                Current Principal Amount of this Subordinate Certificate as of the
                Cut-off
                Date: $[_________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [____________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              [____________]

            	 	
               

            

    

     

    PRIME
      MORTGAGE TRUST 2007-2

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-2

    

    
      	
              evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class B-[_] Certificates with respect to a portion of a Trust Fund
                consisting primarily of a pool of fixed rate mortgage loans secured
                by
                first liens on one-to-four family residential properties sold by
                STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that [_______] is the registered owner of the Fractional Undivided
      Interest evidenced hereby in the beneficial ownership interest of Certificates
      of the same Class as this Certificate in a portion of a trust (the “Trust Fund”)
      primarily consisting of fixed rate mortgage loans secured by first liens on
      one-
      to four- family residential properties (collectively, the “Mortgage Loans”) sold
      by Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage Loans
      were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to SAMI II.
      EMC will act as master servicer of the Mortgage Loans (the “Master Servicer”,
      which term includes any successors thereto under the Agreement referred to
      below). The Trust Fund was created pursuant to the Pooling and Servicing
      Agreement dated as of the Cut-off Date specified above (the “Agreement”), among
      EMC as seller (the “Seller”) and master servicer, SAMI II, as depositor (the
“Depositor”) 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 during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Current Principal
      Amount hereof at a per annum rate equal to the Pass-Through Rate set forth
      above
      and as further described in the Agreement. The Trustee will distribute on the
      25th day of each month, or, if such 25th day is not a Business Day, the
      immediately following Business Day (each, a “Distribution Date”), commencing on
      the First Distribution Date specified above, to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar month preceding the month of such Distribution Date, an amount
      equal to the product of the Fractional Undivided 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 Current
      Principal Amount of this Class of Certificates will be reduced to
      zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Current
      Principal Amount of this Certificate is set forth above. The Current Principal
      Amount hereof will be reduced to the extent of distributions allocable to
      principal hereon and any Realized Losses allocable hereto.

     

    [No
      transfer of this Class B-[_] 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 5.02 of the
      Agreement. In the event that such transfer is to be made the Trustee shall
      register such transfer if, (i) made to a transferee who has provided the Trustee
      with evidence as to its QIB status; or (ii) (A) the transferor has advised
      the
      Trustee in writing that the Certificate is being transferred to an Institutional
      Accredited Investor and (B) prior to such transfer the transferee furnishes
      to
      the Trustee an Investment Letter; provided that if based upon an Opinion of
      Counsel to the effect that (A) and (B) above are met 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.]

     

    [For
      the
      Class B-1, Class B-2 and Class B-3 Certificates] [Each beneficial owner of
      this
      Certificate or any interest herein shall be deemed to have represented, by
      virtue of its acquisition or holding of this certificate or interest herein,
      that either (i) it is not an employee benefit plan subject to the Employee
      Retirement Income Security Act of 1974, as amended or section 4975 of the
      Internal Revenue Code of 1986, as amended (“Plan”), or investing with assets of
      a Plan or (ii) it has acquired and is holding such certificate in reliance
      on
      Prohibited Transaction Exemption 90-30, as amended from time to time
      (“Exemption”), and that it understands that there are certain conditions to the
      availability of the Exemption, including that the certificate must be rated,
      at
      the time of purchase, not lower than “BBB-“ (or its equivalent) by Standard
& Poor’s, Fitch, Inc., Dominion Bond Rating Service, Inc. (known as DBRS,
      Inc.), Dominion Bond Rating Service Limited (known as DBRS Limited) or Moody’s
      Investors Service, Inc., and the certificate is so rated or (iii) (1) it is
      an
      insurance company, (2) the source of funds used to acquire or hold the
      certificate or interest 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.]

     

    [For
      the
      Class B-4, Class B-5 and Class B-6 Certificates] [This Certificate may not
      be
      acquired directly or indirectly by, or on behalf of, an employee benefit plan
      or
      other retirement arrangement which is subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended, or Section 4975 of the
      Internal Revenue Code of 1986, as amended, unless the transferee certifies
      or
      represents that the proposed transfer and holding of a Certificate and the
      servicing, management and operation of the trust and its assets: (i) will not
      result in any prohibited transaction which is not covered under an individual
      or
      class prohibited transaction exemption, including, but not limited to,
      Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1,
      PTCE 95-60 or PTCE 96-23 and (ii) will not give rise to any additional
      obligations on the part of the Depositor, the Master Servicer or the Trustee,
      which will be deemed represented by an owner of a Book-Entry Certificate or
      a
      Global Certificate or unless the opinion specified in section 5.07 of the
      Agreement is provided.]

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, and with the consent of the Insurer with respect to
      amendments related to the Mortgage Pass-Through Certificates, evidencing
      Fractional Undivided Interests aggregating not less than 51% of the portion
      of
      the Trust Fund related to such Certificates (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided 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 Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and 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 assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. 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 “latest possible maturity date” specified
      in Section 5.01(d) of the Agreement or (ii) the expiration of 21 years after
      the
      death of certain persons identified in the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

    

    

    
      	
              Dated:
                April 30, 2007

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	 	 	
              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class B-[_] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	
              Authorized
                signatory of U.S. Bank National Association, not in its individual
                capacity but solely as Trustee

            
	 
	
              By:

            	 
	
              Authorized
                Signatory

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through 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

    
       

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number _______________, or, if mailed by check, to
                  ____________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                     This
                  information is provided by
                  ____________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  ____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      A-3

     

    FORM
      OF CLASS PO CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
      INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    THE
      CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL
      PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING
      THE
      INITIAL ISSUANCE OF THE CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY
      OF THE TRUSTEE NAMED HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER
      NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR
      OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
      THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

    
 

    
      	
              Certificate
                No.1

            	 	
              Pass-Through
                Rate: 0.000%

            
	 	 	 
	
              Class
                PO Senior

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              April
                1, 2007

            	 	
              Aggregate
                Initial Current Principal Amount of this Senior Certificate as of
                the
                Cut-off Date:

              $[_____________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	
              Initial
                Current Principal Amount of this Senior Certificate as of the Cut-off
                Date: $[_____________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [____________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              [____________]

            	 	 

    

     

    PRIME
      MORTGAGE TRUST 2007-2

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-2

    

    
      	
              evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class PO Certificates with respect to a portion of a Trust Fund consisting
                primarily of a pool of fixed rate mortgage loans secured by first
                liens on
                one-to-four family residential properties sold by STRUCTURED ASSET
                MORTGAGE INVESTMENTS II INC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Fractional
      Undivided Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a portion of a trust
      (the
“Trust Fund”) primarily consisting of fixed rate mortgage loans secured by first
      liens on one- to four- family residential properties (collectively, the
“Mortgage Loans”) sold by Structured Asset Mortgage Investments II Inc. (“SAMI
      II”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and
      Master Funding LLC to SAMI II. EMC will act as master servicer of the Mortgage
      Loans (the “Master Servicer”, which term includes any successors thereto under
      the Agreement referred to below). The Trust Fund was created pursuant to the
      Pooling and Servicing Agreement dated as of the Cut-off Date specified above
      (the “Agreement”), among EMC Mortgage Corporation, as seller (the “Seller”) and
      master servicer, SAMI II, as depositor (the “Depositor”) 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
      Trustee will distribute on the 25th day of each month, or, if such 25th day
      is
      not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last Business Day of the calendar month preceding the month
      of
      such Distribution Date, an amount equal to the product of the Fractional
      Undivided Interest evidenced by this Certificate and the amount of principal
      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 Current
      Principal Amount of this Class of Certificates will be reduced to
      zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Current
      Principal Amount of this Certificate is set forth above. The Current Principal
      Amount 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.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, and with the consent of the Insurer with respect to
      amendments related to the Mortgage Pass-Through Certificates, evidencing
      Fractional Undivided Interests aggregating not less than 51% of the portion
      of
      the Trust Fund related to such Certificates (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided 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 Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and 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 assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. 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 “latest possible maturity date” specified
      in Section 5.01(d) of the Agreement or (ii) the expiration of 21 years after
      the
      death of certain persons identified in the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

    

    
      	
              Dated:
                April 30, 2007

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	 	 	
              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class PO Certificates referred to in the within-mentioned
      Agreement.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	
              Authorized
                signatory of U.S. Bank National Association, not in its individual
                capacity but solely as Trustee

            
	 
	
              By:

            	 
	
              Authorized
                Signatory

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through 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

     

    
       

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number _______________, or, if mailed by check, to
                  ____________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                     This
                  information is provided by
                  ____________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  ____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      

 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    
 

    EXHIBIT
      A-4

    

    FORM
      OF CLASS [R] CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON,
      A
      PUBLICLY TRADED PARTNERSHIP OR A DISQUALIFIED ORGANIZATION (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL
      INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, AND/OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE
      PROPOSED TRANSFEREE PROVIDES THE TRUSTEE WITH AN OPINION OF COUNSEL ADDRESSED
      TO
      THE TRUSTEE, DEPOSITOR AND MASTER SERVICER AND ON WHICH THEY MAY RELY THAT
      IS
      SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF
      SUCH
      PERSON WILL NOT RESULT IN OR CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION,
      IS
      PERMISSIBLE UNDER APPLICABLE LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE
      TRUSTEE.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE TRUSTEE THAT (1)
      SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION
      THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY
      OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH IS A CORPORATION
      IF
      ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR THE FREDDIE MAC, A
      MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL UNIT),
      (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
      INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER THAN
      CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
      EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION
      IS
      SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED
      BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL
      ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING
      HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A
      DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
      ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES PERSON. NOTWITHSTANDING
      THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER
      DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT
      OF A
      DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE
      CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

    
 

    

    
      	
              Certificate
                No.1

            	 	
              Pass-Through
                Rate: _____%

            
	 	 	 
	
              Class
                [R]

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: April 1,
                2007

            	 	
              Aggregate
                Initial Current Principal Amount of this Certificate as of the Cut-off
                Date:

              $___________

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	
              Initial
                Current Principal Amount of this Certificate as of the Cut-off Date:
                $_________

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [_____________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              [____________]

            	 	 

    

     

    PRIME
      MORTGAGE TRUST 2007-2

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-2

    

    
      	
              evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class [R] Certificates with respect to a portion of a Trust Fund
                (as
                defined below) consisting primarily of a pool of fixed rate mortgage
                loans
                secured by first liens on one-to-four family residential properties
                sold
                by STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Fractional Undivided Interest evidenced hereby in the beneficial ownership
      interest of Certificates of the same Class as this Certificate in a portion
      of a
      trust (the “Trust Fund”) primarily consisting of fixed rate mortgage loans
      secured by first liens on one- to four- family residential properties
      (collectively, the “Mortgage Loans”) sold by Structured Asset Mortgage
      Investments II Inc. (“SAMI II”). The Mortgage Loans were sold by EMC Mortgage
      Corporation (“EMC”) and Master Funding LLC to SAMI II. EMC will act as master
      servicer of the Mortgage Loans (the “Master Servicer”, which term includes any
      successors thereto under the Agreement referred to below). The Trust Fund was
      created pursuant to the Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement’), among SAMI II, as depositor (the
“Depositor”), EMC, as seller and master servicer 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 during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Current Principal
      Amount hereof at a per annum rate equal to the Pass-Through Rate set forth
      above
      and as further described in the Agreement. The Trustee will distribute on the
      25th day of each month, or, if such 25th day is not a Business Day, the
      immediately following Business Day (each, a “Distribution Date”), commencing on
      the First Distribution Date specified above, to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar month preceding the month of such Distribution Date, an amount
      equal to the product of the Fractional Undivided 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 Current
      Principal Amount of this Class of Certificates will be reduced to
      zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Current
      Principal Amount of this Certificate is set forth above. The Current Principal
      Amount hereof will be reduced to the extent of distributions allocable to
      principal hereon and any Realized Losses allocable hereto.

     

    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 SAMI
      II
      and the Trustee of, among other things, an affidavit to the effect that it
      is a
      United States Person and Permitted Transferee, (iii) any attempted or purported
      transfer of any Ownership Interest in this Certificate in violation of such
      restrictions will be absolutely null and void and will vest no rights in the
      purported transferee, and (iv) if any person other than a United States Person
      and a Permitted Transferee acquires any Ownership Interest in this Certificate
      in violation of such restrictions, then the Depositor will have the right,
      in
      its sole discretion and without notice to the Holder of this Certificate, to
      sell this Certificate to a purchaser selected by the Depositor, which purchaser
      may be the Depositor, or any affiliate of the Depositor, on such terms and
      conditions as the Depositor may choose.

     

    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, and/or
      section 4975 of the Internal Revenue Code of 1986, as amended, unless the
      proposed transferee provides the Trustee with an opinion of counsel addressed
      to
      the Trustee and Master Servicer and on which they may rely (which shall not
      be
      at the expense of the Trustee or Master Servicer) which is acceptable to the
      Trustee, that the purchase of this Certificate will not result in or constitute
      a nonexempt prohibited transaction, is permissible under applicable law and
      will
      not give rise to any additional fiduciary obligations on the part of the
      Depositor, the Master Servicer or the Trustee.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, and with the consent of the Insurer with respect to
      amendments related to the Mortgage Pass-Through Certificates, evidencing
      Fractional Undivided Interests aggregating not less than 51% of the portion
      of
      the Trust Fund related to such Certificates (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided 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 Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and 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 assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. 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 “latest possible maturity date” specified
      in Section 5.01(d) of the Agreement or (ii) the expiration of 21 years after
      the
      death of certain persons identified in the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

    

    
      	
              Dated:
                April 30, 2007

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	 	 	
              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class [R] Certificates referred to in the within-mentioned
      Agreement.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	
              Authorized
                signatory of U.S. Bank National Association, not in its individual
                capacity but solely as Trustee

            
	 
	
              By:

            	 
	
              Authorized
                Signatory

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through 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

     

    
       

      
        	
                The
                  Assignee should include the following for purposes of
                  distribution:

              	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                     This
                  information is provided by
                  ____________________________________________________________________________________________

              	
                ,

              
	
                the
                  Assignee named above, or
                  ____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.   The Assignee’s taxpayer identification number is
                  ___________________________________________________________________________

              	. 

      

      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      A-5

     

    FORM
      OF CLASS
      X CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
      INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No.1

            	 	
              Variable
                Pass-Through Rate

            
	 	 	 
	
              Class
                X Senior

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              April
                1, 2007

            	 	
              Aggregate
                Initial Notional Amount of this Senior Certificate as of the Cut-off
                Date:  $[________]

            
	 	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 	
              Initial
                Notional Amount of this Senior Certificate as of the Cut-off
                Date:

              $[________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              [________]

            	 	 

    

     

    PRIME
      MORTGAGE TRUST 2007-2

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-2

    

    
      	
              evidencing
                a fractional undivided interest in the distributions allocable to
                the
                Class X Certificates with respect to a portion of a Trust Fund consisting
                primarily of a pool of fixed rate mortgage loans secured by first
                liens on
                one-to-four family residential properties sold by STRUCTURED ASSET
                MORTGAGE INVESTMENTS II INC.

               

            

    

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of the Structured
      Asset Mortgage Investments II Inc., the Master Servicer or any of their
      affiliates will have any obligation with respect to any certificate or other
      obligation secured by or payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Fractional
      Undivided Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a portion of a trust
      (the
“Trust Fund”) primarily consisting of fixed rate mortgage loans secured by first
      liens on one- to four- family residential properties (collectively, the
“Mortgage Loans”) sold by Structured Asset Mortgage Investments II Inc. (“SAMI
      II”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and
      Master Funding LLC to SAMI II. EMC will act as master servicer of the Mortgage
      Loans (the “Master Servicer”, which term includes any successors thereto under
      the Agreement referred to below). The Trust Fund was created pursuant to the
      Pooling and Servicing Agreement dated as of the Cut-off Date specified above
      (the “Agreement”), among SAMI II, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as seller and master servicer, 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 during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount hereof
      at a per annum rate equal to the Pass-Through Rate set forth above and as
      further described in the Agreement. The Trustee will distribute on the 25th
      day
      of each month, or, if such 25th day is not a Business Day, the immediately
      following Business Day (each, a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered at the close of business on the last Business Day of the calendar
      month preceding the month of such Distribution Date, an amount equal to the
      product of the Fractional Undivided 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 Notional Amount of this Class of Certificates
      will be reduced to zero.

     

    Distributions
      on this Certificate will be made by the Paying Agent by check mailed to the
      address of the Person entitled thereto as such name and address shall appear
      on
      the Certificate Register or, if such Person so requests by notifying the Trustee
      in writing as specified in the Agreement by wire transfer. Notwithstanding
      the
      above, the final distribution on this Certificate will be made after due notice
      by the Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Trustee for that purpose and designated in such notice. The Initial
      Notional Amount of this Certificate is set forth above. The Notional Amount
      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.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, evidencing Fractional Undivided Interests aggregating
      not less than 51% of the portion of the Trust Fund related to such Certificates
      (or in certain cases, Holders of Certificates of affected Classes evidencing
      such percentage of the Fractional Undivided Interests thereof). 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 certificate registrar
      upon surrender of this Certificate for registration of transfer at the offices
      or agencies maintained by the Trustee for such purposes, duly endorsed by,
      or
      accompanied by a written instrument of transfer in form satisfactory to the
      Trustee duly executed by the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates in authorized
      denominations representing a like aggregate Fractional Undivided 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 Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and 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 assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. 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 “latest possible maturity date” specified
      in Section 5.01(d) of the Agreement or (ii) the expiration of 21 years after
      the
      death of certain persons identified in the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

     

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

    

    
      	
              Dated:
                April 30, 2007

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	 	 	
              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class X Certificates referred to in the within-mentioned
      Agreement.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	
              Authorized
                signatory of U.S. Bank National Association, not in its individual
                capacity but solely as Trustee

            
	 
	
              By:

            	 
	
              Authorized
                Signatory

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through 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

     

     

    
       

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              	 
	 	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds

              	 
	
                to
                  _________________________________________________________________________________________________________________________

              	
                ,

              
	
                for
                  the account of
                  _____________________________________________________________________________________________________________

              	
                ,

              
	
                account
                  number _______________, or, if mailed by check, to
                  ____________________________________________________________________________

              	
                ,

              
	
                Applicable
                  statements should be mailed to
                  ___________________________________________________________________________________________

              	
                ,

              
	
                ____________________________________________________________________________________________________________________________

              	
                .

              
	 	 
	
                     This
                  information is provided by
                  ____________________________________________________________________________________________

              	
                ,

              
	
                the
                  assignee named above, or
                  ____________________________________________________________________________________________________

              	
                ,

              
	
                as
                  its agent.

              	 

      

      
 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

             MATURITY_DATE                  FIRST_PAY_DATE                    ORIGINAL_BALANCE
               20210601                       20060701                             215000
               20210901                       20061001                            1000000
               20360901                       20061001                             127000
               20361101                       20061201                             641000
               20370101                       20070201                             489600
               20370101                       20070201                             450000
               20370101                       20070201                             757715
               20210301                       20070101                             200000
               20361201                       20070101                             438600
               20370101                       20070201                             568000
               20361201                       20070101                             491200
               20360701                       20060801                            1500000
               20211201                       20070101                             880000
               20360801                       20060901                             621000
               20260801                       20060901                             450000
               20361201                       20070101                             644000
               20361201                       20070101                             459200
               20361201                       20070101                             671200
               20360801                       20060901                            1905000
               20361201                       20070101                             550200
               20370101                       20070201                             352500
               20360901                       20061001                             193520
               20360901                       20061001                             494560
               20360801                       20060901                             117008
               20361001                       20061101                             500000
               20360901                       20061001                             215000
               20361201                       20070101                             100000
               20361001                       20061101                             700000
               20211201                       20070101                             350000
               20361001                       20061101                             950000
               20370101                       20070201                             182800
               20211001                       20061101                             608000
               20361001                       20061101                             108000
               20361201                       20070101                             442320
               20360901                       20061001                             565000
               20370101                       20070201                             289600
               20361101                       20061201                            1000000
               20361001                       20061101                            1000000
               20370101                       20070201                             500000
               20361201                       20070101                             320000
               20361201                       20070101                             650000
               20361201                       20070101                             495200
               20361101                       20061201                             427500
               20370101                       20070201                             432000
               20361201                       20070101                             810000
               20361201                       20070101                             500000
               20361201                       20070101                             472000
               20361201                       20070101                             520000
               20370101                       20070201                             800000
               20361201                       20070101                             338000
               20361201                       20070101                             219000
               20361201                       20070101                             775000
               20370101                       20070201                             532000
               20361201                       20070101                             464000
               20370101                       20070201                             537300
               20361201                       20070101                             500000
               20361201                       20070101                             688500
               20361201                       20070101                             550000
               20370101                       20070201                             527000
               20361201                       20070101                             650000
               20361201                       20070101                             108300
               20370101                       20070201                             340000
               20361201                       20070101                             676750
               20361201                       20070101                             665000
               20370101                       20070201                             784000
               20361201                       20070101                             978734
               20361201                       20070101                             105300
               20370101                       20070201                             552000
               20211101                       20061201                             760000
               20370101                       20070201                             496000
               20361201                       20070101                             324300
               20361201                       20070101                             625000
               20370101                       20070201                             625000
               20361201                       20070101                             456000
               20361201                       20070101                             100000
               20361201                       20070101                             322000
               20361201                       20070101                             308000
               20361201                       20070101                             516000
               20211201                       20070101                             672000
               20361201                       20070101                             356000
               20361201                       20070101                              93520
               20370101                       20070201                             486160
               20361201                       20070101                             265000
               20370101                       20070201                             483983
               20220101                       20070201                             208000
               20370101                       20070201                             573000
               20370101                       20070201                            1350000
               20361201                       20070101                             248152
               20361201                       20070101                             508000
               20370101                       20070201                             567200
               20211201                       20070101                            1425000
               20220101                       20070201                            1920000
               20370101                       20070201                             181800
               20211201                       20070101                             600000
               20370101                       20070201                             632000
               20361201                       20070101                             787276
               20361201                       20070101                             524000
               20361201                       20070101                             693000
               20361101                       20061201                             999950
               20370101                       20070201                             452000
               20370101                       20070201                             999000
               20370101                       20070201                            1000000
               20361201                       20070101                             464000
               20370101                       20070201                             428000
               20370101                       20070201                             530000
               20361201                       20070101                             272000
               20361201                       20070101                             460000
               20361201                       20070101                             216000
               20211201                       20070101                             800000
               20361201                       20070101                             550000
               20361201                       20070101                             444000
               20361201                       20070101                             576000
               20361201                       20070101                             596250
               20370101                       20070201                             233250
               20361201                       20070101                             605000
               20361201                       20070101                             198400
               20361201                       20070101                             492500
               20370101                       20070201                             492000
               20361201                       20070101                             351200
               20361201                       20070101                             309000
               20361201                       20070101                              79000
               20361201                       20070101                             392000
               20361201                       20070101                              92000
               20361201                       20070101                             575000
               20370101                       20070201                             200000
               20361201                       20070101                             492000
               20361201                       20070101                             187200
               20370101                       20070201                             300000
               20361201                       20070101                             108000
               20211201                       20070101                             615000
               20361201                       20070101                             179000
               20370101                       20070201                             650000
               20370101                       20070201                             612800
               20370101                       20070201                             577500
               20370101                       20070201                             355000
               20361201                       20070101                             492000
               20361201                       20070101                             236000
               20361201                       20070101                             513200
               20361201                       20070101                             510200
               20361201                       20070101                             228000
               20361201                       20070101                             200000
               20361201                       20070101                             774750
               20361201                       20070101                             313200
               20361201                       20070101                             600000
               20361201                       20070101                             445000
               20370101                       20070201                             700000
               20361201                       20070101                             225000
               20361201                       20070101                             688000
               20370101                       20070201                             737800
               20361201                       20070101                             472000
               20370101                       20070201                             576500
               20370101                       20070201                             668000
               20361201                       20070101                             736800
               20370101                       20070201                             139000
               20211201                       20070101                             650000
               20361201                       20070101                             129750
               20370101                       20070201                             161600
               20370101                       20070201                             226000
               20361201                       20070101                             242400
               20370101                       20070201                             607000
               20370101                       20070201                             450000
               20361201                       20070101                             474000
               20361201                       20070101                             512000
               20370101                       20070201                             752500
               20370101                       20070201                             266000
               20361201                       20070101                             216000
               20361201                       20070101                             424000
               20370101                       20070201                             510000
               20370101                       20070201                             161000
               20370101                       20070201                             140000
               20361201                       20070101                             440000
               20361201                       20070101                             999000
               20361201                       20070101                             635000
               20361201                       20070101                             379960
               20361201                       20070101                             780000
               20370101                       20070201                             710500
               20370101                       20070201                             180000
               20370101                       20070201                             596250
               20370101                       20070201                             528000
               20361201                       20070101                             380000
               20361201                       20070101                             530000
               20361201                       20070101                             500000
               20370101                       20070201                            1000000
               20220101                       20070201                             256000
               20361201                       20070101                             557700
               20370101                       20070201                             775000
               20370101                       20070201                             220000
               20361201                       20070101                             650000
               20361201                       20070101                             616000
               20370101                       20070201                             796800
               20361201                       20070101                             189000
               20370101                       20070201                             395000
               20370101                       20070201                             248000
               20361201                       20070101                             513750
               20370101                       20070201                             640000
               20220101                       20070201                             136000
               20361201                       20070101                             490000
               20361201                       20070101                             700000
               20361201                       20070101                             264800
               20361201                       20070101                             960000
               20370101                       20070201                             424000
               20370101                       20070201                            1500000
               20370101                       20070201                             202500
               20361201                       20070101                             450000
               20361201                       20070101                             452500
               20361201                       20070101                             352750
               20361201                       20070101                             324000
               20211201                       20070101                             600000
               20370101                       20070201                             872000
               20361201                       20070101                             404000
               20361201                       20070101                             625000
               20361201                       20070101                             608000
               20361201                       20070101                             711700
               20361201                       20070101                             708000
               20361201                       20070101                             432000
               20361201                       20070101                             276400
               20361201                       20070101                             560000
               20361201                       20070101                             810000
               20370101                       20070201                             400000
               20370101                       20070201                             455955
               20370101                       20070201                             136000
               20361201                       20070101                             198400
               20361201                       20070101                             205341
               20361201                       20070101                             512000
               20370101                       20070201                             565000
               20370101                       20070201                             870000
               20361201                       20070101                            1062000
               20370101                       20070201                             350000
               20361201                       20070101                             540000
               20370101                       20070201                             500000
               20370101                       20070201                             204000
               20370101                       20070201                             235000
               20361201                       20070101                             360000
               20361201                       20070101                             440000
               20361201                       20070101                             201600
               20361201                       20070101                             560000
               20370101                       20070201                             480000
               20361201                       20070101                             507200
               20370101                       20070201                             151000
               20370101                       20070201                             479200
               20361201                       20070101                             327000
               20361201                       20070101                             812000
               20361201                       20070101                             432000
               20361201                       20070101                             324000
               20361201                       20070101                             612500
               20370101                       20070201                             140000
               20361201                       20070101                            1000000
               20211201                       20070101                             686000
               20370101                       20070201                             171000
               20370101                       20070201                             528000
               20220101                       20070201                            1000000
               20361201                       20070101                             537700
               20361201                       20070101                             190999
               20361201                       20070101                             435600
               20361201                       20070101                             104800
               20361201                       20070101                             314000
               20361201                       20070101                             172000
               20370101                       20070201                             872000
               20370101                       20070201                             868000
               20361201                       20070101                             536000
               20370101                       20070201                             520000
               20361201                       20070101                             600000
               20361201                       20070101                             670000
               20370101                       20070201                            1991500
               20370101                       20070201                             526000
               20370101                       20070201                             275000
               20211201                       20070101                             740000
               20370101                       20070201                             529400
               20361201                       20070101                             530500
               20361201                       20070101                             192000
               20370101                       20070201                             600000
               20370101                       20070201                             498571
               20361201                       20070101                             840000
               20370101                       20070201                             460400
               20361201                       20070101                             400000
               20370101                       20070201                             168000
               20361201                       20070101                             500000
               20370101                       20070201                             750000
               20361201                       20070101                             460000
               20370101                       20070201                             589000
               20361201                       20070101                             257400
               20370101                       20070201                             368000
               20361201                       20070101                             100000
               20370101                       20070201                             700000
               20370101                       20070201                             392000
               20370101                       20070201                             527000
               20370101                       20070201                             560000
               20370101                       20070201                             725000
               20370101                       20070201                             363750
               20361201                       20070101                             868000
               20370101                       20070201                             493000
               20370101                       20070201                             525000
               20370101                       20070201                             796000
               20370101                       20070201                             750000
               20370101                       20070201                             424000
               20370101                       20070201                             583000
               20361201                       20070101                             700000
               20361201                       20070101                              93600
               20370101                       20070201                             528000
               20370101                       20070201                             480000
               20370101                       20070201                             450000
               20370101                       20070201                             475000
               20370101                       20070201                             500000
               20361201                       20070101                             466000
               20370101                       20070201                             153600
               20370101                       20070201                             190400
               20361201                       20070101                             660000
               20361201                       20070101                             560000
               20370101                       20070201                             709500
               20361201                       20070101                             551200
               20361201                       20070101                             754000
               20370101                       20070201                             352480
               20370101                       20070201                             424000
               20361201                       20070101                             690500
               20370101                       20070201                             152000
               20370101                       20070201                             510000
               20370101                       20070201                             513600
               20361201                       20070101                             123120
               20361201                       20070101                             516800
               20370101                       20070201                             420000
               20370101                       20070201                             600000
               20370101                       20070201                             400000
               20361201                       20070101                             448000
               20370101                       20070201                             328000
               20370101                       20070201                             625000
               20361201                       20070101                             147920
               20361201                       20070101                             362160
               20370101                       20070201                             400000
               20370101                       20070201                             620000
               20370101                       20070201                              98880
               20370101                       20070201                             530000
               20361201                       20070101                             622000
               20370101                       20070201                             483750
               20370101                       20070201                             521200
               20370101                       20070201                             649000
               20361201                       20070101                             126347
               20361201                       20070101                             439920
               20211201                       20070101                             600000
               20211201                       20070101                             528000
               20211201                       20070101                             691600
               20370101                       20070201                             560000
               20370101                       20070201                             632000
               20361201                       20070101                             132400
               20370101                       20070201                             632000
               20370101                       20070201                             704000
               20370101                       20070201                            1000000
               20370101                       20070201                             283000
               20370101                       20070201                             650000
               20361201                       20070101                             504000
               20370101                       20070201                             650000
               20361201                       20070101                             440000
               20361201                       20070101                             432000
               20361201                       20070101                             169000
               20361201                       20070101                             318400
               20370101                       20070201                             826000
               20220101                       20070201                             672000
               20361201                       20070101                             520000
               20361201                       20070101                             581000
               20370101                       20070201                             509600
               20370101                       20070201                             230000
               20370101                       20070201                             880000
               20370101                       20070201                             450000
               20370101                       20070201                             484500
               20220101                       20070201                             550000
               20370101                       20070201                             600000
               20370101                       20070201                             747500
               20361201                       20070101                             228000
               20361201                       20070101                             125175
               20370101                       20070201                             500000
               20370101                       20070201                             163500
               20370101                       20070201                             310802
               20361201                       20070101                             864800
               20370101                       20070201                             245000
               20370101                       20070201                             357875
               20370101                       20070201                             324000
               20361201                       20070101                             440000
               20370101                       20070201                             574000
               20361201                       20070101                             200600
               20361201                       20070101                             525000
               20370101                       20070201                             506400
               20370101                       20070201                             505000
               20361201                       20070101                             596000
               20370101                       20070201                             398000
               20370101                       20070201                            1000000
               20370101                       20070201                             612000
               20370101                       20070201                             530000
               20370101                       20070201                             972750
               20370101                       20070201                             300000
               20370101                       20070201                             456000
               20370101                       20070201                             163100
               20361201                       20070101                             600000
               20370101                       20070201                            1000000
               20370101                       20070201                             540000
               20370101                       20070201                             155250
               20370101                       20070201                             512000
               20361201                       20070101                             178400
               20370101                       20070201                             464000
               20370101                       20070201                             132300
               20370101                       20070201                             796000
               20370101                       20070201                             306000
               20370101                       20070201                             222000
               20370101                       20070201                             598600
               20370101                       20070201                             207000
               20220101                       20070201                             663000
               20370101                       20070201                             192500
               20370101                       20070201                             476000
               20370101                       20070201                             150000
               20370101                       20070201                             347000
               20370101                       20070201                             110400
               20370101                       20070201                              60000
               20370101                       20070201                             119680
               20361201                       20070101                             431200
               20361201                       20070101                              93200
               20370101                       20070201                             159920
               20361201                       20070101                             650000
               20370101                       20070201                             240000
               20370101                       20070201                             480000
               20370101                       20070201                             127969
               20370101                       20070201                             145200
               20370101                       20070201                            1000000
               20370101                       20070201                             540000
               20370101                       20070201                             400000
               20361201                       20070101                             174500
               20361201                       20070101                             444000
               20370101                       20070201                             364000
               20370101                       20070201                             596000
               20220101                       20070201                             712500
               20361201                       20070101                             564000
               20370101                       20070201                             260000
               20220101                       20070201                            1000000
               20370101                       20070201                             430000
               20370101                       20070201                             983000
               20361201                       20070101                             927500
               20370101                       20070201                             310400
               20370101                       20070201                             290000
               20370101                       20070201                             610000
               20370101                       20070201                             440000
               20370101                       20070201                             500000
               20370101                       20070201                             448800
               20370101                       20070201                             460000
               20370101                       20070201                              94760
               20370101                       20070201                             364000
               20370101                       20070201                             422400
               20370101                       20070201                             630185
               20370101                       20070201                             854000
               20211201                       20070101                             539000
               20370101                       20070201                             505600
               20370101                       20070201                             299700
               20370101                       20070201                             256000
               20370101                       20070201                             568000
               20370101                       20070201                             539000
               20370101                       20070201                             602000
               20361201                       20070101                             390000
               20370101                       20070201                             271000
               20361201                       20070101                             550000
               20361201                       20070101                             529900
               20361201                       20070101                             471150
               20361201                       20070101                             270050
               20361201                       20070101                             440000
               20361201                       20070101                             546250
               20361201                       20070101                             611500
               20361201                       20070101                             571600
               20361201                       20070101                             500550
               20361201                       20070101                             660000
               20361201                       20070101                             116750
               20370101                       20070201                             800000
               20370101                       20070201                             335000
               20370101                       20070201                             569000
               20370101                       20070201                             510000
               20370101                       20070201                             450000
               20370101                       20070201                             520000
               20370101                       20070201                             140000
               20220101                       20070201                             500000
               20370101                       20070201                             224000
               20370101                       20070201                             496000
               20370101                       20070201                             436000
               20361201                       20070101                             732000
               20370101                       20070201                             540000
               20370101                       20070201                             228000
               20370101                       20070201                             192000
               20370101                       20070201                             264000
               20370101                       20070201                             180500
               20370101                       20070201                             766882
               20370101                       20070201                             800000
               20370101                       20070201                             346500
               20370101                       20070201                             603768
               20361201                       20070101                             513000
               20370101                       20070201                             470000
               20361201                       20070101                             284000
               20370101                       20070201                             480000
               20370101                       20070201                             328000
               20370101                       20070201                             143000
               20370101                       20070201                             556000
               20370101                       20070201                             575000
               20370101                       20070201                             162190
               20370101                       20070201                             242400
               20370101                       20070201                             652500
               20370101                       20070201                              62000
               20370101                       20070201                             750000
               20370101                       20070201                             700000
               20370101                       20070201                             118000
               20370101                       20070201                             460000
               20370101                       20070201                             349000
               20370101                       20070201                             281675
               20370101                       20070201                             480000
               20370101                       20070201                             194600
               20370101                       20070201                             545000
               20370101                       20070201                             792000
               20370101                       20070201                             579600
               20370101                       20070201                             462716
               20370101                       20070201                             700000
               20370101                       20070201                             304000
               20370101                       20070201                             175600
               20370101                       20070201                             600000
               20370101                       20070201                             624000
               20370101                       20070201                             732000
               20370101                       20070201                             204000
               20370101                       20070201                             470000
               20370101                       20070201                             510500
               20370101                       20070201                             650000
               20361001                       20061101                             480000
               20361101                       20061201                             484500
               20360701                       20060801                             204000
               20361101                       20061201                             710000
               20370101                       20070201                             519000
               20370101                       20070201                             650000
               20361201                       20070101                             999950
               20370101                       20070201                             844000
               20370301                       20070401                             521600
               20370201                       20070301                             486000
               20370201                       20070301                             489000
               20370201                       20070301                             647000
               20370201                       20070301                             409000
               20370301                       20070401                             565000
               20220201                       20070301                              75740
               20220201                       20070301                             800000
               20220201                       20070301                             460000
               20220101                       20070201                             715000
               20220201                       20070301                              72500
               20220201                       20070301                              66000
               20220201                       20070301                             500000
               20220201                       20070301                             750000
               20220201                       20070301                             524000
               20220201                       20070301                             145600
               20220201                       20070301                            1000000
               20220201                       20070301                             490000
               20220201                       20070301                            1500000
               20220201                       20070301                             740000
               20220201                       20070301                             472000
               20220201                       20070301                             475960
               20220201                       20070301                             616000
               20361201                       20070101                             586196
               20370101                       20070201                             457140
               20370101                       20070201                             519200
               20370201                       20070301                             432000
               20370201                       20070301                              82000
               20370101                       20070201                             489618
               20370101                       20070201                             428539
               20361101                       20061201                             500270
               20370301                       20070401                             651600
               20370201                       20070301                             450000
               20370201                       20070301                             256000
               20220201                       20070301                             600609
               20470301                       20070301                             115000
               20370201                       20070301                             640000
               20370201                       20070301                             455920
               20470201                       20070301                             118150
               20370301                       20070401                             456000
               20470401                       20070401                             240000
               20370301                       20070401                             500000
               20370201                       20070301                             468400
               20370101                       20070201                             110000
               20370301                       20070401                             189000
               20370201                       20070301                              80000
               20220201                       20070301                              90000
               20370201                       20070301                             130500
               20370101                       20070201                             180000
               20370201                       20070301                             135000
               20370201                       20070301                             180000
               20370201                       20070301                             528000
               20370101                       20070201                             104000
               20370201                       20070301                             424000
               20370101                       20070201                             592000
               20470201                       20070301                             975000
               20370101                       20070201                             700000
               20370301                       20070401                             258750
               20370201                       20070301                             100000
               20370301                       20070401                             536000
               20370201                       20070301                             560000
               20370101                       20070201                             480000
               20370201                       20070301                             424000
               20370101                       20070201                             556000
               20370101                       20070201                             128800
               20370301                       20070401                             575000
               20370201                       20070301                             485000
               20370101                       20070201                              69500
               20370301                       20070401                             640000
               20370301                       20070401                             700000
               20370301                       20070401                             205000
               20370201                       20070301                             221250
               20370301                       20070401                             285600
               20370201                       20070301                             357600
               20470201                       20070301                             138400
               20370201                       20070301                             425500
               20470201                       20070301                             179800
               20370201                       20070301                             121350
               20370201                       20070301                             536000
               20370201                       20070301                             240000
               20370201                       20070301                             172800
               20370301                       20070401                             182000
               20370201                       20070301                             180000
               20370201                       20070301                             448000
               20370201                       20070301                             750000
               20370301                       20070301                              67000
               20370201                       20070301                             120000
               20370201                       20070301                             585200
               20370201                       20070301                             532000
               20370201                       20070301                             113800
               20370201                       20070301                             716800
               20470301                       20070301                             193600
               20370201                       20070301                             309000
               20470201                       20070301                             550300
               20470201                       20070301                             600000
               20370201                       20070301                             242000
               20470201                       20070301                             161000
               20470301                       20070401                             280000
               20370201                       20070301                             340000
               20470201                       20070301                             264000
               20370301                       20070401                             110000
               20370201                       20070301                             116250
               20370201                       20070301                             228000
               20370201                       20070301                             900000
               20370301                       20070401                             584000
               20370301                       20070401                             436000
               20370201                       20070301                             452000
               20470401                       20070401                             212400
               20470301                       20070401                             600000
               20370301                       20070401                             550000
               20370201                       20070301                             133900
               20370201                       20070301                             224000
               20370301                       20070401                             210400
               20370201                       20070301                             757600
               20370301                       20070401                             130000
               20470201                       20070301                             235200
               20370301                       20070401                             520000
               20370301                       20070401                             215000
               20370201                       20070301                             460000
               20370201                       20070301                             120000
               20370201                       20070301                             440900
               20370301                       20070401                             304000
               20370201                       20070301                             160000
               20370201                       20070301                             575000
               20370301                       20070401                             424000
               20470301                       20070401                             440000
               20370201                       20070301                             496000
               20370201                       20070301                            1592500
               20370201                       20070301                             750000
               20370301                       20070401                            1000000
               20370301                       20070401                             504000
               20361101                       20070301                             108500
               20370201                       20070301                             127000
               20370201                       20070301                              88000
               20370301                       20070401                             203650
               20370201                       20070301                             500000
               20370301                       20070401                             720000
               20370301                       20070401                            1000000
               20370301                       20070401                             388800
               20370301                       20070401                              87200
               20370301                       20070401                             460000
               20370301                       20070401                             544000
               20470301                       20070401                             293000
               20370301                       20070401                             180000
               20370301                       20070401                             501000
               20370201                       20070301                             653000
               20370301                       20070401                             614000
               20370301                       20070401                             699000
               20370301                       20070401                             614000
               20370301                       20070401                             213000
               20370301                       20070401                             438000
               20370301                       20070401                             296000
               20370301                       20070401                             427200
               20370301                       20070401                             246400
               20370301                       20070401                             330000
               20370301                       20070401                             504000
               20370301                       20070401                             248000
               20370301                       20070401                             160000
               20370301                       20070401                             708550
               20370301                       20070401                             999950
               20370301                       20070401                             427700
               20370301                       20070401                             920000
               20370301                       20070401                            1000000
               20370301                       20070401                             185450
               20370301                       20070401                             440000
               20370301                       20070401                             374350
               20370301                       20070401                             156800
               20370301                       20070401                             580000
               20370301                       20070401                             448000
               20370301                       20070401                             564000
               20370301                       20070401                             296700
               20370201                       20070301                             322000

             MATURITY_DATE               PAYMENT                      CURRENT_BALANCE
               20210601                  1097.4                             215000
               20210901                 9199.24                          978227.57
               20360901                   834.3                          126219.06
               20361101                 4051.56                          638071.06
               20370101                 3094.61                          488264.96
               20370101                 2807.41                          448742.99
               20370101                 3946.43                             757715
               20210301                 1769.58                          196779.67
               20361201                 2772.26                          436997.55
               20370101                 3135.83                             568000
               20361201                  3024.4                          489321.12
               20360701                10232.64                         1489011.18
               20211201                  7605.4                          864184.66
               20360801                 3976.34                           614299.7
               20260801                 3388.28                          440733.18
               20361201                  4123.6                          641708.38
               20361201                 2940.31                          457565.96
               20361201                 3705.58                             671200
               20360801                11106.02                         1903888.74
               20361201                 3254.64                          547939.66
               20370101                 1872.66                             352500
               20360901                 1239.13                          192304.86
               20360901                 3207.71                          491528.56
               20360801                  749.22                          116128.08
               20361001                 3242.99                          497380.44
               20360901                 1323.79                           213549.5
               20361201                  531.25                             100000
               20361001                 4482.18                          694740.78
               20211201                  2953.5                          345102.46
               20361001                 5926.76                          944650.08
               20370101                 1047.29                             182800
               20211001                 5380.25                          596071.85
               20361001                  691.54                           107420.3
               20361201                 2374.23                             438320
               20360901                 3617.76                          561452.25
               20370101                 1806.73                          288791.03
               20361101                 5722.91                          998907.33
               20361001                 6737.19                          995130.08
               20370101                 3078.59                           498569.3
               20361201                 1996.38                             318805
               20361201                 4055.15                          647572.65
               20361201                 3170.82                          493437.57
               20361101                 2667.04                          425499.12
               20370101                    2295                          431999.33
               20361201                 5119.75                          807047.12
               20361201                 3119.35                          498132.79
               20361201                 2906.19                          470194.53
               20361201                 3286.75                          518104.34
               20370101                 4990.95                          797765.32
               20361201                 2136.39                           336767.8
               20361201                 1457.01                          218275.65
               20361201                 4197.92                             775000
               20370101                 3406.45                          530584.11
               20361201                 2971.04                           462348.9
               20370101                 3308.24                          535561.05
               20361201                 3119.35                          498132.79
               20361201                 4351.79                          685990.04
               20361201                 2921.88                             550000
               20370101                 3287.79                           525527.9
               20361201                 3656.25                             650000
               20361201                  575.34                             108300
               20370101                 1806.25                             340000
               20361201                 3593.98                           676514.7
               20361201                 4313.18                          662690.39
               20370101                 4827.22                          781756.69
               20361201                 6026.23                          969038.03
               20361201                  682.97                          104934.29
               20370101                    2990                             552000
               20211101                 6413.31                          746802.12
               20370101                 3175.94                          494679.92
               20361201                 1755.68                          324125.09
               20361201                 4001.94                             622776
               20370101                 3950.43                          623295.77
               20361201                 2467.56                             455550
               20361201                  623.87                           99626.56
               20361201                 2196.61                          320986.09
               20361201                 1921.52                          304928.27
               20361201                  2902.5                             516000
               20211201                  5716.2                          662784.94
               20361201                 1928.33                             356000
               20361201                  583.44                           93170.77
               20370101                 3072.86                          484832.04
               20361201                 1518.23                             265000
               20370101                 2620.22                             483733
               20220101                 1755.22                          205753.21
               20370101                 3528.06                          571360.43
               20370101                 8422.24                         1346228.94
               20361201                 1292.46                             248152
               20361201                 3127.84                          504541.19
               20370101                 3585.09                          565653.38
               20211201                12218.28                         1405663.96
               20220101                16725.26                         1900921.25
               20370101                 1021.96                          181681.67
               20211201                 5063.14                          591685.34
               20370101                 3620.83                             632000
               20361201                 4838.47                             787276
               20361201                 3355.23                          522135.38
               20361201                 4380.23                          690473.65
               20361101                 6320.36                          995380.96
               20370101                 2783.04                          450706.67
               20370101                 6814.94                          996647.91
               20370101                  5312.5                            1000000
               20361201                 2894.76                          462267.21
               20370101                 2635.27                          426775.34
               20370101                  3263.3                          528483.48
               20361201                 1741.65                          271032.09
               20361201                  2832.3                          454495.23
               20361201                    1170                             216000
               20211201                 6750.86                          788913.76
               20361201                 3521.71                          548042.87
               20361201                 2806.38                          442234.77
               20361201                 3546.53                          573796.74
               20361201                 3415.66                          596188.02
               20370101                 1287.73                             233250
               20361201                 3774.41                          602740.68
               20361201                 1286.82                          197710.93
               20361201                 3112.94                          490704.55
               20370101                  3191.1                          490671.76
               20361201                 2191.03                          349888.47
               20361201                 1902.57                           307811.5
               20361201                  499.33                           78711.35
               20361201                 2164.17                             392000
               20361201                  536.67                              92000
               20361201                 3634.39                          572903.82
               20370101                 1247.74                          199426.25
               20361201                 3029.33                          490118.04
               20361201                 1198.66                          186533.87
               20370101                 1871.61                          299161.98
               20361201                  682.63                          107399.65
               20211201                 5189.72                          606477.47
               20361201                 1160.99                          178109.44
               20370101                 4270.04                          647933.16
               20370101                  3255.5                             612800
               20370101                 3555.77                          575847.55
               20370101                 2006.51                          350226.53
               20361201                 3029.33                          490118.04
               20361201                 1253.75                             236000
               20361201                  3201.7                           511283.5
               20361201                 3182.98                           508294.7
               20361201                 1403.84                          227055.49
               20361201                 1208.33                             200000
               20361201                 4896.95                           771925.6
               20361201                 1761.75                             313200
               20361201                 3841.87                           597217.6
               20361201                 2364.06                           444999.7
               20370101                 3791.67                             700000
               20361201                 1382.64                          224972.03
               20361201                 3439.21                          687841.35
               20370101                 3765.85                             737800
               20361201                 2491.56                             469000
               20370101                 3298.28                             575700
               20370101                 3607.57                          666013.02
               20361201                 4596.67                          734048.49
               20370101                  913.13                          138647.55
               20211201                 5617.63                          641272.75
               20361201                  809.47                          129265.47
               20370101                     995                          161137.61
               20370101                 1409.95                          225368.69
               20361201                  1592.4                          241578.37
               20370101                 3224.69                             607000
               20370101                  2437.5                             450000
               20361201                 2557.56                          472164.39
               20361201                    2720                             512000
               20370101                 3994.47                             751900
               20370101                 1440.83                             266000
               20361201                    1170                             216000
               20361201                 2208.33                             424000
               20370101                 2709.22                          509970.95
               20370101                  905.63                             161000
               20370101                  896.44                          139627.38
               20361201                 2709.16                          438316.94
               20361201                 6985.15                          996006.48
               20361201                 3373.44                             635000
               20361201                 2058.12                             379960
               20361201                 5520.79                          760532.85
               20370101                 4259.81                          707942.89
               20370101                  974.49                          179904.96
               20370101                 3768.71                          594624.16
               20370101                 3468.58                          526661.62
               20361201                 2097.92                             380000
               20361201                  3263.3                           527972.7
               20361201                 3160.34                          497223.95
               20370101                 5416.67                            1000000
               20220101                 2160.27                          253345.97
               20361201                 3571.01                          555715.47
               20370101                 4898.53                          772886.76
               20370101                 1408.68                          219414.48
               20361201                 4055.15                          647572.65
               20361201                 3336.67                             616000
               20370101                    4482                             796800
               20361201                 1041.22                          188598.89
               20370101                 2464.29                           393896.6
               20370101                    1395                             248000
               20361201                 3205.13                          511831.45
               20370101                 3837.12                          637959.42
               20220101                 1156.85                          134604.86
               20361201                 2603.13                             490000
               20361201                 4367.09                           697385.9
               20361201                 1351.58                             264800
               20361201                    5100                             960000
               20370101                  2517.5                             424000
               20370101                 8593.75                            1500000
               20370101                 1313.41                          201974.01
               20361201                 2807.41                          448319.53
               20361201                 2396.76                           451154.6
               20361201                 1984.22                             352750
               20361201                 2074.61                          322847.05
               20211201                 5063.14                          591685.34
               20370101                 4536.46                             871000
               20361201                 2553.55                          402527.23
               20361201                 3950.43                          622416.96
               20361201                 3842.97                          605783.52
               20361201                 5037.37                          709619.84
               20361201                  3982.5                             708000
               20361201                    2340                             432000
               20361201                 1724.38                           275367.8
               20361201                 3539.58                          557958.49
               20361201                 5053.35                          806953.34
               20370101                 2208.33                             400000
               20370101                 2807.39                          454650.36
               20370101                  870.82                          135638.04
               20361201                 1237.76                          197601.55
               20361201                 1090.87                             205341
               20361201                 3194.21                          510087.99
               20370101                 3060.42                             565000
               20370101                 5715.28                          867794.71
               20361201                  7608.3                         1058972.63
               20370101                 2270.09                          349090.88
               20361201                 2981.25                             540000
               20370101                 2760.42                             500000
               20370101                 1102.23                          203488.99
               20370101                 1603.11                          234446.71
               20361201                  2212.5                             360000
               20361201                 2512.21                          438494.26
               20361201                 1274.25                          200851.76
               20361201                 3493.67                          557817.48
               20370101                 3113.27                          478753.21
               20361201                 3122.92                           505259.9
               20370101                  786.46                             151000
               20370101                 3350.64                           478126.4
               20361201                 2040.05                          325778.86
               20361201                 5132.39                          809039.83
               20361201                 2695.12                          430386.72
               20361201                 2021.34                          322790.04
               20361201                  3821.2                          610212.68
               20370101                     862                          139593.22
               20361201                 5411.22                          998994.58
               20211201                 5742.63                          676393.38
               20370101                  944.06                             171000
               20370101                    2805                             528000
               20220101                 8438.57                          989632.63
               20361201                 3442.95                          535786.63
               20361201                 1191.59                          190285.71
               20361201                 2753.29                             434012
               20361201                  671.05                          104416.94
               20361201                 1857.43                          310852.58
               20361201                  913.75                             172000
               20370101                  4632.5                             872000
               20370101                 4611.25                             868000
               20361201                 3432.07                          534092.67
               20370101                  2762.5                             520000
               20361201                 3792.41                          597812.67
               20361201                 4234.86                          667557.48
               20370101                10994.74                         1991499.95
               20370101                 3368.04                          524533.98
               20370101                 1489.58                             275000
               20211201                 6194.68                          729606.72
               20370101                 2867.58                             529400
               20361201                 3309.63                          528518.89
               20361201                    1040                          191999.99
               20370101                 3792.41                          598363.94
               20370101                 3275.26                           497307.2
               20361201                    4375                             840000
               20370101                 2445.88                             460400
               20361201                 2495.48                          398506.22
               20370101                  1048.1                          167329.12
               20361201                 3078.58                          498087.48
               20370101                 4617.88                          747853.97
               20361201                 2907.51                          458323.06
               20370101                 3674.59                           587354.7
               20361201                 1648.16                          256484.06
               20370101                    1955                             368000
               20361201                   648.6                           99652.69
               20370101                 4424.48                          698058.45
               20370101                 2510.02                          390594.38
               20370101                 3287.79                           525527.9
               20370101                 3033.17                          559969.84
               20370101                 4523.06                          722974.79
               20370101                 2299.15                          362758.13
               20361201                 5344.43                          860519.39
               20370101                 2667.35                          492434.16
               20370101                 3275.32                          523533.46
               20370101                 4901.11                          793722.35
               20370101                 4617.88                          747853.97
               20370101                 2164.17                             424000
               20370101                 3637.16                          581371.47
               20361201                 3718.75                             700000
               20361201                  591.62                           93101.49
               20370101                 3250.99                          526489.19
               20370101                 2955.44                          478626.55
               20370101                 2844.31                          448772.95
               20370101                 2473.96                             475000
               20370101                 3119.35                          498603.31
               20361201                 2945.44                           464031.6
               20370101                  958.26                          153170.94
               20370101                 1234.93                          189905.44
               20361201                 4335.73                          657762.95
               20361201                 3028.26                          559064.14
               20370101                 4426.36                          707518.09
               20361201                 3393.83                          547576.14
               20361201                 4642.51                          751115.86
               20370101                 1835.69                          352451.59
               20370101                 2429.17                             424000
               20361201                 3668.28                             690500
               20370101                  770.83                             148000
               20370101                 3181.74                          508575.37
               20370101                 3162.32                          512130.41
               20361201                   666.9                             123120
               20361201                 3309.13                          514960.99
               20370101                 2654.69                          418854.75
               20370101                 3841.87                          597900.35
               20370101                    2250                             400000
               20361201                 2831.66                          446366.82
               20370101                 1810.83                             328000
               20370101                 3950.43                          623295.77
               20361201                  947.15                          147393.63
               20361201                 2171.33                          360678.22
               20370101                 2430.44                          398827.72
               20370101                 3767.19                          618182.94
               20370101                  624.99                           98610.38
               20370101                 2815.39                          529956.18
               20361201                 3829.76                           619528.2
               20370101                 2978.53                          482365.82
               20370101                 3209.12                          519708.65
               20370101                 4048.92                          647187.08
               20361201                  788.24                          125577.04
               20361201                    2673                          438196.56
               20211201                 4982.46                          589813.47
               20211201                 4455.56                          520683.11
               20211201                 5743.12                          681813.13
               20370101                 3448.02                          558397.63
               20370101                 3942.86                          630234.57
               20361201                  836.86                          131917.33
               20370101                 3942.86                          615154.75
               20370101                 4334.65                           701985.6
               20370101                 6076.11                          996051.42
               20370101                 1444.48                             283000
               20370101                 4055.15                          648184.32
               20361201                 3185.62                          502162.66
               20370101                 3385.42                             650000
               20361201                 2745.03                          438246.02
               20361201                 2837.93                          430535.76
               20361201                  880.21                             169000
               20361201                 2065.14                          316789.65
               20370101                 5220.88                          823747.71
               20220101                 5580.36                          664884.94
               20361201                    2925                             520000
               20361201                 3483.39                          578669.03
               20370101                 3137.69                          508128.74
               20370101                 1197.91                           229999.6
               20370101                 4583.33                             880000
               20370101                 2390.63                             450000
               20370101                 3142.46                          483046.93
               20220101                 4641.21                          544297.95
               20370101                  3694.3                          598283.18
               20370101                 4602.49                          745361.11
               20361201                 1211.25                             228000
               20361201                  780.93                          124707.54
               20370101                 2708.33                             500000
               20370101                 1074.08                          163085.55
               20370101                 1618.76                             310802
               20361201                 5395.23                          861565.46
               20370101                 1508.51                           244223.3
               20370101                 2174.49                          356826.15
               20370101                 1994.92                          323072.93
               20361201                 2291.67                             440000
               20370101                 2989.58                             574000
               20361201                 1251.48                          199850.89
               20361201                 2898.44                          524999.67
               20370101                 2690.25                             506400
               20370101                 3068.43                          503357.72
               20361201                 3816.25                          593879.13
               20370101                 2851.32                          397151.84
               20370101                 5208.33                            1000000
               20370101                  3378.7                          611990.05
               20370101                 3220.33                          528446.74
               20370101                 5989.39                          969966.61
               20370101                 2072.03                          299310.95
               20370101                 2807.67                          454544.48
               20370101                 1044.35                           162665.9
               20361201                 3841.87                          597864.92
               20370101                 6076.11                          997069.27
               20370101                    2925                             540000
               20370101                  792.42                             155250
               20370101                 3152.47                          510533.92
               20361201                 1098.44                           177717.6
               20370101                 2856.93                          462672.32
               20370101                  688.02                          132099.48
               20370101                 4394.58                             796000
               20370101                 1884.09                           304871.6
               20370101                 1458.38                          221437.28
               20370101                 4288.44                          597324.35
               20370101                 1308.38                          206435.57
               20220101                  5550.1                          656053.62
               20370101                 1042.71                             192500
               20370101                 3287.61                          474906.73
               20370101                   812.5                             150000
               20370101                 2108.41                          345983.03
               20370101                  679.75                          110055.17
               20370101                   312.5                              60000
               20370101                  776.24                          119369.14
               20361201                 2650.08                             431200
               20361201                  581.45                           92851.95
               20370101                  997.69                           159473.3
               20361201                 4002.16                          646304.28
               20370101                    1300                             240000
               20370101                 2994.58                          478659.16
               20370101                  950.17                          127716.16
               20370101                   786.5                             145200
               20370101                 7164.12                          997868.93
               20370101                 3324.87                          538454.87
               20370101                 2083.33                             400000
               20361201                 1117.34                          173879.07
               20361201                 2769.98                          442240.71
               20370101                 2237.08                             364000
               20370101                 3718.26                          594335.16
               20220101                 5964.47                          705035.01
               20361201                 3611.35                          561993.05
               20370101                 1407.29                             259808
               20220101                 8237.31                          989300.57
               20370101                 2717.89                           428827.5
               20370101                 5426.58                          982926.98
               20361201                 5412.64                          923598.59
               20370101                 1616.67                             310400
               20370101                 1506.77                             289300
               20370101                 3755.87                          608254.58
               20370101                 2429.17                             440000
               20370101                 3078.59                          498569.31
               20370101                 2763.34                          447515.81
               20370101                 2395.83                             460000
               20370101                  606.75                           94507.82
               20370101                 2300.73                          363007.45
               20370101                    2200                             422400
               20370101                 3880.16                          628381.22
               20370101                 4447.92                             854000
               20211201                 4621.51                          530923.32
               20370101                 3154.29                          504187.65
               20370101                 1968.82                          298744.22
               20370101                    1360                             256000
               20370101                 3254.17                             568000
               20370101                 2919.41                          538968.19
               20370101                 3323.54                             602000
               20361201                 2433.09                           388543.6
               20370101                 1439.69                             271000
               20361201                 3079.84                          547518.19
               20361201                 3177.02                          527773.99
               20361201                 2900.95                           469347.8
               20361201                 1321.57                          269937.66
               20361201                 2709.16                          438316.94
               20361201                  2900.9                          546051.42
               20361201                  3865.1                          609270.74
               20361201                 3096.14                          571594.49
               20361201                 3205.08                          498385.97
               20361201                  3150.4                          657475.44
               20361201                  656.72                             116750
               20370101                  5525.4                          798162.56
               20370101                 2089.96                          334054.09
               20370101                 3929.94                          567693.12
               20370101                 3350.34                          508707.23
               20370101                 3069.79                          448940.51
               20370101                 3244.12                          518547.45
               20370101                  743.75                             140000
               20220101                 4185.59                          494761.42
               20370101                 1397.47                          222871.62
               20370101                 2734.92                             495382
               20370101                 2302.33                          433380.31
               20361201                 4388.71                          729063.22
               20370101                    2925                             540000
               20370101                  1497.8                          227422.05
               20370101                     980                             192000
               20370101                  1457.5                             264000
               20370101                 1126.09                          179995.79
               20370101                 4721.82                          764687.69
               20370101                 4925.74                           797710.9
               20370101                 1804.69                             346500
               20370101                 3144.62                             603768
               20361201                 3075.69                          510638.86
               20370101                  2544.9                          469826.84
               20361201                 1771.79                          282939.43
               20370101                 2994.58                          478659.16
               20370101                  1742.5                             328000
               20370101                  915.64                          142619.42
               20370101                 3423.39                          554409.07
               20370101                 3540.37                          573354.72
               20370101                  844.74                             162190
               20370101                 1338.25                             242400
               20370101                 3964.66                           650587.7
               20370101                  412.49                           61846.64
               20370101                 5180.06                           748277.4
               20370101                 3645.83                             700000
               20370101                  688.62                          117628.62
               20370101                  2869.8                          458715.05
               20370101                 1889.11                          348758.82
               20370101                 1780.38                          280906.93
               20370101                 2549.39                          479884.33
               20370101                 1013.54                             194600
               20370101                 3355.66                          543440.55
               20370101                 4876.48                           789733.8
               20370101                 3075.94                          578999.81
               20370101                 2811.51                          461359.91
               20370101                 3712.56                          698834.41
               20370101                 1946.54                          303189.51
               20370101                 1006.04                             175600
               20370101                 3743.22                          598323.97
               20370101                 3842.07                          622214.53
               20370101                  4117.5                             732000
               20370101                 1306.23                          203457.08
               20370101                 2932.19                           468677.2
               20370101                 2979.14                          508736.97
               20370101                 3897.08                          647852.23
               20361001                 2994.58                          477295.98
               20361101                 2674.79                           484489.5
               20360701                 1306.23                          202343.96
               20361101                 4063.12                             709200
               20370101                 2703.12                             519000
               20370101                 3453.13                             650000
               20361201                 5312.23                             999950
               20370101                 5128.23                          841526.48
               20370301                  3169.3                          521093.03
               20370201                 3192.67                          485181.08
               20370201                 2928.66                           488022.1
               20370201                 4036.44                          645791.18
               20370201                    2045                             409000
               20370301                  3478.8                          564463.91
               20220201                  644.27                           75223.32
               20220201                 6859.39                          794600.53
               20220201                 3881.75                          456828.59
               20220101                  5985.4                          704486.74
               20220201                   611.8                           71752.66
               20220201                  588.63                           65364.57
               20220201                  4185.6                          495423.62
               20220201                 6228.08                          744718.72
               20220201                 4386.51                          520321.85
               20220201                 1258.35                          144627.72
               20220201                 8371.19                          993032.27
               20220201                 4302.17                          486797.26
               20220201                12556.78                         1489504.99
               20220201                 6294.63                          734952.02
               20220201                 3888.02                          468641.11
               20220201                 4080.99                          472747.59
               20220201                 5239.85                          611797.94
               20361201                 3514.55                          583844.15
               20370101                 2965.01                          455317.08
               20370101                 3367.52                          517851.39
               20370201                 2730.53                          431207.92
               20370201                   518.3                           81422.72
               20370101                 3135.08                          488314.88
               20370101                 2743.99                          427398.44
               20361101                 3121.04                          497928.48
               20370301                 3461.63                             651600
               20370201                    2250                             450000
               20370201                    1360                             256000
               20220201                 5149.76                          596555.29
               20470301                  683.54                          114902.45
               20370201                 3866.67                             640000
               20370201                 2564.55                             455920
               20470201                  777.51                          118071.61
               20370301                 3587.35                          455737.65
               20470401                 1469.69                          239905.31
               20370301                 3160.34                          499547.99
               20370201                 2960.61                          467550.82
               20370101                  695.27                          109700.06
               20370301                 1194.61                          188829.14
               20370201                   499.1                           79851.41
               20220201                  796.42                           89418.03
               20370201                  835.61                          130160.65
               20370101                 1137.72                          179509.19
               20370201                  864.42                          134761.12
               20370201                 1243.22                          179725.22
               20370201                  3424.6                          527088.24
               20370101                  674.54                          103729.87
               20370201                 2785.38                          423285.54
               20370101                 4038.48                          590606.18
               20470201                 5882.73                          974201.05
               20370101             4419.653842                          695552.08
               20370301                 1536.33                             258750
               20370201                  656.93                            99831.5
               20370301                 3476.49                          535538.51
               20370201                 3632.15                          559032.99
               20370101                    2600                             480000
               20370201                 2561.67                             424000
               20370101                 3359.17                             556000
               20370101                  867.75                          128489.16
               20370301                 3825.49                          574528.68
               20370201                  3145.7                           484161.5
               20370101                  462.39                           69328.08
               20370301                 4204.34                          639462.33
               20370301                 4229.17                             700000
               20370301                 1415.88                          204844.02
               20370201                 1453.46                          220877.17
               20370301                  1852.4                           285354.1
               20370201                 2319.39                          356982.49
               20470201                  860.06                          138294.24
               20370201                 2724.52                          424747.11
               20470201                  1133.7                          179667.33
               20370201                  858.91                          121173.78
               20370201                 3656.46                          535161.22
               20370201                 1616.92                          239615.02
               20370201                 1149.64                          172515.89
               20370301                  928.96                             182000
               20370201                 1167.48                          179689.17
               20370201                 2794.94                          447167.92
               20370201                 4294.01                             749500
               20370301                  462.75                           66897.73
               20370201                  788.31                           119797.8
               20370201                  3942.6                          584261.28
               20370201                 3494.86                          531103.56
               20370201                  766.69                          113617.46
               20370201                 4950.76                          715705.79
               20470301                  1238.4                          193462.12
               20370201                 2213.71                          308562.42
               20470201                 3369.89                           549864.5
               20470201                 3512.74                           599473.1
               20370201                  1692.1                          241639.68
               20470201                  928.29                          160853.65
               20470301                 1740.01                          279893.32
               20370201                 2054.17                             340000
               20470201                 1640.58                          263798.25
               20370301                  722.62                          109907.59
               20370201                  802.91                          116072.54
               20370201                  1282.5                             228000
               20370201                 4781.25                             900000
               20370301                    3650                             584000
               20370301                 2270.83                             436000
               20370201                 2969.32                          451238.35
               20470401                 1358.66                          212324.59
               20470301                 3783.19                          599779.31
               20370301                 3476.37                           549502.8
               20370201                  822.93                             133900
               20370201                 1452.86                           223613.2
               20370301                  1399.8                          210227.53
               20370201                 4726.44                          756192.87
               20370301                  854.01                          129890.78
               20470201                 1483.01                          235026.47
               20370301                 3547.32                          519594.35
               20370301                 1376.67                          214810.31
               20370201                  3295.5                          459348.57
               20370201                  828.81                          119816.82
               20370201                 3007.72                          440210.02
               20370301                    1520                             304000
               20370201                 1160.11                          159779.06
               20370201                 3174.48                             575000
               20370301                    2385                             424000
               20470301                 2576.01                          439807.32
               20370201                  3299.9                          495184.49
               20370201                10594.94                         1589881.67
               20370201                 4926.97                          748736.21
               20370301                 5520.83                            1000000
               20370301                    2940                             504000
               20361101                  730.98                           107994.4
               20370201                   898.9                          126815.58
               20370201                  585.47                            87855.3
               20370301                 1337.84                           203478.9
               20370201                 3072.92                             500000
               20370301                 4790.18                          719409.82
               20370301                 6320.68                          999095.99
               20370301                    2349                             388800
               20370301                  580.14                           87128.53
               20370301                 2491.67                             460000
               20370301                 3116.67                             544000
               20470301                 1767.84                          292880.29
               20370301                 1167.48                          179845.02
               20370301                 3003.75                          500501.25
               20370201                 3537.08                             653000
               20370301                 3730.73                          613402.44
               20370301                 4303.86                          698336.76
               20370301                 3517.71                             614000
               20370301                 1131.56                             213000
               20370301                 2326.88                             438000
               20370301                  2044.4                          295774.77
               20370301                 2700.19                          426813.81
               20370301                    1309                             246400
               20370301                 1978.52                          329341.32
               20370301                  3144.3                           503533.2
               20370301                  1547.2                           247770.3
               20370301                     850                             160000
               20370301                 3764.17                             708550
               20370301                 4895.59                             999950
               20370301                  2138.5                             427700
               20370301                 5223.66                          918993.01
               20370301                 4791.67                            1000000
               20370301                 1126.82                          185269.75
               20370301                 2709.16                          439582.51
               20370301                 2459.22                          374035.49
               20370301                  965.44                          156651.22
               20370301                 3020.83                             580000
               20370301                 2758.42                          447574.91
               20370301                 3113.75                             564000
               20370301                 1761.66                             296700
               20370201                 1926.42                          321354.82

            MATURITY_DATE        STATE1                                         STATED_REM_TERM
               20210601         Alabama                                                170
               20210901         Georgia                                                173
               20360901         Georgia                                                353
               20361101         California                                             355
               20370101         Arizona                                                357
               20370101         New York                                               357
               20370101         Florida                                                357
               20210301         Michigan                                               167
               20361201         Maryland                                               356
               20370101         Maryland                                               357
               20361201         Nevada                                                 356
               20360701         Nevada                                                 351
               20211201         Vermont                                                176
               20360801         Virginia                                               352
               20260801         California                                             232
               20361201         Illinois                                               356
               20361201         New Jersey                                             356
               20361201         Illinois                                               356
               20360801         Arizona                                                352
               20361201         Virginia                                               356
               20370101         New York                                               357
               20360901         Georgia                                                353
               20360901         New York                                               353
               20360801         Pennsylvania                                           352
               20361001         Illinois                                               354
               20360901         Maine                                                  353
               20361201         New York                                               356
               20361001         New York                                               354
               20211201         New York                                               176
               20361001         Georgia                                                354
               20370101         Missouri                                               357
               20211001         Pennsylvania                                           174
               20361001         Missouri                                               354
               20361201         New York                                               356
               20360901         Mississippi                                            353
               20370101         New York                                               357
               20361101         New York                                               355
               20361001         Nevada                                                 354
               20370101         Pennsylvania                                           357
               20361201         New York                                               356
               20361201         New York                                               356
               20361201         Kentucky                                               356
               20361101         New York                                               355
               20370101         Arizona                                                357
               20361201         New York                                               356
               20361201         California                                             356
               20361201         New York                                               356
               20361201         Maryland                                               356
               20370101         Maryland                                               357
               20361201         Pennsylvania                                           356
               20361201         Illinois                                               356
               20361201         New York                                               356
               20370101         Illinois                                               357
               20361201         Arizona                                                356
               20370101         Illinois                                               357
               20361201         New York                                               356
               20361201         New York                                               356
               20361201         Maryland                                               356
               20370101         Pennsylvania                                           357
               20361201         North Carolina                                         356
               20361201         Tennessee                                              356
               20370101         Delaware                                               357
               20361201         Massachusetts                                          356
               20361201         Montana                                                356
               20370101         Massachusetts                                          357
               20361201         California                                             356
               20361201         Louisiana                                              356
               20370101         California                                             357
               20211101         Indiana                                                175
               20370101         New York                                               357
               20361201         Ohio                                                   356
               20361201         North Carolina                                         356
               20370101         Oregon                                                 357
               20361201         Oregon                                                 356
               20361201         South Carolina                                         356
               20361201         Louisiana                                              356
               20361201         California                                             356
               20361201         Maryland                                               356
               20211201         Illinois                                               176
               20361201         New Jersey                                             356
               20361201         North Carolina                                         356
               20370101         New York                                               357
               20361201         Kansas                                                 356
               20370101         Virginia                                               357
               20220101         Ohio                                                   177
               20370101         California                                             357
               20370101         Maryland                                               357
               20361201         California                                             356
               20361201         Washington                                             356
               20370101         Connecticut                                            357
               20211201         Arizona                                                176
               20220101         Florida                                                177
               20370101         Arizona                                                357
               20211201         Illinois                                               176
               20370101         Virginia                                               357
               20361201         Nevada                                                 356
               20361201         Florida                                                356
               20361201         New York                                               356
               20361101         California                                             355
               20370101         Florida                                                357
               20370101         California                                             357
               20370101         Colorado                                               357
               20361201         California                                             356
               20370101         New York                                               357
               20370101         New York                                               357
               20361201         New Jersey                                             356
               20361201         Washington                                             356
               20361201         Oregon                                                 356
               20211201         Florida                                                176
               20361201         Massachusetts                                          356
               20361201         California                                             356
               20361201         Idaho                                                  356
               20361201         New York                                               356
               20370101         Minnesota                                              357
               20361201         California                                             356
               20361201         Massachusetts                                          356
               20361201         Oklahoma                                               356
               20370101         New York                                               357
               20361201         Massachusetts                                          356
               20361201         Oregon                                                 356
               20361201         Nevada                                                 356
               20361201         New York                                               356
               20361201         Ohio                                                   356
               20361201         California                                             356
               20370101         West Virginia                                          357
               20361201         Nevada                                                 356
               20361201         Connecticut                                            356
               20370101         Illinois                                               357
               20361201         Kansas                                                 356
               20211201         Maryland                                               176
               20361201         Maryland                                               356
               20370101         District of Columbia                                   357
               20370101         Georgia                                                357
               20370101         New York                                               357
               20370101         Virginia                                               357
               20361201         Washington                                             356
               20361201         Oregon                                                 356
               20361201         Nevada                                                 356
               20361201         New York                                               356
               20361201         Arizona                                                356
               20361201         Illinois                                               356
               20361201         Arizona                                                356
               20361201         Minnesota                                              356
               20361201         California                                             356
               20361201         Virginia                                               356
               20370101         North Carolina                                         357
               20361201         Ohio                                                   356
               20361201         California                                             356
               20370101         Nevada                                                 357
               20361201         Massachusetts                                          356
               20370101         Illinois                                               357
               20370101         California                                             357
               20361201         Virginia                                               356
               20370101         Georgia                                                357
               20211201         Alabama                                                176
               20361201         Nevada                                                 356
               20370101         Idaho                                                  357
               20370101         Florida                                                357
               20361201         Maryland                                               356
               20370101         Maryland                                               357
               20370101         Connecticut                                            357
               20361201         North Carolina                                         356
               20361201         Nevada                                                 356
               20370101         New York                                               357
               20370101         New Jersey                                             357
               20361201         Florida                                                356
               20361201         California                                             356
               20370101         New Jersey                                             357
               20370101         Arizona                                                357
               20370101         Illinois                                               357
               20361201         Washington                                             356
               20361201         California                                             356
               20361201         Delaware                                               356
               20361201         California                                             356
               20361201         California                                             356
               20370101         Florida                                                357
               20370101         Nevada                                                 357
               20370101         Virginia                                               357
               20370101         California                                             357
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20370101         Maryland                                               357
               20220101         Florida                                                177
               20361201         Florida                                                356
               20370101         Illinois                                               357
               20370101         California                                             357
               20361201         Florida                                                356
               20361201         North Carolina                                         356
               20370101         New York                                               357
               20361201         Oklahoma                                               356
               20370101         New Jersey                                             357
               20370101         California                                             357
               20361201         California                                             356
               20370101         Virginia                                               357
               20220101         Pennsylvania                                           177
               20361201         California                                             356
               20361201         Washington                                             356
               20361201         Nevada                                                 356
               20361201         Nevada                                                 356
               20370101         South Carolina                                         357
               20370101         Florida                                                357
               20370101         Massachusetts                                          357
               20361201         Maryland                                               356
               20361201         California                                             356
               20361201         Florida                                                356
               20361201         New York                                               356
               20211201         California                                             176
               20370101         Hawaii                                                 357
               20361201         Massachusetts                                          356
               20361201         New York                                               356
               20361201         California                                             356
               20361201         California                                             356
               20361201         North Carolina                                         356
               20361201         Virginia                                               356
               20361201         Arizona                                                356
               20361201         Minnesota                                              356
               20361201         New York                                               356
               20370101         California                                             357
               20370101         Michigan                                               357
               20370101         Michigan                                               357
               20361201         Idaho                                                  356
               20361201         Iowa                                                   356
               20361201         Virginia                                               356
               20370101         California                                             357
               20370101         New Jersey                                             357
               20361201         Illinois                                               356
               20370101         Arizona                                                357
               20361201         Virginia                                               356
               20370101         Florida                                                357
               20370101         Arizona                                                357
               20370101         Georgia                                                357
               20361201         Missouri                                               356
               20361201         Arizona                                                356
               20361201         Minnesota                                              356
               20361201         Illinois                                               356
               20370101         Alabama                                                357
               20361201         California                                             356
               20370101         Oregon                                                 357
               20370101         Tennessee                                              357
               20361201         California                                             356
               20361201         Georgia                                                356
               20361201         Arizona                                                356
               20361201         South Carolina                                         356
               20361201         Florida                                                356
               20370101         Colorado                                               357
               20361201         Maryland                                               356
               20211201         California                                             176
               20370101         Florida                                                357
               20370101         California                                             357
               20220101         South Carolina                                         177
               20361201         Illinois                                               356
               20361201         Nevada                                                 356
               20361201         Nevada                                                 356
               20361201         Kentucky                                               356
               20361201         Pennsylvania                                           356
               20361201         Oregon                                                 356
               20370101         North Carolina                                         357
               20370101         New York                                               357
               20361201         California                                             356
               20370101         California                                             357
               20361201         Arizona                                                356
               20361201         California                                             356
               20370101         California                                             357
               20370101         Nevada                                                 357
               20370101         California                                             357
               20211201         Massachusetts                                          176
               20370101         Colorado                                               357
               20361201         California                                             356
               20361201         North Carolina                                         356
               20370101         New York                                               357
               20370101         Minnesota                                              357
               20361201         Georgia                                                356
               20370101         Arizona                                                357
               20361201         California                                             356
               20370101         Oregon                                                 357
               20361201         Wisconsin                                              356
               20370101         Florida                                                357
               20361201         Louisiana                                              356
               20370101         California                                             357
               20361201         Alabama                                                356
               20370101         Arizona                                                357
               20361201         Georgia                                                356
               20370101         Arizona                                                357
               20370101         California                                             357
               20370101         Arizona                                                357
               20370101         California                                             357
               20370101         Illinois                                               357
               20370101         Arizona                                                357
               20361201         Massachusetts                                          356
               20370101         Illinois                                               357
               20370101         Florida                                                357
               20370101         Massachusetts                                          357
               20370101         Virginia                                               357
               20370101         California                                             357
               20370101         Pennsylvania                                           357
               20361201         California                                             356
               20361201         Idaho                                                  356
               20370101         Florida                                                357
               20370101         Arizona                                                357
               20370101         California                                             357
               20370101         Virginia                                               357
               20370101         Florida                                                357
               20361201         Maryland                                               356
               20370101         Florida                                                357
               20370101         Michigan                                               357
               20361201         Minnesota                                              356
               20361201         California                                             356
               20370101         Maryland                                               357
               20361201         Maryland                                               356
               20361201         Nevada                                                 356
               20370101         Maine                                                  357
               20370101         Arizona                                                357
               20361201         Arizona                                                356
               20370101         Oregon                                                 357
               20370101         Maryland                                               357
               20370101         Texas                                                  357
               20361201         Florida                                                356
               20361201         Missouri                                               356
               20370101         Maryland                                               357
               20370101         Florida                                                357
               20370101         Florida                                                357
               20361201         Arizona                                                356
               20370101         Arizona                                                357
               20370101         Florida                                                357
               20361201         Michigan                                               356
               20361201         California                                             356
               20370101         Pennsylvania                                           357
               20370101         California                                             357
               20370101         Washington                                             357
               20370101         Oregon                                                 357
               20361201         New Jersey                                             356
               20370101         California                                             357
               20370101         California                                             357
               20370101         California                                             357
               20361201         Arizona                                                356
               20361201         Virginia                                               356
               20211201         Illinois                                               176
               20211201         Florida                                                176
               20211201         New Jersey                                             176
               20370101         Oregon                                                 357
               20370101         Michigan                                               357
               20361201         Texas                                                  356
               20370101         Maryland                                               357
               20370101         New Jersey                                             357
               20370101         California                                             357
               20370101         Arizona                                                357
               20370101         Illinois                                               357
               20361201         Arizona                                                356
               20370101         North Carolina                                         357
               20361201         Washington                                             356
               20361201         California                                             356
               20361201         Arizona                                                356
               20361201         Utah                                                   356
               20370101         Maryland                                               357
               20220101         New York                                               177
               20361201         Oregon                                                 356
               20361201         California                                             356
               20370101         Washington                                             357
               20370101         Arizona                                                357
               20370101         Connecticut                                            357
               20370101         Arizona                                                357
               20370101         Pennsylvania                                           357
               20220101         California                                             177
               20370101         California                                             357
               20370101         Ohio                                                   357
               20361201         Maryland                                               356
               20361201         Virginia                                               356
               20370101         Connecticut                                            357
               20370101         New Hampshire                                          357
               20370101         New York                                               357
               20361201         California                                             356
               20370101         Maryland                                               357
               20370101         New Jersey                                             357
               20370101         Georgia                                                357
               20361201         Pennsylvania                                           356
               20370101         Georgia                                                357
               20361201         Colorado                                               356
               20361201         Arizona                                                356
               20370101         California                                             357
               20370101         New York                                               357
               20361201         Massachusetts                                          356
               20370101         California                                             357
               20370101         District of Columbia                                   357
               20370101         California                                             357
               20370101         Massachusetts                                          357
               20370101         Virginia                                               357
               20370101         Georgia                                                357
               20370101         California                                             357
               20370101         Florida                                                357
               20361201         California                                             356
               20370101         Arizona                                                357
               20370101         Maryland                                               357
               20370101         Florida                                                357
               20370101         California                                             357
               20361201         Texas                                                  356
               20370101         New York                                               357
               20370101         North Carolina                                         357
               20370101         New York                                               357
               20370101         New Jersey                                             357
               20370101         Maryland                                               357
               20370101         California                                             357
               20370101         Illinois                                               357
               20220101         Maryland                                               177
               20370101         Maryland                                               357
               20370101         California                                             357
               20370101         Maine                                                  357
               20370101         New Jersey                                             357
               20370101         Minnesota                                              357
               20370101         Florida                                                357
               20370101         Texas                                                  357
               20361201         Florida                                                356
               20361201         Texas                                                  356
               20370101         Maine                                                  357
               20361201         Arizona                                                356
               20370101         California                                             357
               20370101         Massachusetts                                          357
               20370101         Georgia                                                357
               20370101         Tennessee                                              357
               20370101         California                                             357
               20370101         California                                             357
               20370101         Arizona                                                357
               20361201         Oregon                                                 356
               20361201         California                                             356
               20370101         California                                             357
               20370101         California                                             357
               20220101         California                                             177
               20361201         California                                             356
               20370101         Florida                                                357
               20220101         North Carolina                                         177
               20370101         Maine                                                  357
               20370101         Montana                                                357
               20361201         Washington                                             356
               20370101         New Hampshire                                          357
               20370101         New Hampshire                                          357
               20370101         Virginia                                               357
               20370101         Maryland                                               357
               20370101         Massachusetts                                          357
               20370101         Arizona                                                357
               20370101         California                                             357
               20370101         Washington                                             357
               20370101         Maryland                                               357
               20370101         Oregon                                                 357
               20370101         Georgia                                                357
               20370101         Virginia                                               357
               20211201         California                                             176
               20370101         Illinois                                               357
               20370101         California                                             357
               20370101         New Jersey                                             357
               20370101         Connecticut                                            357
               20370101         District of Columbia                                   357
               20370101         Colorado                                               357
               20361201         California                                             356
               20370101         Arizona                                                357
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         California                                             356
               20361201         Texas                                                  356
               20370101         California                                             357
               20370101         California                                             357
               20370101         Illinois                                               357
               20370101         Illinois                                               357
               20370101         Illinois                                               357
               20370101         Virginia                                               357
               20370101         Oregon                                                 357
               20220101         Maryland                                               177
               20370101         Minnesota                                              357
               20370101         Maryland                                               357
               20370101         California                                             357
               20361201         District of Columbia                                   356
               20370101         Maryland                                               357
               20370101         Georgia                                                357
               20370101         Iowa                                                   357
               20370101         Nevada                                                 357
               20370101         Michigan                                               357
               20370101         California                                             357
               20370101         California                                             357
               20370101         California                                             357
               20370101         North Carolina                                         357
               20361201         California                                             356
               20370101         California                                             357
               20361201         Indiana                                                356
               20370101         Connecticut                                            357
               20370101         Arizona                                                357
               20370101         Virginia                                               357
               20370101         California                                             357
               20370101         Georgia                                                357
               20370101         Oregon                                                 357
               20370101         Utah                                                   357
               20370101         Pennsylvania                                           357
               20370101         Ohio                                                   357
               20370101         Illinois                                               357
               20370101         Florida                                                357
               20370101         Michigan                                               357
               20370101         New York                                               357
               20370101         New York                                               357
               20370101         California                                             357
               20370101         Colorado                                               357
               20370101         Maryland                                               357
               20370101         California                                             357
               20370101         Maryland                                               357
               20370101         Oregon                                                 357
               20370101         Georgia                                                357
               20370101         California                                             357
               20370101         Michigan                                               357
               20370101         Louisiana                                              357
               20370101         Utah                                                   357
               20370101         Illinois                                               357
               20370101         Oregon                                                 357
               20370101         Illinois                                               357
               20370101         New York                                               357
               20370101         New York                                               357
               20370101         California                                             357
               20361001         California                                             354
               20361101         Florida                                                355
               20360701         Arizona                                                351
               20361101         Connecticut                                            355
               20370101         California                                             357
               20370101         California                                             357
               20361201         Maryland                                               356
               20370101         California                                             357
               20370301         Oregon                                                 359
               20370201         California                                             358
               20370201         California                                             358
               20370201         California                                             358
               20370201         California                                             358
               20370301         California                                             359
               20220201         Indiana                                                178
               20220201         Maryland                                               178
               20220201         Massachusetts                                          178
               20220101         California                                             177
               20220201         New York                                               178
               20220201         Florida                                                178
               20220201         Massachusetts                                          178
               20220201         District of Columbia                                   178
               20220201         Michigan                                               178
               20220201         Ohio                                                   178
               20220201         Arizona                                                178
               20220201         New York                                               178
               20220201         Texas                                                  178
               20220201         Virginia                                               178
               20220201         California                                             178
               20220201         Washington                                             178
               20220201         Indiana                                                178
               20361201         Arizona                                                356
               20370101         Arizona                                                357
               20370101         California                                             357
               20370201         Maryland                                               358
               20370201         Texas                                                  358
               20370101         Nevada                                                 357
               20370101         Arizona                                                357
               20361101         Michigan                                               355
               20370301         California                                             359
               20370201         Minnesota                                              358
               20370201         California                                             358
               20220201         California                                             178
               20470301         California                                             358
               20370201         Maryland                                               358
               20370201         California                                             358
               20470201         Colorado                                               358
               20370301         Florida                                                359
               20470401         New York                                               359
               20370301         Massachusetts                                          359
               20370201         New York                                               358
               20370101         New York                                               357
               20370301         New York                                               359
               20370201         New York                                               358
               20220201         New York                                               178
               20370201         New York                                               358
               20370101         New York                                               357
               20370201         Florida                                                358
               20370201         Michigan                                               358
               20370201         New York                                               358
               20370101         New York                                               357
               20370201         New Jersey                                             358
               20370101         Massachusetts                                          357
               20470201         Florida                                                358
               20370101         California                                             357
               20370301         Florida                                                359
               20370201         New York                                               358
               20370301         New York                                               359
               20370201         New York                                               358
               20370101         Maryland                                               357
               20370201         New York                                               358
               20370101         New York                                               357
               20370101         Michigan                                               177
               20370301         California                                             359
               20370201         New York                                               358
               20370101         Missouri                                               177
               20370301         Connecticut                                            179
               20370301         New York                                               359
               20370301         Ohio                                                   359
               20370201         Michigan                                               178
               20370301         New York                                               359
               20370201         North Carolina                                         358
               20470201         Wyoming                                                358
               20370201         Utah                                                   178
               20470201         Texas                                                  358
               20370201         Mississippi                                            358
               20370201         California                                             178
               20370201         Illinois                                               178
               20370201         Illinois                                               178
               20370301         New York                                               359
               20370201         Illinois                                               178
               20370201         Virginia                                               358
               20370201         Utah                                                   358
               20370301         Indiana                                                178
               20370201         New York                                               358
               20370201         Virginia                                               358
               20370201         California                                             358
               20370201         Arkansas                                               358
               20370201         Florida                                                358
               20470301         Ohio                                                   358
               20370201         Illinois                                               178
               20470201         California                                             358
               20470201         California                                             358
               20370201         Illinois                                               178
               20470201         Oregon                                                 358
               20470301         New Jersey                                             359
               20370201         California                                             358
               20470201         Utah                                                   358
               20370301         Illinois                                               179
               20370201         Texas                                                  358
               20370201         Florida                                                358
               20370201         Georgia                                                358
               20370301         New York                                               359
               20370301         New York                                               359
               20370201         Maryland                                               358
               20470401         Massachusetts                                          359
               20470301         California                                             359
               20370301         California                                             359
               20370201         Texas                                                  358
               20370201         Illinois                                               178
               20370301         Michigan                                               179
               20370201         Georgia                                                358
               20370301         Michigan                                               359
               20470201         New Jersey                                             358
               20370301         Wisconsin                                              179
               20370301         Illinois                                               359
               20370201         Tennessee                                              358
               20370201         Michigan                                               178
               20370201         Illinois                                               178
               20370301         California                                             359
               20370201         Illinois                                               178
               20370201         California                                             358
               20370301         California                                             359
               20470301         California                                             359
               20370201         California                                             178
               20370201         New Mexico                                             358
               20370201         Nevada                                                 178
               20370301         California                                             359
               20370301         California                                             359
               20361101         Michigan                                               178
               20370201         Indiana                                                178
               20370201         Michigan                                               358
               20370301         Georgia                                                359
               20370201         Texas                                                  358
               20370301         Texas                                                  359
               20370301         California                                             359
               20370301         California                                             359
               20370301         Georgia                                                359
               20370301         California                                             359
               20370301         New York                                               359
               20470301         California                                             359
               20370301         Colorado                                               359
               20370301         District of Columbia                                   359
               20370201         District of Columbia                                   358
               20370301         Virginia                                               359
               20370301         Virginia                                               359
               20370301         District of Columbia                                   359
               20370301         Florida                                                359
               20370301         Virginia                                               359
               20370301         Massachusetts                                          359
               20370301         Maryland                                               359
               20370301         Virginia                                               359
               20370301         California                                             359
               20370301         California                                             359
               20370301         Nevada                                                 359
               20370301         Colorado                                               359
               20370301         California                                             359
               20370301         California                                             359
               20370301         California                                             359
               20370301         California                                             359
               20370301         California                                             359
               20370301         Texas                                                  359
               20370301         California                                             359
               20370301         Arizona                                                359
               20370301         Texas                                                  359
               20370301         California                                             359
               20370301         California                                             359
               20370301         California                                             359
               20370301         California                                             359
               20370201         District of Columbia                                   358

             MATURITY_DATE          CITY1                                            SERV_FEE
               20210601         VESTAVIA HILLS                                         0.25
               20210901         ATLANTA                                                0.25
               20360901         LULA                                                   0.25
               20361101         SAN GABRIEL                                            0.25
               20370101         SHOW LOW                                               0.25
               20370101         SHOREHAM                                               0.25
               20370101         SARASOTA                                               0.25
               20210301         HOWELL                                                 0.25
               20361201         SEVERN                                                 0.25
               20370101         WHITE HALL                                             0.25
               20361201         PAHRUMP                                                0.25
               20360701         LAS VEGAS                                              0.25
               20211201         STRATTON                                               0.25
               20360801         ALEXANDRIA                                             0.25
               20260801         HANFORD                                                0.25
               20361201         CHICAGO                                                0.25
               20361201         CHESTERFIELD TWP                                       0.25
               20361201         HIGHWOOD                                               0.25
               20360801         PARADISE VALLEY                                        0.25
               20361201         SPOTSYLVANIA                                           0.25
               20370101         NEW YORK                                               0.25
               20360901         SUWANEE                                                0.25
               20360901         CLAYTON                                                0.25
               20360801         PITTSBURGH                                             0.25
               20361001         AURORA                                                 0.25
               20360901         SEARSPORT                                              0.25
               20361201         NEW YORK CITY                                          0.25
               20361001         NEW YORK                                               0.25
               20211201         BRONX                                                  0.25
               20361001         HIAWASSEE                                              0.25
               20370101         WENTZVILLE                                             0.25
               20211001         CHESTER SPRINGS                                        0.25
               20361001         OZARK                                                  0.25
               20361201         OAKDALE                                                0.25
               20360901         BRANDON                                                0.25
               20370101         SELDEN                                                 0.25
               20361101         NYACK                                                  0.25
               20361001         RENO                                                   0.25
               20370101         DOWNINGTOWN                                            0.25
               20361201         NEW YORK                                               0.25
               20361201         LLOYD HARBOR                                           0.25
               20361201         MIDWAY                                                 0.25
               20361101         NORTH MASSAPEQUA                                       0.25
               20370101         GLENDALE                                               0.25
               20361201         BROOKLYN                                               0.25
               20361201         TURLOCK                                                0.25
               20361201         NEW YORK                                               0.25
               20361201         LUTHERVILLE                                            0.25
               20370101         FOREST HILL                                            0.25
               20361201         GREENSBURG                                             0.25
               20361201         BURBANK                                                0.25
               20361201         BRIGHTWATERS                                           0.25
               20370101         PARK RIDGE                                             0.25
               20361201         HIGLEY                                                 0.25
               20370101         CHICAGO                                                0.25
               20361201         NEW CITY                                               0.25
               20361201         JAMAICA                                                0.25
               20361201         BETHESDA                                               0.25
               20370101         COLLEGEVILLE                                           0.25
               20361201         WEAVERVILLE                                            0.25
               20361201         MURFREESBORO                                           0.25
               20370101         WILMINGTON                                             0.25
               20361201         DUXBURY                                                0.25
               20361201         MANHATTAN                                              0.25
               20370101         BOSTON                                                 0.25
               20361201         LIVERMORE                                              0.25
               20361201         HAMMOND                                                0.25
               20370101         STEVENSON RANCH                                        0.25
               20211101         CARMEL                                                 0.25
               20370101         SUFFERN                                                0.25
               20361201         PICKERINGTON                                           0.25
               20361201         BELHAVEN                                               0.25
               20370101         OREGON CITY                                            0.25
               20361201         CORVALLIS                                              0.25
               20361201         COLUMBIA                                               0.25
               20361201         PONCHATOULA                                            0.25
               20361201         POMONA                                                 0.25
               20361201         WALDORF                                                0.25
               20211201         CHICAGO                                                0.25
               20361201         WASHINGTON TOWNSHIP                                    0.25
               20361201         GRANITE FALLS                                          0.25
               20370101         OAKDALE                                                0.25
               20361201         LAWRENCE                                               0.25
               20370101         LEESBURG                                               0.25
               20220101         TALLMADGE                                              0.25
               20370101         BERKELEY                                               0.25
               20370101         BROOKEVILLE                                            0.25
               20361201         ADELANTO                                               0.25
               20361201         SPOKANE                                                0.25
               20370101         NORWALK                                                0.25
               20211201         PARADISE VALLEY                                        0.25
               20220101         DELRAY BEACH                                           0.25
               20370101         TUCSON                                                 0.25
               20211201         PARK RIDGE                                             0.25
               20370101         HAYMARKET                                              0.25
               20361201         LAS VEGAS                                              0.25
               20361201         MYAKKA CITY                                            0.25
               20361201         JAMAICA                                                0.25
               20361101         GRANITE BAY                                            0.25
               20370101         NICEVILLE                                              0.25
               20370101         LOS GATOS                                              0.25
               20370101         GREENWOOD VILLAGE                                      0.25
               20361201         TRUCKEE                                                0.25
               20370101         KINGS PARK                                             0.25
               20370101         PLAINVIEW                                              0.25
               20361201         BOUND BROOK                                            0.25
               20361201         SPOKANE                                                0.25
               20361201         TUALATIN                                               0.25
               20211201         TAMPA                                                  0.25
               20361201         OSTERVILLE                                             0.25
               20361201         VALLEJO                                                0.25
               20361201         SUN VALLEY                                             0.25
               20361201         NEW CITY                                               0.25
               20370101         PEQUOT LAKES                                           0.25
               20361201         EL DORADO HILLS                                        0.25
               20361201         TAUNTON                                                0.25
               20361201         TULSA                                                  0.25
               20370101         LAUREL                                                 0.25
               20361201         STONEHAM                                               0.25
               20361201         PORTLAND                                               0.25
               20361201         LAS VEGAS                                              0.25
               20361201         KINGS PARK                                             0.25
               20361201         CINCINNATI                                             0.25
               20361201         LOS ANGELES                                            0.25
               20370101         SHEPHERDSTOWN                                          0.25
               20361201         RENO                                                   0.25
               20361201         VERNON                                                 0.25
               20370101         OSWEGO                                                 0.25
               20361201         WICHITA                                                0.25
               20211201         POTOMAC                                                0.25
               20361201         BISHOPVILLE                                            0.25
               20370101         WASHINGTON                                             0.25
               20370101         ATLANTA                                                0.25
               20370101         MASSAPEQUA                                             0.25
               20370101         CAPE CHARLES                                           0.25
               20361201         KIRKLAND                                               0.25
               20361201         WILSONVILLE                                            0.25
               20361201         HENDERSON                                              0.25
               20361201         NEW YORK                                               0.25
               20361201         PRESCOTT VALLEY                                        0.25
               20361201         BELLWOOD                                               0.25
               20361201         MORRISTOWN                                             0.25
               20361201         WASECA                                                 0.25
               20361201         VISALIA                                                0.25
               20361201         RICHMOND                                               0.25
               20370101         BANNER ELK                                             0.25
               20361201         DAYTON                                                 0.25
               20361201         YUBA CITY                                              0.25
               20370101         RENO                                                   0.25
               20361201         WELLESLEY                                              0.25
               20370101         HIGHLAND PARK                                          0.25
               20370101         SHERMAN OAKS                                           0.25
               20361201         VIENNA                                                 0.25
               20370101         ATLANTA                                                0.25
               20211201         GULF SHORES                                            0.25
               20361201         SPARKS                                                 0.25
               20370101         COEUR D ALENE                                          0.25
               20370101         DANIA BEACH                                            0.25
               20361201         ABINGDON                                               0.25
               20370101         ANNAPOLIS                                              0.25
               20370101         NORWALK                                                0.25
               20361201         CHARLOTTE                                              0.25
               20361201         RENO                                                   0.25
               20370101         NEW CITY                                               0.25
               20370101         BRICK                                                  0.25
               20361201         PORT SAINT LUCIE                                       0.25
               20361201         LONG BEACH                                             0.25
               20370101         FLORHAM PARK                                           0.25
               20370101         SURPRISE                                               0.25
               20370101         DOWNERS GROVE                                          0.25
               20361201         OLYMPIA                                                0.25
               20361201         SARATOGA                                               0.25
               20361201         REHOBOTH BEACH                                         0.25
               20361201         CLOVIS                                                 0.25
               20361201         FREMONT                                                0.25
               20370101         FT LAUDERDALE                                          0.25
               20370101         NORTH LAS VEGAS                                        0.25
               20370101         ARLINGTON                                              0.25
               20370101         VISALIA                                                0.25
               20361201         BOULDER CREEK                                          0.25
               20361201         FOUNTAIN VALLEY                                        0.25
               20361201         WINNETKA                                               0.25
               20370101         SWANTON                                                0.25
               20220101         HALLANDALE                                             0.25
               20361201         FORT MYERS                                             0.25
               20370101         WILMETTE                                               0.25
               20370101         N HIGHLANDS                                            0.25
               20361201         JACKSONVILLE                                           0.25
               20361201         CHAPEL HILL                                            0.25
               20370101         BRONX                                                  0.25
               20361201         NORMAN                                                 0.25
               20370101         ELMWOOD PARK                                           0.25
               20370101         SACRAMENTO                                             0.25
               20361201         AMERICAN CANYON                                        0.25
               20370101         CENTREVILLE                                            0.25
               20220101         UPPER DARBY                                            0.25
               20361201         BURBANK                                                0.25
               20361201         SEATTLE                                                0.25
               20361201         HENDERSON                                              0.25
               20361201         RENO                                                   0.25
               20370101         BLUFFTON                                               0.25
               20370101         BOCA RATON                                             0.25
               20370101         OXFORD                                                 0.25
               20361201         SALISBURY                                              0.25
               20361201         SAN JOSE                                               0.25
               20361201         PORT ORANGE                                            0.25
               20361201         BRENTWOOD                                              0.25
               20211201         LA VERNE                                               0.25
               20370101         KULA                                                   0.25
               20361201         HOLLISTON                                              0.25
               20361201         THORNWOOD                                              0.25
               20361201         UPLAND                                                 0.25
               20361201         MISSION VIEJO                                          0.25
               20361201         RALEIGH                                                0.25
               20361201         WILLIAMSBURG                                           0.25
               20361201         GILBERT                                                0.25
               20361201         WAYZATA                                                0.25
               20361201         QUOGUE                                                 0.25
               20370101         MERCED                                                 0.25
               20370101         SOUTH HAVEN                                            0.25
               20370101         DURAND                                                 0.25
               20361201         BOISE                                                  0.25
               20361201         ALTOONA                                                0.25
               20361201         ANNANDALE                                              0.25
               20370101         HIGHLAND                                               0.25
               20370101         TENAFLY                                                0.25
               20361201         GLENCOE                                                0.25
               20370101         SCOTTSDALE                                             0.25
               20361201         FAIRFAX STATION                                        0.25
               20370101         DELRAY BEACH                                           0.25
               20370101         CHANDLER                                               0.25
               20370101         LOCUST GROVE                                           0.25
               20361201         WILDWOOD                                               0.25
               20361201         GLENDALE                                               0.25
               20361201         CHAMPLIN                                               0.25
               20361201         O FALLON                                               0.25
               20370101         BIRMINGHAM                                             0.25
               20361201         BAKERSFIELD                                            0.25
               20370101         OREGON CITY                                            0.25
               20370101         GATLINBURG                                             0.25
               20361201         SAN DIEGO                                              0.25
               20361201         HIAWASSEE                                              0.25
               20361201         TUCSON                                                 0.25
               20361201         FORT MILL                                              0.25
               20361201         MIRAMAR                                                0.25
               20370101         AURORA                                                 0.25
               20361201         ANNAPOLIS                                              0.25
               20211201         SAN JOSE                                               0.25
               20370101         MIAMI                                                  0.25
               20370101         SAN LEANDRO                                            0.25
               20220101         HILTON HEAD ISLAND                                     0.25
               20361201         BARRINGTON HILLS                                       0.25
               20361201         LAS VEGAS                                              0.25
               20361201         RENO                                                   0.25
               20361201         LEXINGTON                                              0.25
               20361201         STEVENS                                                0.25
               20361201         HILLSBORO                                              0.25
               20370101         MOORESVILLE                                            0.25
               20370101         DIX HILLS                                              0.25
               20361201         SAN FRANCISCO                                          0.25
               20370101         CHINO HILLS                                            0.25
               20361201         SCOTTSDALE                                             0.25
               20361201         LOS ANGELES                                            0.25
               20370101         CARMEL                                                 0.25
               20370101         GARDNERVILLE                                           0.25
               20370101         OXNARD                                                 0.25
               20211201         EASTON                                                 0.25
               20370101         DENVER                                                 0.25
               20361201         SAN JOSE                                               0.25
               20361201         CHAPEL HILL                                            0.25
               20370101         FOREST HILLS                                           0.25
               20370101         PRIOR LAKE                                             0.25
               20361201         ATLANTA                                                0.25
               20370101         PHOENIX                                                0.25
               20361201         EL CAJON                                               0.25
               20370101         GLADSTONE                                              0.25
               20361201         MEQUON                                                 0.25
               20370101         MIRAMAR                                                0.25
               20361201         HAUGHTON                                               0.25
               20370101         HUNTINGTON BEACH                                       0.25
               20361201         TUSCALOOSA                                             0.25
               20370101         PEORIA                                                 0.25
               20361201         MINERAL BLUFF                                          0.25
               20370101         SCOTTSDALE                                             0.25
               20370101         ALTADENA                                               0.25
               20370101         GLENDALE                                               0.25
               20370101         SAN JOSE                                               0.25
               20370101         WINNETKA                                               0.25
               20370101         APACHE JUNCTION                                        0.25
               20361201         NATICK                                                 0.25
               20370101         ELMHURST                                               0.25
               20370101         BAY HARBOR ISLANDS                                     0.25
               20370101         HINGHAM                                                0.25
               20370101         ALEXANDRIA                                             0.25
               20370101         CHULA VISTA                                            0.25
               20370101         FOREST GROVE                                           0.25
               20361201         SAN FRANCISCO                                          0.25
               20361201         FILER                                                  0.25
               20370101         LAKELAND                                               0.25
               20370101         GOODYEAR                                               0.25
               20370101         BUENA PARK                                             0.25
               20370101         VIRGINIA BEACH                                         0.25
               20370101         JACKSONVILLE                                           0.25
               20361201         EDGEWATER                                              0.25
               20370101         TAMPA                                                  0.25
               20370101         ROCKFORD                                               0.25
               20361201         ANOKA                                                  0.25
               20361201         YORBA LINDA                                            0.25
               20370101         HAMPSTEAD                                              0.25
               20361201         BEL AIR                                                0.25
               20361201         LAS VEGAS                                              0.25
               20370101         DRESDEN                                                0.25
               20370101         NEW RIVER                                              0.25
               20361201         CHANDLER                                               0.25
               20370101         PORTLAND                                               0.25
               20370101         BALTIMORE                                              0.25
               20370101         EL PASO                                                0.25
               20361201         SAINT PETERSBURG                                       0.25
               20361201         SAINT LOUIS                                            0.25
               20370101         HEBRON                                                 0.25
               20370101         MIAMI                                                  0.25
               20370101         DESTIN                                                 0.25
               20361201         PHOENIX                                                0.25
               20370101         CLARKDALE                                              0.25
               20370101         BRADENTON                                              0.25
               20361201         HOWELL                                                 0.25
               20361201         CLOVIS                                                 0.25
               20370101         RICHBORO                                               0.25
               20370101         CHULA VISTA                                            0.25
               20370101         SPOKANE                                                0.25
               20370101         PORTLAND                                               0.25
               20361201         CHATHAM                                                0.25
               20370101         FAIRFIELD                                              0.25
               20370101         SAN JOSE                                               0.25
               20370101         VISALIA                                                0.25
               20361201         CHANDLER                                               0.25
               20361201         SPRINGFIELD                                            0.25
               20211201         MUNDELEIN                                              0.25
               20211201         SAINT AUGUSTINE                                        0.25
               20211201         MONTVILLE                                              0.25
               20370101         ASHLAND                                                0.25
               20370101         ORCHARD LAKE                                           0.25
               20361201         CYPRESS                                                0.25
               20370101         BEL AIR                                                0.25
               20370101         FREEHOLD                                               0.25
               20370101         LA HABRA HEIGHTS                                       0.25
               20370101         GILBERT                                                0.25
               20370101         ARLINGTON HEIGHTS                                      0.25
               20361201         TUCSON                                                 0.25
               20370101         HAMPSTEAD                                              0.25
               20361201         PUYALLUP                                               0.25
               20361201         WHITTIER                                               0.25
               20361201         GLENDALE                                               0.25
               20361201         BOUNTIFUL                                              0.25
               20370101         POTOMAC                                                0.25
               20220101         MONSEY                                                 0.25
               20361201         ESTACADA                                               0.25
               20361201         SAN FRANCISCO                                          0.25
               20370101         SEATTLE                                                0.25
               20370101         PHOENIX                                                0.25
               20370101         WESTPORT                                               0.25
               20370101         PHOENIX                                                0.25
               20370101         ROYERSFORD                                             0.25
               20220101         GRANITE BAY                                            0.25
               20370101         TRACY                                                  0.25
               20370101         GLENDALE                                               0.25
               20361201         UPPER MARLBORO                                         0.25
               20361201         STAUNTON                                               0.25
               20370101         FAIRFIELD                                              0.25
               20370101         SOMERSWORTH                                            0.25
               20370101         CENTRAL ISLIP                                          0.25
               20361201         RANCHO PALOS VERDES                                    0.25
               20370101         STEVENSVILLE                                           0.25
               20370101         MILLBURN                                               0.25
               20370101         STOCKBRIDGE                                            0.25
               20361201         AVONDALE                                               0.25
               20370101         SUWANEE                                                0.25
               20361201         COLORADO SPRINGS                                       0.25
               20361201         SCOTTSDALE                                             0.25
               20370101         OAKLAND                                                0.25
               20370101         MASSAPEQUA                                             0.25
               20361201         HANOVER                                                0.25
               20370101         TUSTIN                                                 0.25
               20370101         WASHINGTON                                             0.25
               20370101         SAN FRANCISCO                                          0.25
               20370101         WELLESLEY                                              0.25
               20370101         VIENNA                                                 0.25
               20370101         SANDY SPRINGS                                          0.25
               20370101         ALAMEDA                                                0.25
               20370101         TAMARAC                                                0.25
               20361201         RANCHO CUCAMONGA                                       0.25
               20370101         SCOTTSDALE                                             0.25
               20370101         GAMBRILLS                                              0.25
               20370101         PORT SAINT LUCIE                                       0.25
               20370101         SAN LEANDRO                                            0.25
               20361201         ARLINGTON                                              0.25
               20370101         SMITHTOWN                                              0.25
               20370101         CHARLOTTE                                              0.25
               20370101         SAINT JAMES                                            0.25
               20370101         MERCERVILLE                                            0.25
               20370101         FREELAND                                               0.25
               20370101         IRVINE                                                 0.25
               20370101         CHICAGO                                                0.25
               20220101         HUGHESVILLE                                            0.25
               20370101         SILVER SPRING                                          0.25
               20370101         WILLITS                                                0.25
               20370101         YORK HARBOR                                            0.25
               20370101         SECAUCUS                                               0.25
               20370101         ALBERT LEA                                             0.25
               20370101         MIAMI                                                  0.25
               20370101         SAN ANTONIO                                            0.25
               20361201         MIAMI                                                  0.25
               20361201         KINGWOOD                                               0.25
               20370101         BATH                                                   0.25
               20361201         CAVE CREEK                                             0.25
               20370101         BRAWLEY                                                0.25
               20370101         NORTH GRAFTON                                          0.25
               20370101         SNELLVILLE                                             0.25
               20370101         NASHVILLE                                              0.25
               20370101         PACIFIC PALISADES                                      0.25
               20370101         HUNTINGTON BEACH                                       0.25
               20370101         TEMPE                                                  0.25
               20361201         PORTLAND                                               0.25
               20361201         BUENA PARK                                             0.25
               20370101         RIO LINDA                                              0.25
               20370101         SIGNAL HILL                                            0.25
               20220101         FRESNO                                                 0.25
               20361201         BREA                                                   0.25
               20370101         MIRAMAR                                                0.25
               20220101         RALEIGH                                                0.25
               20370101         CAPE NEDDICK                                           0.25
               20370101         GALLATIN GATEWAY                                       0.25
               20361201         SEATTLE                                                0.25
               20370101         MOULTONBOROUGH                                         0.25
               20370101         MOULTONBOROUGH                                         0.25
               20370101         HERNDON                                                0.25
               20370101         ANNAPOLIS                                              0.25
               20370101         CANTON                                                 0.25
               20370101         PHOENIX                                                0.25
               20370101         UPLAND                                                 0.25
               20370101         SPOKANE                                                0.25
               20370101         FREDERICK                                              0.25
               20370101         BEND                                                   0.25
               20370101         ATLANTA                                                0.25
               20370101         BURKE                                                  0.25
               20211201         LA HABRA HEIGHTS                                       0.25
               20370101         HINSDALE                                               0.25
               20370101         CALEXICO                                               0.25
               20370101         TOMS RIVER                                             0.25
               20370101         WILTON                                                 0.25
               20370101         WASHINGTON                                             0.25
               20370101         DENVER                                                 0.25
               20361201         TEMECULA                                               0.25
               20370101         PHOENIX                                                0.25
               20361201         SAN CLEMENTE                                           0.25
               20361201         HIGHLAND                                               0.25
               20361201         HIGHLAND                                               0.25
               20361201         ROMOLAND                                               0.25
               20361201         HIGHLAND                                               0.25
               20361201         HIGHLAND                                               0.25
               20361201         HIGHLAND                                               0.25
               20361201         SAN CLEMENTE                                           0.25
               20361201         CORONA                                                 0.25
               20361201         SAN CLEMENTE                                           0.25
               20361201         SAN ANTONIO                                            0.25
               20370101         ENCINITAS                                              0.25
               20370101         CHINO HILLS                                            0.25
               20370101         CHICAGO                                                0.25
               20370101         GENEVA                                                 0.25
               20370101         LEMONT                                                 0.25
               20370101         ARLINGTON                                              0.25
               20370101         DALLAS                                                 0.25
               20220101         ANNAPOLIS                                              0.25
               20370101         MAPLEWOOD                                              0.25
               20370101         GAITHERSBURG                                           0.25
               20370101         CHULA VISTA                                            0.25
               20361201         WASHINGTON                                             0.25
               20370101         OCEAN CITY                                             0.25
               20370101         PEACHTREE CITY                                         0.25
               20370101         CARLISLE                                               0.25
               20370101         HENDERSON                                              0.25
               20370101         WYOMING                                                0.25
               20370101         RANCHO PALOS VERDES                                    0.25
               20370101         LOS ALTOS                                              0.25
               20370101         NEVADA CITY                                            0.25
               20370101         CARY                                                   0.25
               20361201         DISCOVERY BAY                                          0.25
               20370101         CHINO HILLS                                            0.25
               20361201         MICHIGAN CITY                                          0.25
               20370101         FAIRFIELD                                              0.25
               20370101         GLENDALE                                               0.25
               20370101         HAMPTON                                                0.25
               20370101         AUBURN                                                 0.25
               20370101         ATLANTA                                                0.25
               20370101         PORTLAND                                               0.25
               20370101         PAYSON                                                 0.25
               20370101         MEDIA                                                  0.25
               20370101         ALLIANCE                                               0.25
               20370101         LAKE FOREST                                            0.25
               20370101         ORLANDO                                                0.25
               20370101         HOWELL                                                 0.25
               20370101         SMITHTOWN                                              0.25
               20370101         AQUEBOGUE                                              0.25
               20370101         FRESNO                                                 0.25
               20370101         AURORA                                                 0.25
               20370101         SALISBURY                                              0.25
               20370101         LOS ANGELES                                            0.25
               20370101         COCKEYSVILLE                                           0.25
               20370101         BEND                                                   0.25
               20370101         SANDY SPRINGS                                          0.25
               20370101         THOUSAND OAKS                                          0.25
               20370101         MILFORD                                                0.25
               20370101         CARENCRO                                               0.25
               20370101         PARK CITY                                              0.25
               20370101         HINSDALE                                               0.25
               20370101         REDMOND                                                0.25
               20370101         BRIDGEVIEW                                             0.25
               20370101         BETHPAGE                                               0.25
               20370101         SHOREHAM                                               0.25
               20370101         REDWOOD CITY                                           0.25
               20361001         CHULA VISTA                                            0.25
               20361101         JACKSONVILLE                                           0.25
               20360701         AVONDALE                                               0.25
               20361101         WESTPORT                                               0.25
               20370101         REDONDO BEACH                                          0.25
               20370101         WALNUT CREEK                                           0.25
               20361201         BETHESDA                                               0.25
               20370101         LOS GATOS                                              0.25
               20370301         ASHLAND                                                0.25
               20370201         COVINA                                                 0.25
               20370201         RANCHO CUCAMONGA                                       0.25
               20370201         LOS ANGELES                                            0.25
               20370201         LONG BEACH                                             0.25
               20370301         STUDIO CITY                                            0.25
               20220201         MANILLA                                                0.25
               20220201         SALISBURY                                              0.25
               20220201         WALTHAM                                                0.25
               20220101         SANTA CRUZ                                             0.25
               20220201         COPIAGUE                                               0.25
               20220201         NORTH MIAMI                                            0.25
               20220201         WALTHAM                                                0.25
               20220201         WASHINGTON                                             0.25
               20220201         WEST BLOOMFIELD                                        0.25
               20220201         ROOTSTOWN                                              0.25
               20220201         PARADISE VALLEY                                        0.25
               20220201         BAYSIDE                                                0.25
               20220201         DALLAS                                                 0.25
               20220201         RICHMOND                                               0.25
               20220201         SAN DIEGO                                              0.25
               20220201         STANWOOD                                               0.25
               20220201         CARMEL                                                 0.25
               20361201         GLENDALE                                               0.25
               20370101         PHOENIX                                                0.25
               20370101         DESERT HOT SPRINGS                                     0.25
               20370201         MOUNT AIRY                                             0.25
               20370201         HOUSTON                                                0.25
               20370101         HENDERSON                                              0.25
               20370101         PHOENIX                                                0.25
               20361101         CANTON                                                 0.25
               20370301         LOS ALAMITOS                                           0.25
               20370201         SHOREWOOD                                              0.25
               20370201         SAN JACINTO                                            0.25
               20220201         EL DORADO HILLS                                        0.25
               20470301         AZUSA                                                  0.25
               20370201         UPPER MARLBORO                                         0.25
               20370201         DUBLIN                                                 0.25
               20470201         DENVER                                                 0.25
               20370301         NORTH PORT                                             0.25
               20470401         POMONA                                                 0.25
               20370301         BROOKLINE                                              0.25
               20370201         NEW YORK                                               0.25
               20370101         BRIARWOOD                                              0.25
               20370301         BROOKLYN                                               0.25
               20370201         NEW YORK                                               0.25
               20220201         JAMAICA                                                0.25
               20370201         BROOKLYN                                               0.25
               20370101         LARCHMONT                                              0.25
               20370201         MIAMI LAKES                                            0.25
               20370201         STERLING HEIGHTS                                       0.25
               20370201         MOUNT KISCO                                            0.25
               20370101         YONKERS                                                0.25
               20370201         FAIRVIEW                                               0.25
               20370101         ACTON                                                  0.25
               20470201         DAVIE                                                  0.25
               20370101         LOS ANGELES                                            0.25
               20370301         HIALEAH                                                0.25
               20370201         BRONX                                                  0.25
               20370301         HUNTINGTON                                             0.25
               20370201         SANDS POINT                                            0.25
               20370101         BRANDYWINE                                             0.25
               20370201         BRENTWOOD                                              0.25
               20370101         EAST ELMHURST                                          0.25
               20370101         HARPER WOODS                                           0.25
               20370301         SAN FRANCISCO                                          0.25
               20370201         EAST HAMPTON                                           0.25
               20370101         WEST PLAINS                                            0.25
               20370301         MILFORD                                                0.25
               20370301         STATEN ISLAND                                          0.25
               20370301         STREETSBORO                                            0.25
               20370201         MACOMB                                                 0.25
               20370301         STATEN ISLAND                                          0.25
               20370201         MATTHEWS                                               0.25
               20470201         GILLETTE                                               0.25
               20370201         BOUNTIFUL                                              0.25
               20470201         HOUSTON                                                0.25
               20370201         D'IBERVILLE                                            0.25
               20370201         SAN LEANDRO                                            0.25
               20370201         CHICAGO                                                0.25
               20370201         ELGIN                                                  0.25
               20370301         NEW YORK                                               0.25
               20370201         MARENGO                                                0.25
               20370201         FALLS CHURCH                                           0.25
               20370201         PROVO                                                  0.25
               20370301         MISHAWAKA                                              0.25
               20370201         HOWARD BEACH                                           0.25
               20370201         HERNDON                                                0.25
               20370201         CORONA                                                 0.25
               20370201         LITTLE ROCK                                            0.25
               20370201         REUNION                                                0.25
               20470301         HAMILTON                                               0.25
               20370201         ELMHURST                                               0.25
               20470201         LOS ANGELES                                            0.25
               20470201         POINT REYES STATION                                    0.25
               20370201         BUFFALO GROVE                                          0.25
               20470201         PORTLAND                                               0.25
               20470301         ANDOVER                                                0.25
               20370201         SPRING VALLEY                                          0.25
               20470201         RIVERTON                                               0.25
               20370301         SCHAUMBURG                                             0.25
               20370201         HOUSTON                                                0.25
               20370201         DUNEDIN                                                0.25
               20370201         ATLANTA                                                0.25
               20370301         BROOKLYN                                               0.25
               20370301         STATEN ISLAND                                          0.25
               20370201         RANDALLSTOWN                                           0.25
               20470401         TAUNTON                                                0.25
               20470301         EL CAJON                                               0.25
               20370301         SEASIDE                                                0.25
               20370201         SUGAR LAND                                             0.25
               20370201         ADDISON                                                0.25
               20370301         STERLING HEIGHTS                                       0.25
               20370201         CUMMING                                                0.25
               20370301         GRAND RAPIDS                                           0.25
               20470201         CLIFTON                                                0.25
               20370301         FONTANA                                                0.25
               20370301         CHICAGO                                                0.25
               20370201         COLLIERVILLE                                           0.25
               20370201         SOUTHGATE                                              0.25
               20370201         GLENVIEW                                               0.25
               20370301         WOODLAND                                               0.25
               20370201         LEMONT                                                 0.25
               20370201         PISMO BEACH                                            0.25
               20370301         PALMDALE                                               0.25
               20470301         LOS ANGELES                                            0.25
               20370201         SACRAMENTO                                             0.25
               20370201         SANTA FE                                               0.25
               20370201         LAS VEGAS                                              0.25
               20370301         PIEDMONT                                               0.25
               20370301         AUBURN                                                 0.25
               20361101         WYOMING                                                0.25
               20370201         MISHAWAKA                                              0.25
               20370201         SAINT CLAIR                                            0.25
               20370301         FAIRBURN                                               0.25
               20370201         AZLE                                                   0.25
               20370301         HOUSTON                                                0.25
               20370301         HUNTINGTON BEACH                                       0.25
               20370301         LOS ANGELES                                            0.25
               20370301         BRUNSWICK                                              0.25
               20370301         LONG BEACH                                             0.25
               20370301         MOUNT KISCO                                            0.25
               20470301         SANTA ANA                                              0.25
               20370301         Evans                                                  0.25
               20370301         Washington                                             0.25
               20370201         Washington                                             0.25
               20370301         Leesburg                                               0.25
               20370301         Falls Church                                           0.25
               20370301         Washington                                             0.25
               20370301         North Lauderdale                                       0.25
               20370301         Ashburn                                                0.25
               20370301         Brighton                                               0.25
               20370301         Bowie                                                  0.25
               20370301         Williamsburg                                           0.25
               20370301         HUNTINGTON BEACH                                       0.25
               20370301         VENTURA                                                0.25
               20370301         LAS VEGAS                                              0.25
               20370301         ELIZABETH                                              0.25
               20370301         MOUNTAIN VIEW                                          0.25
               20370301         SIMI VALLEY                                            0.25
               20370301         OXNARD                                                 0.25
               20370301         LADERA RANCH AREA                                      0.25
               20370301         IRVINE                                                 0.25
               20370301         ROUND ROCK                                             0.25
               20370301         TRACY                                                  0.25
               20370301         QUEEN CREEK                                            0.25
               20370301         FORNEY                                                 0.25
               20370301         AMERICAN CANYON                                        0.25
               20370301         ROSEVILLE                                              0.25
               20370301         SALINAS                                                0.25
               20370301         SAN DIEGO                                              0.25
               20370201         WASHINGTON                                             0.25

             MATURITY_DATE          MSERV              LPMI
               20210601             0.012               0
               20210901             0.012               0
               20360901             0.012               0
               20361101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20210301             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20360701             0.012               0
               20211201             0.012               0
               20360801             0.012               0
               20260801             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20360801             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20360901             0.012               0
               20360901             0.012               0
               20360801             0.012               0
               20361001             0.012               0
               20360901             0.012               0
               20361201             0.012               0
               20361001             0.012               0
               20211201             0.012               0
               20361001             0.012               0
               20370101             0.012            1.35
               20211001             0.012               0
               20361001             0.012               0
               20361201             0.012               0
               20360901             0.012               0
               20370101             0.012               0
               20361101             0.012               0
               20361001             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012            0.85
               20370101             0.012               0
               20211101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20220101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20211201             0.012               0
               20220101             0.012               0
               20370101             0.012               0
               20211201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012             0.4
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012            0.85
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20211201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20220101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20220101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012            1.15
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012            0.13
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012            1.15
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20220101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20211201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20211201             0.012               0
               20211201             0.012               0
               20211201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20220101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012            0.92
               20220101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012            0.62
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20361201             0.012            0.62
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20370101             0.012               0
               20361201             0.012               0
               20370101             0.012               0
               20370101             0.012            0.62
               20370101             0.012               0
               20370101             0.012               0
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               20361201                 90601                                      360
               20361201                 85303                                      360
               20361201                 84010                                      360
               20370101                 20854                                      360
               20220101                 10952                                      180
               20361201                 97023                                      360
               20361201                 94112                                      360
               20370101                 98115                                      360
               20370101                 85053                                      360
               20370101                  6880                                      360
               20370101                 85032                                      360
               20370101                 19468                                      360
               20220101                 95746                                      180
               20370101                 95377                                      360
               20370101                 45246                                      360
               20361201                 20772                                      360
               20361201                 24401                                      360
               20370101                  6824                                      360
               20370101                  3878                                      360
               20370101                 11722                                      360
               20361201                 90275                                      360
               20370101                 21666                                      360
               20370101                  7041                                      360
               20370101                 30281                                      360
               20361201                 19311                                      360
               20370101                 30024                                      360
               20361201                 80920                                      360
               20361201                 85254                                      360
               20370101                 94605                                      360
               20370101                 11758                                      360
               20361201                  2339                                      360
               20370101                 92780                                      360
               20370101                 20007                                      360
               20370101                 94132                                      360
               20370101                  2482                                      360
               20370101                 22180                                      360
               20370101                 30328                                      360
               20370101                 94502                                      360
               20370101                 33321                                      360
               20361201                 91739                                      360
               20370101                 85262                                      360
               20370101                 21054                                      360
               20370101                 34984                                      360
               20370101                 94577                                      360
               20361201                 76012                                      360
               20370101                 11787                                      360
               20370101                 28273                                      360
               20370101                 11780                                      360
               20370101                  8619                                      360
               20370101                 21053                                      360
               20370101                 92606                                      360
               20370101                 60645                                      360
               20220101                 20637                                      180
               20370101                 20906                                      360
               20370101                 95490                                      360
               20370101                  3911                                      360
               20370101                  7094                                      360
               20370101                 56007                                      360
               20370101                 33134                                      360
               20370101                 78250                                      360
               20361201                 33184                                      360
               20361201                 77339                                      360
               20370101                  4530                                      360
               20361201                 85331                                      360
               20370101                 92227                                      360
               20370101                  1536                                      360
               20370101                 30078                                      360
               20370101                 37201                                      360
               20370101                 90272                                      360
               20370101                 92647                                      360
               20370101                 85284                                      360
               20361201                 97216                                      360
               20361201                 90620                                      360
               20370101                 95673                                      360
               20370101                 90755                                      360
               20220101                 93720                                      180
               20361201                 92821                                      360
               20370101                 33025                                      360
               20220101                 27607                                      180
               20370101                  3902                                      360
               20370101                 59730                                      360
               20361201                 98125                                      360
               20370101                  3254                                      360
               20370101                  3254                                      360
               20370101                 20171                                      360
               20370101                 21401                                      360
               20370101                  2021                                      360
               20370101                 85048                                      360
               20370101                 91786                                      360
               20370101                 99207                                      360
               20370101                 21704                                      360
               20370101                 97701                                      360
               20370101                 30338                                      360
               20370101                 22015                                      360
               20211201                 90631                                      180
               20370101                 60521                                      360
               20370101                 92231                                      360
               20370101                  8753                                      360
               20370101                  6897                                      360
               20370101                 20015                                      360
               20370101                 80202                                      360
               20361201                 92592                                      360
               20370101                 85085                                      360
               20361201                 92673                                      360
               20361201                 92346                                      360
               20361201                 92346                                      360
               20361201                 92585                                      360
               20361201                 92346                                      360
               20361201                 92346                                      360
               20361201                 92346                                      360
               20361201                 92673                                      360
               20361201                 92880                                      360
               20361201                 92673                                      360
               20361201                 78233                                      360
               20370101                 92024                                      360
               20370101                 91709                                      360
               20370101                 60614                                      360
               20370101                 60134                                      360
               20370101                 60439                                      360
               20370101                 22207                                      360
               20370101                 97338                                      360
               20220101                 21401                                      180
               20370101                 55109                                      360
               20370101                 20879                                      360
               20370101                 91911                                      360
               20361201                 20001                                      360
               20370101                 21842                                      360
               20370101                 30269                                      360
               20370101                 50047                                      360
               20370101                 89012                                      360
               20370101                 49509                                      360
               20370101                 90275                                      360
               20370101                 94024                                      360
               20370101                 95959                                      360
               20370101                 27519                                      360
               20361201                 94514                                      360
               20370101                 91709                                      360
               20361201                 46360                                      360
               20370101                  6824                                      360
               20370101                 85301                                      360
               20370101                 23669                                      360
               20370101                 95603                                      360
               20370101                 30318                                      360
               20370101                 97206                                      360
               20370101                 84651                                      360
               20370101                 19063                                      360
               20370101                 44601                                      360
               20370101                 60045                                      360
               20370101                 32814                                      360
               20370101                 48843                                      360
               20370101                 11787                                      360
               20370101                 11931                                      360
               20370101                 93720                                      360
               20370101                 80016                                      360
               20370101                 21801                                      360
               20370101                 90024                                      360
               20370101                 21030                                      360
               20370101                 97702                                      360
               20370101                 30328                                      360
               20370101                 91320                                      360
               20370101                 48380                                      360
               20370101                 70520                                      360
               20370101                 84098                                      360
               20370101                 60521                                      360
               20370101                 97756                                      360
               20370101                 60455                                      360
               20370101                 11714                                      360
               20370101                 11786                                      360
               20370101                 94062                                      360
               20361001                 91913                                      360
               20361101                 32250                                      360
               20360701                 85323                                      360
               20361101                  6880                                      360
               20370101                 90277                                      360
               20370101                 94595                                      360
               20361201                 20817                                      360
               20370101                 95032                                      360
               20370301                 97520                                      360
               20370201                 91724                                      360
               20370201                 91701                                      360
               20370201                 90065                                      360
               20370201                 90808                                      360
               20370301                 91604                                      360
               20220201                 46150                                      180
               20220201                 21801                                      180
               20220201                  2451                                      180
               20220101                 95062                                      180
               20220201                 11726                                      180
               20220201                 33168                                      180
               20220201                  2452                                      180
               20220201                 20007                                      180
               20220201                 48323                                      180
               20220201                 44272                                      180
               20220201                 85253                                      180
               20220201                 11361                                      180
               20220201                 75205                                      180
               20220201                 23235                                      180
               20220201                 92120                                      180
               20220201                 98292                                      180
               20220201                 46033                                      180
               20361201                 85310                                      360
               20370101                 85085                                      360
               20370101                 92240                                      360
               20370201                 21771                                      360
               20370201                 77083                                      360
               20370101                 89044                                      360
               20370101                 85085                                      360
               20361101                 48187                                      360
               20370301                 90720                                      360
               20370201                 55331                                      360
               20370201                 92583                                      360
               20220201                 95762                                      180
               20470301                 91702                                      360
               20370201                 20774                                      360
               20370201                 94568                                      360
               20470201                 80229                                      360
               20370301                 34286                                      360
               20470401                 10970                                      360
               20370301                  2445                                      360
               20370201                 10021                                      360
               20370101                 11435                                      360
               20370301                 11209                                      360
               20370201                 10021                                      360
               20220201                 11432                                      180
               20370201                 11209                                      360
               20370101                 10538                                      360
               20370201                 33014                                      360
               20370201                 48310                                      360
               20370201                 10549                                      360
               20370101                 10705                                      360
               20370201                  7022                                      360
               20370101                  1720                                      360
               20470201                 33324                                      360
               20370101                 90018                                      360
               20370301                 33013                                      360
               20370201                 10462                                      360
               20370301                 11743                                      360
               20370201                 11050                                      360
               20370101                 20613                                      360
               20370201                 11717                                      360
               20370101                 11369                                      360
               20370101                 48225                                      180
               20370301                 94114                                      360
               20370201                 11937                                      360
               20370101                 65775                                      180
               20370301                  6460                                      180
               20370301                 10312                                      360
               20370301                 44241                                      360
               20370201                 48044                                      180
               20370301                 10303                                      360
               20370201                 28104                                      360
               20470201                 82716                                      360
               20370201                 84010                                      180
               20470201                 77070                                      360
               20370201                 39540                                      360
               20370201                 94577                                      180
               20370201                 60647                                      180
               20370201                 60123                                      180
               20370301                 10016                                      360
               20370201                 60152                                      180
               20370201                 22042                                      360
               20370201                 84604                                      360
               20370301                 46545                                      180
               20370201                 11414                                      360
               20370201                 20171                                      360
               20370201                 92881                                      360
               20370201                 72103                                      360
               20370201                 34747                                      360
               20470301                 45011                                      360
               20370201                 60126                                      180
               20470201                 91326                                      360
               20470201                 94956                                      360
               20370201                 60089                                      180
               20470201                 97206                                      360
               20470301                  7821                                      360
               20370201                 91977                                      360
               20470201                 84096                                      360
               20370301                 60195                                      180
               20370201                 77047                                      360
               20370201                 34698                                      360
               20370201                 30327                                      360
               20370301                 11223                                      360
               20370301                 10305                                      360
               20370201                 21133                                      360
               20470401                  2780                                      360
               20470301                 92021                                      360
               20370301                 93955                                      360
               20370201                 77478                                      360
               20370201                 60101                                      180
               20370301                 48313                                      180
               20370201                 30041                                      360
               20370301                 49504                                      360
               20470201                  7011                                      360
               20370301                 53125                                      180
               20370301                 60647                                      360
               20370201                 38017                                      360
               20370201                 48195                                      180
               20370201                 60025                                      180
               20370301                 95776                                      360
               20370201                 60439                                      180
               20370201                 93449                                      360
               20370301                 93551                                      360
               20470301                 90034                                      360
               20370201                 95814                                      180
               20370201                 87506                                      360
               20370201                 89117                                      180
               20370301                 94610                                      360
               20370301                 95603                                      360
               20361101                 49548                                      180
               20370201                 46545                                      180
               20370201                 48079                                      360
               20370301                 30213                                      360
               20370201                 76020                                      360
               20370301                 77005                                      360
               20370301                 92648                                      360
               20370301                 90040                                      360
               20370301                 31520                                      360
               20370301                 90808                                      360
               20370301                 10549                                      360
               20470301                 92701                                      360
               20370301                 80620                                      360
               20370301                 20002                                      360
               20370201                 20009                                      360
               20370301                 20176                                      360
               20370301                 22046                                      360
               20370301                 20008                                      360
               20370301                 33068                                      360
               20370301                 20148                                      360
               20370301                  2135                                      360
               20370301                 20720                                      360
               20370301                 23188                                      360
               20370301                 92649                                      360
               20370301                 93004                                      360
               20370301                 89122                                      360
               20370301                 80107                                      360
               20370301                 94043                                      360
               20370301                 93065                                      360
               20370301                 93036                                      360
               20370301                 92694                                      360
               20370301                 92620                                      360
               20370301                 78681                                      360
               20370301                 95377                                      360
               20370301                 85242                                      360
               20370301                 75126                                      360
               20370301                 94503                                      360
               20370301                 95747                                      360
               20370301                 93905                                      360
               20370301                 92127                                      360
               20370201                 20002                                      360

              MATURITY_DATE        PROPTYPE                       LIEN
               20210601         Single Family                  First Lien
               20210901         Single Family                  First Lien
               20360901         Single Family                  First Lien
               20361101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20210301         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20360701         PUD                            First Lien
               20211201         Single Family                  First Lien
               20360801         Single Family                  First Lien
               20260801         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20360801         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         CO-OP                          First Lien
               20360901         PUD                            First Lien
               20360901         Single Family                  First Lien
               20360801         Single Family                  First Lien
               20361001         Single Family                  First Lien
               20360901         Single Family                  First Lien
               20361201         CO-OP                          First Lien
               20361001         Condominium                    First Lien
               20211201         Single Family                  First Lien
               20361001         Single Family                  First Lien
               20370101         PUD                            First Lien
               20211001         Single Family                  First Lien
               20361001         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20360901         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361101         Single Family                  First Lien
               20361001         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         CO-OP                          First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         2-4 Family                     First Lien
               20361201         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         2-4 Family                     First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20211101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20211201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20220101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20211201         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20211201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         2-4 Family                     First Lien
               20361101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20211201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Condominium                    First Lien
               20211201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         CO-OP                          First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Condominium                    First Lien
               20211201         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Condominium                    First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Condominium                    First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         2-4 Family                     First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20211201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         2-4 Family                     First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20211201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20211201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20211201         Single Family                  First Lien
               20211201         PUD                            First Lien
               20211201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20220101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         2-4 Family                     First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Condominium                    First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20220101         PUD                            First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Condominium                    First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20211201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20220101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Condominium                    First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361001         PUD                            First Lien
               20361101         Single Family                  First Lien
               20360701         PUD                            First Lien
               20361101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20361201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370201         Condominium                    First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         PUD                            First Lien
               20220201         Single Family                  First Lien
               20220101         PUD                            First Lien
               20220201         Condominium                    First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         Condominium                    First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         2-4 Family                     First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20220201         PUD                            First Lien
               20361201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         PUD                            First Lien
               20370101         PUD                            First Lien
               20370101         Single Family                  First Lien
               20361101         Condominium                    First Lien
               20370301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20220201         Single Family                  First Lien
               20470301         Condominium                    First Lien
               20370201         PUD                            First Lien
               20370201         Condominium                    First Lien
               20470201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20470401         Condominium                    First Lien
               20370301         Single Family                  First Lien
               20370201         CO-OP                          First Lien
               20370101         CO-OP                          First Lien
               20370301         CO-OP                          First Lien
               20370201         CO-OP                          First Lien
               20220201         CO-OP                          First Lien
               20370201         CO-OP                          First Lien
               20370101         CO-OP                          First Lien
               20370201         Condominium                    First Lien
               20370201         Single Family                  First Lien
               20370201         Condominium                    First Lien
               20370101         CO-OP                          First Lien
               20370201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20470201         PUD                            First Lien
               20370101         2-4 Family                     First Lien
               20370301         Single Family                  First Lien
               20370201         CO-OP                          First Lien
               20370301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370101         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370101         2-4 Family                     First Lien
               20370101         Single Family                  First Lien
               20370301         Condominium                    First Lien
               20370201         Single Family                  First Lien
               20370101         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         2-4 Family                     First Lien
               20370301         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370201         PUD                            First Lien
               20470201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20470201         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370301         CO-OP                          First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370201         CO-OP                          First Lien
               20370201         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         PUD                            First Lien
               20470301         PUD                            First Lien
               20370201         Single Family                  First Lien
               20470201         Condominium                    First Lien
               20470201         Single Family                  First Lien
               20370201         Hi-Rise Condo                  First Lien
               20470201         Single Family                  First Lien
               20470301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20470201         Single Family                  First Lien
               20370301         Hi-Rise Condo                  First Lien
               20370201         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370201         PUD                            First Lien
               20370301         2-4 Family                     First Lien
               20370301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20470401         Single Family                  First Lien
               20470301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370201         PUD                            First Lien
               20370201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370201         PUD                            First Lien
               20370301         Single Family                  First Lien
               20470201         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Condominium                    First Lien
               20370301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20470301         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         PUD                            First Lien
               20370201         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20361101         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370201         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370201         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Condominium                    First Lien
               20470301         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         2-4 Family                     First Lien
               20370201         2-4 Family                     First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         Condominium                    First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         PUD                            First Lien
               20370301         Single Family                  First Lien
               20370301         Condominium                    First Lien
               20370201         Single Family                  First Lien

              MATURITY_DATE                            CURRENT_GROSS_COUPON                        CURRENT_NET_COUPON
               20210601                                       6.125                                   5.863
               20210901                                       7.375                                   7.113
               20360901                                       6.875                                   6.613
               20361101                                         6.5                                   6.238
               20370101                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20210301                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20370101                                       6.625                                   6.363
               20361201                                        6.25                                   5.988
               20360701                                        7.25                                   6.988
               20211201                                       6.375                                   6.113
               20360801                                       6.625                                   6.363
               20260801                                       6.625                                   6.363
               20361201                                       6.625                                   6.363
               20361201                                       6.625                                   6.363
               20361201                                       6.625                                   6.363
               20360801                                           7                                   6.738
               20361201                                       5.875                                   5.613
               20370101                                       6.375                                   6.113
               20360901                                       6.625                                   6.363
               20360901                                        6.75                                   6.488
               20360801                                       6.625                                   6.363
               20361001                                        6.75                                   6.488
               20360901                                        6.25                                   5.988
               20361201                                       6.375                                   6.113
               20361001                                       6.625                                   6.363
               20211201                                           6                                   5.738
               20361001                                       6.375                                   6.113
               20370101                                       6.875                                   5.263
               20211001                                        6.75                                   6.488
               20361001                                       6.625                                   6.363
               20361201                                         6.5                                   6.238
               20360901                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20361101                                       6.875                                   6.613
               20361001                                       7.125                                   6.863
               20370101                                        6.25                                   5.988
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                       6.625                                   6.363
               20361101                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                           7                                   6.738
               20361201                                         6.5                                   6.238
               20370101                                       6.625                                   6.363
               20361201                                       6.625                                   6.363
               20370101                                        6.25                                   5.988
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
               20370101                                        6.25                                   5.988
               20361201                                        6.25                                   5.988
               20361201                                        6.75                                   5.638
               20370101                                         6.5                                   6.238
               20211101                                           6                                   5.738
               20370101                                       6.625                                   6.363
               20361201                                         6.5                                   6.238
               20361201                                       6.625                                   6.363
               20370101                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20361201                                        7.25                                   6.988
               20361201                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
               20211201                                       6.125                                   5.863
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20361201                                       6.875                                   6.613
               20370101                                         6.5                                   6.238
               20220101                                           6                                   5.738
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                        6.25                                   5.988
               20370101                                         6.5                                   6.238
               20211201                                        6.25                                   5.988
               20220101                                         6.5                                   6.238
               20370101                                        6.75                                   6.488
               20211201                                           6                                   5.738
               20370101                                       6.875                                   6.613
               20361201                                       7.375                                   7.113
               20361201                                       6.625                                   6.363
               20361201                                         6.5                                   6.238
               20361101                                         6.5                                   6.238
               20370101                                        6.25                                   5.988
               20370101                                        7.25                                   6.988
               20370101                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20361201                                       6.625                                   6.363
               20361201                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20211201                                           6                                   5.738
               20361201                                       6.625                                   6.363
               20361201                                         6.5                                   6.238
               20361201                                        6.25                                   5.988
               20361201                                       6.875                                   6.613
               20370101                                       6.625                                   6.363
               20361201                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
               20361201                                         6.5                                   6.238
               20370101                                        6.75                                   6.488
               20361201                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20361201                                       6.625                                   6.363
               20361201                                           7                                   6.738
               20361201                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20211201                                           6                                   5.738
               20361201                                        6.75                                   6.488
               20370101                                       6.875                                   6.613
               20370101                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20370101                                       6.875                                   6.213
               20361201                                        6.25                                   5.988
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                        7.25                                   6.988
               20361201                                         6.5                                   6.238
               20361201                                        6.75                                   5.638
               20361201                                       6.625                                   6.363
               20361201                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20361201                                       7.375                                   7.113
               20361201                                           6                                   5.738
               20370101                                       6.125                                   5.863
               20361201                                       6.375                                   6.113
               20370101                                       6.875                                   6.613
               20370101                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20370101                                       6.875                                   6.613
               20211201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20361201                                       6.875                                   6.613
               20370101                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
               20361201                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20370101                                        6.75                                   6.488
               20370101                                       6.625                                   6.363
               20361201                                        6.25                                   5.988
               20361201                                         7.5                                   7.238
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                       7.625                                   7.363
               20370101                                           6                                   5.738
               20370101                                         6.5                                   6.238
               20370101                                         6.5                                   6.238
               20370101                                       6.875                                   6.613
               20361201                                       6.625                                   6.363
               20361201                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20370101                                         6.5                                   6.238
               20220101                                           6                                   5.738
               20361201                                       6.625                                   6.363
               20370101                                         6.5                                   6.238
               20370101                                       6.625                                   6.363
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
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               20361201                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20370101                                        6.75                                   6.488
               20361201                                       6.375                                   6.113
               20370101                                           6                                   5.738
               20220101                                       6.125                                   5.863
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                       6.125                                   5.863
               20361201                                       6.375                                   6.113
               20370101                                       7.125                                   6.863
               20370101                                       6.875                                   6.613
               20370101                                        6.75                                   6.488
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               20361201                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
               20361201                                       6.625                                   6.363
               20211201                                           6                                   5.738
               20370101                                        6.25                                   5.988
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               20361201                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
               20361201                                       7.625                                   7.363
               20361201                                        6.75                                   6.488
               20361201                                         6.5                                   5.088
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20370101                                       6.625                                   6.363
               20370101                                        6.25                                   5.988
               20370101                                       6.625                                   6.363
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20370101                                       6.875                                   6.613
               20361201                                        7.75                                   7.488
               20370101                                        6.75                                   6.488
               20361201                                       6.625                                   6.363
               20370101                                       6.625                                   6.363
               20370101                                         6.5                                   6.238
               20370101                                        7.25                                   6.988
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               20361201                                       6.875                                   6.613
               20361201                                         6.5                                   6.238
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               20370101                                        6.75                                   6.488
               20361201                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                         7.5                                   7.238
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               20361201                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20361201                                       6.375                                   4.963
               20361201                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
               20211201                                       5.875                                   5.613
               20370101                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20220101                                           6                                   5.738
               20361201                                       6.625                                   6.363
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                       6.625                                   6.363
               20361201                                       5.875                                   5.613
               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
               20370101                                       6.625                                   6.363
               20370101                                       6.625                                   6.363
               20370101                                         6.5                                   6.238
               20211201                                       5.875                                   5.613
               20370101                                         6.5                                   6.238
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20370101                                         6.5                                   6.238
               20370101                                       6.875                                   6.613
               20361201                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20361201                                         6.5                                   6.238
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               20361201                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20361201                                        6.75                                   6.488
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               20370101                                       6.625                                   6.363
               20370101                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20370101                                         6.5                                   6.238
               20361201                                        6.25                                   5.988
               20370101                                         6.5                                   6.238
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               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
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               20370101                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                         6.5                                   6.238
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20370101                                        6.75                                   6.488
               20361201                                       6.875                                   6.613
               20361201                                         6.5                                   6.238
               20370101                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
               20361201                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                       6.875                                   6.613
               20361201                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20370101                                        6.25                                   5.988
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               20361201                                       6.625                                   6.363
               20370101                                         6.5                                   6.238
               20370101                                       6.625                                   6.363
               20370101                                        6.75                                   6.488
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               20370101                                         6.5                                   6.238
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               20361201                                           6                                   5.738
               20370101                                       6.125                                   5.863
               20370101                                       6.125                                   5.863
               20370101                                         6.5                                   6.238
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               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
               20361201                                       6.375                                   6.113
               20361201                                       6.125                                   5.863
               20211201                                        5.75                                   5.488
               20211201                                           6                                   5.738
               20211201                                        5.75                                   5.488
               20370101                                        6.25                                   5.988
               20370101                                       6.375                                   6.113
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               20370101                                       6.125                                   5.863
               20370101                                       6.375                                   6.113
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               20361201                                       6.375                                   6.113
               20361201                                       6.875                                   6.613
               20361201                                        6.25                                   5.988
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               20361201                                        6.75                                   6.488
               20361201                                           6                                   5.738
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
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               20220101                                           6                                   5.738
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
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               20361201                                       6.375                                   6.113
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               20370101                                        6.25                                   5.988
               20361201                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
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               20370101                                        6.25                                   5.988
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               20361201                                        6.25                                   5.988
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               20370101                                        6.25                                   5.988
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               20361201                                       6.375                                   6.113
               20370101                                       6.375                                   6.113
               20361201                                        6.25                                   5.988
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               20370101                                        6.25                                   5.988
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               20370101                                       7.375                                   7.113
               20370101                                       6.375                                   6.113
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               20370101                                        6.25                                   5.988
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               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
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               20370101                                        6.25                                   5.988
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               20370101                                       6.375                                   6.113
               20361201                                       5.375                                   5.113
               20361201                                           6                                   5.738
               20361201                                        6.25                                   5.988
               20361201                                       5.875                                   5.613
               20361201                                        6.25                                   5.988
               20361201                                       6.375                                   6.113
               20361201                                         6.5                                   6.238
               20361201                                         6.5                                   6.238
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               20361201                                        5.75                                   5.488
               20361201                                        6.75                                   6.488
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               20370101                                       6.375                                   6.113
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               20370101                                       6.375                                   6.113
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               20370101                                       6.375                                   6.113
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               20370101                                       6.375                                   6.113
               20361201                                           6                                   5.738
               20370101                                         6.5                                   6.238
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               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20370101                                        6.25                                   5.988
               20361201                                           6                                   5.738
               20370101                                         6.5                                   6.238
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               20370101                                       6.375                                   6.113
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               20370101                                        6.25                                   5.988
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               20370101                                           7                                   6.738
               20370101                                       7.375                                   7.113
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               20370101                                        6.25                                   5.988
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               20370101                                       6.375                                   6.113
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               20370101                                        5.75                                   5.488
               20370101                                           6                                   5.738
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               20370201                                        5.99                                   5.728
               20370201                                       6.375                                   6.113
               20370201                                           6                                   5.738
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               20220201                                        6.25                                   5.988
               20220201                                           6                                   5.738
               20220101                                       5.875                                   5.613
               20220201                                           6                                   5.738
               20220201                                       6.875                                   6.613
               20220201                                       5.875                                   5.613
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               20220201                                       5.875                                   5.613
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               20220201                                       5.875                                   5.613
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               20220201                                       5.875                                   5.613
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               20361201                                           6                                   5.738
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               20370101                                        6.75                                   6.488
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               20370201                                           6                                   5.738
               20370201                                       6.375                                   6.113
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               20370301                                           7                                   6.738
               20370201                                        6.75                                   6.488
               20370101                                           7                                   6.738
               20370301                                       6.875                                   6.613
               20370301                                        7.25                                   6.988
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               20370201                                        6.75                                   6.488
               20470201                                           7                                   6.738
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               20370201                                       7.125                                   6.863
               20370201                                           7                                   6.738
               20370301                                       6.125                                   5.863
               20370201                                        6.75                                   6.488
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               20370201                                       6.875                                   6.613
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               20370201                                       6.875                                   6.613
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               20470201                                         6.5                                   6.238
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               20470301                                           7                                   6.738
               20370201                                        7.25                                   6.988
               20470201                                           7                                   6.738
               20370301                                       6.875                                   6.613
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               20370201                                        6.75                                   6.488
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               20370301                                        6.25                                   5.988
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               20370201                                       7.375                                   7.113
               20370201                                        6.75                                   6.488
               20370301                                           7                                   6.738
               20370201                                       6.375                                   6.113
               20370301                                       6.875                                   6.613
               20470201                                       7.125                                   6.863
               20370301                                        7.25                                   6.988
               20370301                                       6.625                                   6.363
               20370201                                        7.75                                   7.488
               20370201                                       7.375                                   7.113
               20370201                                        7.25                                   6.988
               20370301                                           6                                   5.738
               20370201                                       7.875                                   7.613
               20370201                                       6.625                                   6.363
               20370301                                        6.75                                   6.488
               20470301                                         6.5                                   6.238
               20370201                                           7                                   6.738
               20370201                                           7                                   6.738
               20370201                                       6.875                                   6.613
               20370301                                       6.625                                   6.363
               20370301                                           7                                   6.738
               20361101                                       7.125                                   6.863
               20370201                                       7.625                                   7.363
               20370201                                           7                                   6.738
               20370301                                       6.875                                   6.613
               20370201                                       7.375                                   7.113
               20370301                                           7                                   6.738
               20370301                                         6.5                                   6.238
               20370301                                        7.25                                   6.988
               20370301                                           7                                   6.738
               20370301                                         6.5                                   6.238
               20370301                                       6.875                                   6.613
               20470301                                        6.75                                   6.488
               20370301                                        6.75                                   6.488
               20370301                                           6                                   5.738
               20370201                                         6.5                                   6.238
               20370301                                       6.125                                   5.863
               20370301                                        6.25                                   5.988
               20370301                                       6.875                                   6.613
               20370301                                       6.375                                   6.113
               20370301                                       6.375                                   6.113
               20370301                                       7.375                                   7.113
               20370301                                         6.5                                   6.238
               20370301                                       6.375                                   6.113
               20370301                                           6                                   5.738
               20370301                                       6.375                                   6.113
               20370301                                       6.375                                   6.113
               20370301                                       6.375                                   6.113
               20370301                                       6.375                                   6.113
               20370301                                       5.875                                   5.613
               20370301                                           6                                   5.738
               20370301                                         5.5                                   5.238
               20370301                                        5.75                                   5.488
               20370301                                       6.125                                   5.863
               20370301                                        6.25                                   5.988
               20370301                                       6.875                                   6.613
               20370301                                        6.25                                   5.988
               20370301                                        6.25                                   5.988
               20370301                                        6.25                                   5.988
               20370301                                       6.625                                   6.363
               20370301                                       7.125                                   6.863
               20370201                                        5.98                                   5.718

             MATURITY_DATE        MI                           BALLOON
               20210601         No MI                            No
               20210901         No MI                            No
               20360901         No MI                            No
               20361101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20210301         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20360701         No MI                            No
               20211201         No MI                            No
               20360801         No MI                            No
               20260801         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20360801         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20360901         No MI                            No
               20360901         No MI                            No
               20360801         No MI                            No
               20361001         No MI                            No
               20360901         No MI                            No
               20361201         No MI                            No
               20361001         No MI                            No
               20211201         No MI                            No
               20361001         No MI                            No
               20370101         GE Capital MI                    No
               20211001         No MI                            No
               20361001         No MI                            No
               20361201         No MI                            No
               20360901         No MI                            No
               20370101         No MI                            No
               20361101         No MI                            No
               20361001         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         Radian Guaranty                  No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         GE Capital MI                    No
               20370101         No MI                            No
               20211101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         Radian Guaranty                  No
               20361201         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         United Guaranty                  No
               20370101         No MI                            No
               20220101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20211201         No MI                            No
               20220101         No MI                            No
               20370101         United Guaranty                  No
               20211201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         Radian Guaranty                  No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         Mortgage Guaranty In             No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Triad Guaranty                   No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         GE Capital MI                    No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         Radian Guaranty                  No
               20211201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         Radian Guaranty                  No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         United Guaranty                  No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Triad Guaranty                   No
               20361201         Radian Guaranty                  No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         Mortgage Guaranty In             No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20211201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         Mortgage Guaranty In             No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         Triad Guaranty                   No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20211201         No MI                            No
               20211201         No MI                            No
               20211201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Mortgage Guaranty In             No
               20220101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         GE Capital MI                    No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         GE Capital MI                    No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         United Guaranty                  No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Mortgage Guaranty In             No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         PMI                              No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20211201         No MI                            No
               20370101         No MI                            No
               20370101         Mortgage Guaranty In             No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20220101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Radian Guaranty                  No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         PMI                              No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         Radian Guaranty                  No
               20370101         No MI                            No
               20370101         Radian Guaranty                  No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361001         No MI                            No
               20361101         No MI                            No
               20360701         No MI                            No
               20361101         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361201         No MI                            No
               20370101         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370301         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220101         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20220201         No MI                            No
               20361201         No MI                            No
               20370101         PMI                              No
               20370101         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            No
               20361101         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20220201         No MI                            No
               20470301         No MI                            Yes
               20370201         No MI                            No
               20370201         No MI                            No
               20470201         PMI                              Yes
               20370301         PMI                              No
               20470401         No MI                            Yes
               20370301         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20370301         PMI                              No
               20370201         No MI                            No
               20220201         No MI                            No
               20370201         Radian Guaranty                  No
               20370101         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20470201         No MI                            Yes
               20370101         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            No
               20370101         No MI                            Yes
               20370301         No MI                            No
               20370201         No MI                            No
               20370101         No MI                            Yes
               20370301         No MI                            Yes
               20370301         No MI                            No
               20370301         PMI                              No
               20370201         No MI                            Yes
               20370301         No MI                            No
               20370201         No MI                            No
               20470201         No MI                            Yes
               20370201         No MI                            Yes
               20470201         No MI                            Yes
               20370201         PMI                              No
               20370201         No MI                            Yes
               20370201         No MI                            Yes
               20370201         No MI                            Yes
               20370301         No MI                            No
               20370201         No MI                            Yes
               20370201         PMI                              No
               20370201         No MI                            No
               20370301         PMI                              Yes
               20370201         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            No
               20370201         PMI                              No
               20370201         No MI                            No
               20470301         No MI                            Yes
               20370201         PMI                              Yes
               20470201         No MI                            Yes
               20470201         No MI                            Yes
               20370201         No MI                            Yes
               20470201         No MI                            Yes
               20470301         No MI                            Yes
               20370201         No MI                            No
               20470201         No MI                            Yes
               20370301         No MI                            Yes
               20370201         PMI                              No
               20370201         No MI                            No
               20370201         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20470401         No MI                            Yes
               20470301         No MI                            Yes
               20370301         No MI                            No
               20370201         No MI                            No
               20370201         No MI                            Yes
               20370301         No MI                            Yes
               20370201         No MI                            No
               20370301         No MI                            No
               20470201         No MI                            Yes
               20370301         PMI                              Yes
               20370301         No MI                            No
               20370201         PMI                              No
               20370201         No MI                            Yes
               20370201         No MI                            Yes
               20370301         No MI                            No
               20370201         PMI                              Yes
               20370201         No MI                            No
               20370301         No MI                            No
               20470301         No MI                            Yes
               20370201         No MI                            Yes
               20370201         No MI                            No
               20370201         No MI                            Yes
               20370301         No MI                            No
               20370301         No MI                            No
               20361101         PMI                              Yes
               20370201         PMI                              Yes
               20370201         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20470301         No MI                            Yes
               20370301         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370301         No MI                            No
               20370201         No MI                            No

              MATURITY_DATE                 AMORT_TERM1    PP_DESC
               20210601                         180         NO PP
               20210901                         180         NO PP
               20360901                         360         NO PP
               20361101                         360         NO PP
               20370101                         360         6M PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20210301                         171         2Y PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20360701                         360         NO PP
               20211201                         180         NO PP
               20360801                         360         NO PP
               20260801                         240         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20360801                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20360901                         360         NO PP
               20360901                         360         NO PP
               20360801                         360         NO PP
               20361001                         360         NO PP
               20360901                         360         NO PP
               20361201                         360         NO PP
               20361001                         360         NO PP
               20211201                         180         NO PP
               20361001                         360         NO PP
               20370101                         360         NO PP
               20211001                         180         NO PP
               20361001                         360         NO PP
               20361201                         360         NO PP
               20360901                         360         NO PP
               20370101                         360         NO PP
               20361101                         360         NO PP
               20361001                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20211101                         180         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20211201                         180         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20211201                         180         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20211201                         180         NO PP
               20211201                         180         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20211201                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20220101                         180         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361001                         360         NO PP
               20361101                         360         NO PP
               20360701                         360         NO PP
               20361101                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220101                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20220201                         180         NO PP
               20361201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         1Y PP
               20370101                         360         NO PP
               20370101                         360         NO PP
               20361101                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         1Y PP
               20220201                         180         NO PP
               20470301                         480         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20470201                         480         1Y PP
               20370301                         360         3Y PP
               20470401                         480         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20220201                         180         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370201                         360         3Y PP
               20370201                         360         3Y PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20470201                         480         NO PP
               20370101                         360         NO PP
               20370301                         360         3Y PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370101                         360         3Y PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370101                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         3Y PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         3Y PP
               20470201                         480         NO PP
               20370201                         360         NO PP
               20470201                         480         NO PP
               20370201                         360         3Y PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         3Y PP
               20370201                         360         1Y PP
               20470301                         480         NO PP
               20370201                         360         NO PP
               20470201                         480         NO PP
               20470201                         480         NO PP
               20370201                         360         NO PP
               20470201                         480         NO PP
               20470301                         480         NO PP
               20370201                         360         1Y PP
               20470201                         480         NO PP
               20370301                         360         NO PP
               20370201                         360         3Y PP
               20370201                         360         3Y PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20470401                         480         NO PP
               20470301                         480         NO PP
               20370301                         360         NO PP
               20370201                         360         3Y PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         3Y PP
               20370301                         360         1Y PP
               20470201                         480         NO PP
               20370301                         360         NO PP
               20370301                         360         1Y PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         1Y PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         5Y PP
               20470301                         480         3Y PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20361101                         360         3Y PP
               20370201                         360         NO PP
               20370201                         360         3Y PP
               20370301                         360         3Y PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         5Y PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20470301                         480         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         3Y PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370301                         360         NO PP
               20370201                         360         NO PP

             MATURITY_DATE             IO_PERIOD         O_LTV
               20210601                   120            44.33
               20210901                     0               80
               20360901                     0            99.97
               20361101                     0            79.93
               20370101                     0               90
               20370101                     0            51.55
               20370101                   120               80
               20210301                     0             62.7
               20361201                     0            74.97
               20370101                   120               90
               20361201                     0               80
               20360701                     0            66.67
               20211201                     0               80
               20360801                     0            58.58
               20260801                     0            69.24
               20361201                     0               80
               20361201                     0               95
               20361201                   120               85
               20360801                   120            51.31
               20361201                     0               80
               20370101                   120               75
               20360901                     0               80
               20360901                     0               80
               20360801                     0               80
               20361001                     0               80
               20360901                     0             51.2
               20361201                   120               28
               20361001                     0            70.42
               20211201                     0            61.41
               20361001                     0            79.17
               20370101                   120            94.99
               20211001                     0               80
               20361001                     0              100
               20361201                   120               80
               20360901                     0            75.34
               20370101                     0              100
               20361101                   120             73.3
               20361001                     0            71.43
               20370101                     0            74.07
               20361201                     0               85
               20361201                     0            66.06
               20361201                     0               95
               20361101                     0            79.17
               20370101                   120               80
               20361201                     0            62.31
               20361201                     0            65.36
               20361201                     0               90
               20361201                     0               95
               20370101                     0            73.91
               20361201                     0               80
               20361201                     0            69.53
               20361201                   120            56.99
               20370101                     0               80
               20361201                     0               80
               20370101                     0               80
               20361201                     0            60.98
               20361201                     0            69.55
               20361201                   120            59.46
               20370101                     0            78.35
               20361201                   120            79.74
               20361201                   120               95
               20370101                   120              100
               20361201                   120               90
               20361201                     0               70
               20370101                     0               80
               20361201                     0            59.32
               20361201                     0               90
               20370101                   120               80
               20211101                     0               80
               20370101                     0               90
               20361201                   120            94.87
               20361201                     0            76.69
               20370101                     0            73.53
               20361201                   120               95
               20361201                     0               95
               20361201                     0              100
               20361201                     0              100
               20361201                   120               82
               20211201                     0               80
               20361201                   120            96.63
               20361201                     0               80
               20370101                     0               95
               20361201                   120            89.98
               20370101                   120            69.15
               20220101                     0               80
               20370101                     0             75.9
               20370101                     0            77.78
               20361201                   120              100
               20361201                     0               90
               20370101                     0               90
               20211201                     0               75
               20220101                     0               60
               20370101                   120            88.68
               20211201                     0            52.18
               20370101                   120               95
               20361201                   120               90
               20361201                     0               89
               20361201                     0               70
               20361101                     0               85
               20370101                     0               90
               20370101                     0            56.77
               20370101                   120            74.91
               20361201                     0               80
               20370101                     0               80
               20370101                     0               93
               20361201                     0            92.94
               20361201                     0               80
               20361201                   120               89
               20211201                     0               66
               20361201                     0            20.72
               20361201                     0               95
               20361201                     0               80
               20361201                   120               75
               20370101                   120            58.21
               20361201                     0            72.03
               20361201                     0               95
               20361201                     0            90.79
               20370101                     0               90
               20361201                     0               94
               20361201                     0             82.4
               20361201                     0            36.74
               20361201                   120               80
               20361201                   120              100
               20361201                     0            69.23
               20370101                     0            31.75
               20361201                     0               80
               20361201                     0               95
               20370101                     0              100
               20361201                     0               80
               20211201                     0            79.36
               20361201                     0             71.6
               20370101                     0            77.39
               20370101                   120               95
               20370101                     0               75
               20370101                   120            88.75
               20361201                     0               80
               20361201                   120               90
               20361201                     0               80
               20361201                     0            69.99
               20361201                     0            57.15
               20361201                   120              100
               20361201                     0               75
               20361201                   120               90
               20361201                     0            61.35
               20361201                   120            74.79
               20370101                   120            58.33
               20361201                   120            78.95
               20361201                   120               90
               20370101                   120            79.77
               20361201                   120               90
               20370101                   120            75.86
               20370101                   120            75.91
               20361201                     0               80
               20370101                     0              100
               20211201                     0            54.17
               20361201                     0               75
               20370101                     0               92
               20370101                     0               80
               20361201                     0               90
               20370101                   120               77
               20370101                   120            52.94
               20361201                   120               80
               20361201                   120               80
               20370101                   120               70
               20370101                   120            88.32
               20361201                   120               80
               20361201                   120               85
               20370101                   120            56.67
               20370101                   120            58.76
               20370101                     0               95
               20361201                     0               80
               20361201                     0            46.47
               20361201                   120            36.82
               20361201                   120            79.99
               20361201                     0            53.25
               20370101                     0               70
               20370101                   120            78.27
               20370101                     0               75
               20370101                     0               90
               20361201                   120               80
               20361201                     0            62.88
               20361201                     0            79.37
               20370101                   120               80
               20220101                     0               80
               20361201                     0               75
               20370101                     0             77.5
               20370101                     0             77.2
               20361201                     0               83
               20361201                   120               80
               20370101                   120               80
               20361201                   120               90
               20370101                     0            47.88
               20370101                   120            78.73
               20361201                     0               85
               20370101                     0             76.2
               20220101                     0               87
               20361201                   120            60.12
               20361201                     0               80
               20361201                   120              100
               20361201                   120               80
               20370101                   120               80
               20370101                   120            69.09
               20370101                     0               75
               20361201                     0               69
               20361201                   120            64.65
               20361201                   120            99.98
               20361201                     0               80
               20211201                     0            68.19
               20370101                   120               80
               20361201                     0               95
               20361201                     0            79.12
               20361201                     0               79
               20361201                     0            63.27
               20361201                   120               95
               20361201                   120               90
               20361201                     0              100
               20361201                     0               70
               20361201                     0            36.82
               20370101                   120            66.67
               20370101                     0            60.79
               20370101                     0               80
               20361201                     0               80
               20361201                   120              100
               20361201                     0               80
               20370101                   120            72.44
               20370101                     0            54.38
               20361201                     0            69.64
               20370101                     0            73.69
               20361201                   120            63.72
               20370101                   120            60.98
               20370101                   120               90
               20370101                     0              100
               20361201                   120               90
               20361201                   120               80
               20361201                     0               90
               20361201                     0            78.56
               20370101                     0               80
               20361201                     0               80
               20370101                   120            46.46
               20370101                     0               90
               20361201                     0            59.46
               20361201                     0               75
               20361201                     0               80
               20361201                     0               90
               20361201                     0               70
               20370101                     0               95
               20361201                   120            60.98
               20211201                     0            60.71
               20370101                   120            61.51
               20370101                   120               88
               20220101                     0            55.56
               20361201                     0            51.21
               20361201                     0               90
               20361201                     0               95
               20361201                     0            69.87
               20361201                     0               90
               20361201                   120              100
               20370101                   120            69.76
               20370101                   120               91
               20361201                     0            56.43
               20370101                   120               80
               20361201                     0            46.15
               20361201                     0            79.77
               20370101                   120            69.88
               20370101                     0            63.76
               20370101                   120            67.91
               20211201                     0               80
               20370101                   120            77.92
               20361201                     0            75.79
               20361201                   120               80
               20370101                     0               62
               20370101                     0               95
               20361201                   120               80
               20370101                   120            59.41
               20361201                     0            64.52
               20370101                     0               80
               20361201                     0            73.75
               20370101                     0            68.19
               20361201                     0               80
               20370101                     0            79.82
               20361201                     0               90
               20370101                   120               80
               20361201                     0               80
               20370101                     0               80
               20370101                     0              100
               20370101                     0            64.27
               20370101                   120               90
               20370101                     0            57.54
               20370101                     0               75
               20361201                     0               80
               20370101                   120            70.43
               20370101                     0               60
               20370101                     0               80
               20370101                     0            78.95
               20370101                   120               80
               20370101                     0             73.8
               20361201                   120               63
               20361201                     0               80
               20370101                     0               80
               20370101                     0            79.61
               20370101                     0               81
               20370101                   120            79.84
               20370101                     0            49.02
               20361201                     0            62.06
               20370101                     0               80
               20370101                     0               95
               20361201                     0               90
               20361201                   120            78.32
               20370101                     0            59.13
               20361201                     0               80
               20361201                     0            76.55
               20370101                   120               80
               20370101                   120               80
               20361201                   120               80
               20370101                   120            77.16
               20370101                     0               75
               20370101                     0               90
               20361201                   120               90
               20361201                     0            78.31
               20370101                     0               90
               20370101                     0               75
               20370101                   120               80
               20361201                     0             78.6
               20370101                   120               80
               20370101                     0            73.28
               20361201                     0              100
               20361201                     0               75
               20370101                     0               94
               20370101                     0            51.67
               20370101                     0              100
               20370101                   120            70.48
               20361201                     0            65.47
               20370101                     0               85
               20370101                     0               95
               20370101                     0            68.97
               20361201                     0            51.29
               20361201                     0               90
               20211201                     0            48.98
               20211201                     0               80
               20211201                     0               76
               20370101                     0               80
               20370101                     0            73.49
               20361201                     0              100
               20370101                     0               80
               20370101                     0               95
               20370101                     0            57.97
               20370101                   120            35.83
               20370101                     0               78
               20361201                     0               80
               20370101                   120             56.4
               20361201                     0               80
               20361201                     0               80
               20361201                   120            76.82
               20361201                     0              100
               20370101                     0            72.46
               20220101                     0               91
               20361201                   120               80
               20361201                     0               70
               20370101                     0               80
               20370101                   120            73.02
               20370101                   120               80
               20370101                   120            74.38
               20370101                     0               85
               20220101                     0            64.94
               20370101                     0               95
               20370101                     0            78.27
               20361201                   120              100
               20361201                     0              100
               20370101                   120               94
               20370101                     0             76.4
               20370101                   120               85
               20361201                     0               83
               20370101                     0            74.25
               20370101                     0               70
               20370101                     0            75.52
               20361201                   120               90
               20370101                   120             59.8
               20361201                     0               85
               20361201                   120            59.66
               20370101                   120               95
               20370101                     0            63.13
               20361201                     0               90
               20370101                     0               79
               20370101                   120            65.07
               20370101                   120               80
               20370101                     0            69.74
               20370101                     0            74.65
               20370101                     0              100
               20370101                     0               80
               20370101                     0               95
               20361201                     0               90
               20370101                     0            48.19
               20370101                   120            73.78
               20370101                   120               69
               20370101                     0               80
               20361201                     0              100
               20370101                     0            56.24
               20370101                   120            84.27
               20370101                   120               90
               20370101                     0            77.47
               20370101                     0            78.58
               20370101                     0            69.61
               20370101                     0            55.95
               20220101                     0             46.7
               20370101                   120            68.75
               20370101                     0              100
               20370101                   120            58.82
               20370101                     0            78.86
               20370101                     0               80
               20370101                   120             37.5
               20370101                     0              100
               20361201                   120               80
               20361201                     0            99.57
               20370101                     0               80
               20361201                     0            54.17
               20370101                   120               93
               20370101                     0            87.36
               20370101                     0              100
               20370101                   120              100
               20370101                     0            46.81
               20370101                     0               85
               20370101                   120            53.34
               20361201                     0            94.99
               20361201                     0            72.79
               20370101                   120            66.07
               20370101                     0               80
               20220101                     0               75
               20361201                     0               80
               20370101                   120               80
               20220101                     0               80
               20370101                     0            46.49
               20370101                   120            49.65
               20361201                     0               85
               20370101                   120               80
               20370101                   120            69.88
               20370101                     0            61.62
               20370101                   120               81
               20370101                     0            55.56
               20370101                     0               80
               20370101                   120             73.6
               20370101                     0              100
               20370101                     0               80
               20370101                   120               80
               20370101                     0            73.22
               20370101                   120               70
               20211201                     0            37.18
               20370101                     0               80
               20370101                     0               90
               20370101                   120            67.37
               20370101                   120               95
               20370101                   120            59.89
               20370101                   120               80
               20361201                     0             79.6
               20370101                   120            67.75
               20361201                     0             50.7
               20361201                     0               80
               20361201                     0            79.99
               20361201                   120            99.99
               20361201                     0               82
               20361201                   120            99.99
               20361201                     0            99.99
               20361201                   120               78
               20361201                     0               95
               20361201                   120               80
               20361201                   120               80
               20370101                     0               40
               20370101                     0             56.3
               20370101                     0            66.94
               20370101                     0               75
               20370101                     0               60
               20370101                     0               90
               20370101                   120               80
               20220101                     0            26.53
               20370101                     0            74.92
               20370101                   120               80
               20370101                   120               80
               20361201                     0               80
               20370101                   120               80
               20370101                     0               80
               20370101                   120               95
               20370101                   120               80
               20370101                     0            88.92
               20370101                     0            64.99
               20370101                     0            58.83
               20370101                   120               70
               20370101                   120            89.99
               20361201                     0               80
               20370101                   120            68.61
               20361201                     0               80
               20370101                     0            70.07
               20370101                   120               80
               20370101                     0            79.45
               20370101                     0            63.55
               20370101                     0            72.79
               20370101                   120              100
               20370101                   120             99.8
               20370101                     0               75
               20370101                     0              100
               20370101                     0            78.95
               20370101                   120            56.15
               20370101                     0            62.11
               20370101                     0               95
               20370101                   120            73.48
               20370101                     0               95
               20370101                   120               90
               20370101                   120            92.67
               20370101                     0            74.66
               20370101                     0               85
               20370101                   120               70
               20370101                     0               95
               20370101                   120               80
               20370101                     0               94
               20370101                   120              100
               20370101                     0            61.86
               20370101                     0              100
               20370101                   120               80
               20370101                     0               80
               20370101                     0               85
               20370101                     0            79.99
               20370101                     0            71.43
               20361001                     0               95
               20361101                   120            89.55
               20360701                     0               80
               20361101                   120            68.27
               20370101                   120            55.87
               20370101                   120            72.22
               20361201                   120            68.96
               20370101                     0            79.62
               20370301                     0               80
               20370201                     0            73.64
               20370201                     0             65.2
               20370201                     0            68.11
               20370201                   120            62.44
               20370301                     0             65.7
               20220201                     0            48.86
               20220201                     0               80
               20220201                     0            88.57
               20220101                     0            79.18
               20220201                     0            22.66
               20220201                     0             26.4
               20220201                     0             89.9
               20220201                     0            31.32
               20220201                     0            84.73
               20220201                     0               80
               20220201                     0            20.83
               20220201                     0            56.98
               20220201                     0            64.95
               20220201                     0               80
               20220201                     0            79.33
               20220201                     0               80
               20220201                     0               80
               20361201                     0               80
               20370101                     0            85.11
               20370101                     0              100
               20370201                     0               80
               20370201                     0            62.12
               20370101                     0            49.18
               20370101                     0            66.08
               20361101                     0               90
               20370301                   120               80
               20370201                   120            49.45
               20370201                   120              100
               20220201                     0               80
               20470301                     0            37.46
               20370201                   120            98.12
               20370201                   120              100
               20470201                     0            89.98
               20370301                     0              100
               20470401                     0               94
               20370301                     0            50.51
               20370201                     0               80
               20370101                     0            52.38
               20370301                     0               90
               20370201                     0            28.07
               20220201                     0            69.23
               20370201                     0               90
               20370101                     0            58.06
               20370201                     0               75
               20370201                     0              100
               20370201                     0               95
               20370101                     0               80
               20370201                     0               95
               20370101                     0            66.97
               20470201                     0             62.9
               20370101                   120               80
               20370301                   120               95
               20370201                     0            79.36
               20370301                     0               80
               20370201                     0            23.33
               20370101                   120               90
               20370201                   120               95
               20370101                   120              100
               20370101                     0              100
               20370301                     0            63.89
               20370201                     0            94.98
               20370101                     0              100
               20370301                     0               80
               20370301                   120              100
               20370301                     0              100
               20370201                     0               75
               20370301                     0              100
               20370201                     0              100
               20470201                     0            96.65
               20370201                     0             78.8
               20470201                     0            99.96
               20370201                     0              100
               20370201                     0               80
               20370201                     0               95
               20370201                     0              100
               20370301                   120            44.39
               20370201                     0            64.29
               20370201                     0            84.64
               20370201                   120               75
               20370301                     0              100
               20370201                     0               75
               20370201                     0            89.99
               20370201                     0             79.4
               20370201                     0              100
               20370201                     0              100
               20470301                     0              100
               20370201                     0              100
               20470201                     0            75.72
               20470201                     0            55.92
               20370201                     0            87.54
               20470201                     0              100
               20470301                     0              100
               20370201                   120               90
               20470201                     0               80
               20370301                     0            68.71
               20370201                     0            99.97
               20370201                   120              100
               20370201                   120            81.78
               20370301                   120              100
               20370301                   120              100
               20370201                     0            89.21
               20470401                     0              100
               20470301                     0               80
               20370301                     0            92.07
               20370201                   120            99.95
               20370201                     0               80
               20370301                     0            98.52
               20370201                     0               90
               20370301                     0            94.58
               20470201                     0              100
               20370301                     0               80
               20370301                     0            71.67
               20370201                     0              100
               20370201                     0              100
               20370201                     0            69.98
               20370301                   120              100
               20370201                     0              100
               20370201                   120            50.39
               20370301                   120              100
               20470301                     0            56.05
               20370201                     0            79.36
               20370201                     0               80
               20370201                     0            71.43
               20370301                   120              100
               20370301                   120              100
               20361101                     0             87.5
               20370201                     0              100
               20370201                     0              100
               20370301                     0            99.99
               20370201                   120              100
               20370301                     0              100
               20370301                     0               80
               20370301                   120            94.98
               20370301                     0               80
               20370301                   120              100
               20370301                   120               95
               20470301                     0            48.15
               20370301                     0               90
               20370301                     0            79.52
               20370201                   120            75.93
               20370301                     0            79.74
               20370301                     0            57.06
               20370301                   120            50.95
               20370301                   120            65.54
               20370301                   120            65.37
               20370301                     0               80
               20370301                     0            79.55
               20370301                   120            84.87
               20370301                     0               33
               20370301                     0               90
               20370301                     0               80
               20370301                   120            42.44
               20370301                   120               90
               20370301                   120               90
               20370301                   120             79.5
               20370301                     0            84.35
               20370301                   120            89.46
               20370301                     0            99.97
               20370301                     0            66.32
               20370301                     0            94.98
               20370301                     0              100
               20370301                   120              100
               20370301                     0               80
               20370301                   120               80
               20370301                   120            94.99
               20370201                     0            53.67

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      C

    

    [Reserved]

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      D

     

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              Wells
                Fargo Bank, N.A.

            
	 	
              1015
                10th
                Avenue

            
	 	
              Minneapolis,
                Minnesota 55414

            
	 	 
	
              RE:

            	
              Custodial
                Agreement dated as of

            
	 	
              April
                30, 2007, among SAMI II,

            
	 	
              EMC
                Mortgage Corporation, as

            
	 	
              Master
                Servicer, U.S. Bank National

            
	 	
              Association
                as Trustee and Wells Fargo

            
	 	
              Bank,
                National Association as Custodian

            

    

    

    In
      connection with the administration of the Mortgage Loans held by you pursuant
      to
      the above-captioned Custodial Agreement, we request the release, and hereby
      acknowledge receipt, of the Mortgage File for the Mortgage Loan described below,
      for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              _____

               

            	
              1.

               

            	
              Mortgage
                Paid in Full and proceeds have been deposited into the Custodial
                Account

               

            
	
              _____

               

            	
              2.

               

            	
              Foreclosure

               

            
	
              _____

               

            	
              3.

               

            	
              Substitution

               

            
	
              _____

               

            	
              4.

               

            	
              Other
                Liquidation

               

            
	
              _____

               

            	
              5.

               

            	
              Nonliquidation

               

            	
              Reason:
                __________________________

               

            
	
              _____

               

            	
              6.

               

            	
              California
                Mortgage Loan paid in full

               

            

    

    

    
      	 	
              By:
                

            	 
	 	 	
              (authorized
                signer)

            
	 	
              Issuer:

            	 
	 	 	 
	 	
              Address:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      E

     

    FORM
      OF
      TRANSFEREE AFFIDAVIT AND AGREEMENT

     

    
      	
              Affidavit
                pursuant to Section 860E(e)(4)

            
	
              of
                the Internal Revenue Code of 1986, as

            
	
              amended,
                and for other purposes

            

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferee] (the “Investor”),
      the proposed transferee of an Ownership Interest in the Prime
      Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2,
      Class
      [R] Certificates (the “Certificates”) issued pursuant to the Pooling and
      Servicing Agreement, dated as of April 1, 2007 (the “Agreement”), among
      Structured Asset Mortgage Investments II Inc. as depositor (the “Depositor”),
      EMC Mortgage Corporation as seller and master servicer, and U.S. Bank National
      Association as trustee (the “Trustee”),
      and
      makes this affidavit on behalf of the Investor for the benefit of the Depositor
      and the Trustee. Capitalized terms used, but not defined herein, shall have
      the
      meanings ascribed to such terms in the Agreement. 

     

    1.  The
      Investor is, as of the date hereof, and will be, as of the date of the Transfer,
      a Permitted Transferee. The Investor is not acquiring its ownership interest
      in
      the Certificates for the account of a Person other than a Permitted Transferee.
      

     

    2.  The
      Investor has been advised and understands that (i) a tax will be imposed on
      Transfers of the Certificates to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is
      through an agent (which includes a broker, nominee or middleman) for a Person
      that is not a Permitted Transferee, on the agent; and (iii) the Person
      otherwise liable for the tax shall be relieved of liability for the tax if
      a
      subsequent transferee furnishes to such Person an affidavit that such subsequent
      transferee is a Permitted Transferee, and at the time of Transfer, such Person
      does not have actual knowledge that the affidavit is false.

     

    3.  The
      Investor has been advised and understands that a tax will be imposed on a
“pass-through entity” holding the Certificates if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Investor understands that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury regulations, Persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    4.  The
      Investor has reviewed the provisions of Section 6.02(i) of the Agreement and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificates, including, without limitation, the restrictions on
      subsequent Transfers and the provisions regarding voiding any prohibited
      Transfers and mandatory sales. The Investor expressly agrees to be bound by,
      and
      to abide by, such provisions of the Agreement and the restrictions noted on
      the
      face of the Certificates. The Investor understands and agrees that any breach
      of
      any of the representations included herein shall render the Transfer of the
      Certificates to the Investor contemplated hereby null and void. The Investor
      consents to any amendment of the Agreement that shall be deemed necessary by
      the
      Depositor (upon advice of nationally recognized counsel) to constitute a
      reasonable arrangement to ensure that the Certificates will not be owned
      directly or indirectly by a Person other than a Permitted
      Transferee.

     

    5.  The
      Investor agrees not to Transfer the Certificates, or cause the Transfer of
      the
      Certificates by a Person for whom the Investor is acting as nominee, trustee
      or
      agent, in each case unless it has received an affidavit and agreement in
      substantially the same form as this affidavit and agreement containing these
      same representations and covenants from the subsequent transferee. In connection
      with any such Transfer by the Investor, the Investor agrees to deliver to the
      Trustee and the Depositor an
      affidavit
      substantially in the form set forth as Exhibit R to the Agreement to the
      effect that the Investor has no actual knowledge that the Person to which the
      Transfer is to be made is not a Permitted Transferee.

     

    6.  The
      Investor has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes
      associated with holder an ownership interest in the Certificates may exceed
      the
      cash flow with respect thereto in some or all periods and intends to pay such
      taxes as they become due. The Investor does not have the intention, and no
      purpose of the Transfer of the Certificates to the Investor is, to impede the
      assessment or collection of any tax legally required to be paid with respect
      to
      the Certificates.

     

    7.  The
      Investor’s U.S. taxpayer identification number is [_____________].

     

    8.  The
      Investor is a “United States person” within the meaning of Section 7701(a)(30)
      of the Code (a “United State Person”).

     

    9.  The
      Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E of
      the
      Code and that the transferor of a noneconomic residual interest will remain
      liable for any taxes due with respect to the income on such residual interest,
      unless no significant purpose of the transfer was to impede the assessment
      or
      collection of tax.

     

    10.  The
      Investor will not cause income from the Certificates to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Investor or any other United States
      Person.

     

    11.  Check
      one
      of the following:

     

    o  
           The Transfer of the Certificates complies with U.S.
      Treasury Regulation Sections 1.860E-1(c)(7) and (8) and,
      accordingly:

     

    (i)       
       the
      present value of the anticipated tax liabilities associated with holding the
      Certificates does not exceed the sum of:

     

    
      	 	
              (a)

            	
              the
                present value of any consideration given to the Investor to acquire
                such
                Certificates;

            

    

     

    
      	 	
              (b)

            	
              the
                present value of the expected future distributions on such Certificates;
                and

            

    

     

    
      	 	
              (c)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificates as the related REMIC generates losses;
                and

            

    

     

    (ii)      
       the
      Transfer of the Certificates will not result in such Certificates being held,
      directly or indirectly, by a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of the Investor or any
      other United States Person.

     

    For
      purposes of the calculation in clause (i) above, (x) the Investor is assumed
      to
      pay tax at the highest rate currently specified in Section 11(b)(1) of the
      Code
      (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
      the highest rate specified in Section 11(b)(1) of the Code if the Investor
      has
      been subject to the alternative minimum tax under Section 55 of the Code in
      the
      preceding two years and will compute its taxable income in the current taxable
      year using the alternative minimum tax rate) and (y) present values are computed
      using a discount rate equal to the short-term Federal rate prescribed by Section
      1274(d) of the Code for the month of the transfer and the compounding period
      used by the Investor.

     

    o     
        The Transfer of the Certificates complies with U.S. Treasury
      Regulation Sections 1.860E-1(c)(5) and (6) and, accordingly:

     

    
      	 	
              (i)

            	
              the
                Investor is an “eligible corporation,” as defined in U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(i), as to which income from the
                Certificates will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the Transfer, and at the close of the Investor’s two fiscal
                years preceding the fiscal year of the transfer, the Investor had
                gross
                assets for financial reporting purposes (excluding any obligation
                of a
                “related person” to the Investor within the meaning of U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                purpose of which is to permit the Investor to satisfy the condition
                of
                this clause (ii)) in excess of $100 million and net assets in excess
                of
                $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Investor will transfer the Certificates only to another “eligible
                corporation,” as defined in U.S. Treasury Regulation Section
                1.860E-1(c)(6)(i), in a transaction in which the requirements of
                U.S. Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii)
                and -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                provides a similar affidavit with this box checked;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Investor determined the consideration paid to it to acquire the
                Certificates based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Investor) that it has determined in good
                faith and
                has concluded that such consideration, together with other assets
                of the
                Investor, will be sufficient to cover the taxes associated with the
                Certificates.

            

    

     

    o     
None
      of
      the above.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	 	
              [NAME
                OF INVESTOR]

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	
              [Name
                of Officer]

            
	 	
              Title:

            	
              [Title
                of Officer]

            
	 	 	
              [Address
                of Investor for receipt of distributions]

            
	 	 	 
	 	 	
              Address
                of Investor for receipt of tax
                information:

            

    

    

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Investor, and acknowledged to me that he/she executed the same
      as his/her free act and deed and the free act and deed of the
      Investor.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

     

    EXHIBIT
      F-1

     

    FORM
      OF
      INVESTMENT LETTER

     

    [Date]              
      

    [SELLER]

     

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

    

    
      	 	
              Re:

            	
              Structured
                Asset Mortgage Investments II Inc., Prime Mortgage Trust,

              Series
                2007-2 Mortgage Pass-Through Certificates (the
                “Certificates”),

              including
                the Class B-4, Class B-5 and Class B-6 Certificates (the “Privately
                Offered Certificates”)

            

    

    

    Dear
      Ladies and Gentlemen:

    

    In
      connection with our purchase of the [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
                Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under
                the Act
                and a sophisticated institutional
                investor;

            

    

     

    
      	 	
              (iv)

            	
              we
                are acquiring Privately Offered Certificates for our own account,
                not as
                nominee for any other person, and not with a present view to any
                distribution or other disposition of the Privately Offered
                Certificates;

            

    

     

    
      	 	
              (v)

            	
              we
                agree the Privately Offered Certificates must be held indefinitely
                by us
                (and may not be sold, pledged, hypothecated or in any way disposed
                of)
                unless subsequently registered under the Act and any applicable state
                securities or “Blue Sky” laws or an exemption from the registration
                requirements of the Act and any applicable state securities or “Blue Sky”
                laws is available;

            

    

     

    
      	 	
              (vi)

            	
              we
                agree that in the event that at some future time we wish to dispose
                of or
                exchange any of the Privately Offered Certificates (such disposition
                or
                exchange not being currently foreseen or contemplated), we will not
                transfer or exchange any of the Privately Offered Certificates
                unless:

            

    

     

    (A)
      (1)
      the sale is to an Eligible Purchaser (as defined below), (2) if required by
      the
      Pooling and Servicing Agreement (as defined below) a letter to substantially
      the
      same effect as either this letter or, if the Eligible Purchaser is a Qualified
      Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A and
      Related Matters Certificate in the form attached to the Pooling and Servicing
      Agreement (as defined below) (or such other documentation as may be acceptable
      to the Trustee) is executed promptly by the purchaser and delivered to the
      addressees hereof and (3) all offers or solicitations in connection with the
      sale, whether directly or through any agent acting on our behalf, are limited
      only to Eligible Purchasers and are not made by means of any form of general
      solicitation or general advertising whatsoever; and

     

    (B) if
      the
      Privately Offered Certificates is not registered under the Act (as to which
      we
      acknowledge you have no obligation), the Privately Offered Certificates is
      sold
      in a transaction that does not require registration under the Act and any
      applicable state securities or “blue sky” laws and, if U.S. Bank National
      Association (the “Trustee”) so requests, a satisfactory Opinion of Counsel is
      furnished to such effect, which Opinion of Counsel shall be an expense of the
      transferor or the transferee;

     

    
      	 	
              (vii)

            	
              we
                agree to be bound by all of the terms (including those relating to
                restrictions on transfer) of the Pooling and Servicing, pursuant
                to which
                the Trust was formed; we have reviewed carefully and understand the
                terms
                of the Pooling and Servicing
                Agreement;

            

    

     

    
      	 	
              (viii)

            	
              we
                either: (i) are not acquiring the Privately Offered Certificates
                directly
                or indirectly by, or on behalf of, an employee benefit plan or other
                retirement arrangement which is subject to Title I of the Employee
                Retirement Income Security Act of 1974, as amended, or section 4975
                of the
                Internal Revenue Code of 1986, as amended, or (ii) are providing
                a
                representation to the effect that the proposed transfer and holding
                of a
                Privately Offered Certificates and the servicing, management and
                operation
                of the Trust and its assets: (I) will not result in any prohibited
                transaction which is not covered under an individual or class prohibited
                transaction exemption, including, but not limited to, Prohibited
                Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE
                95-60, or PTCE 96-23 and (II) will not give rise to any additional
                obligations on the part of the Depositor, the Master Servicer or
                the
                Trustee or (iii) have attached hereto the opinion specified in Section
                5.07 of the Agreement.

            

    

     

    
      	 	
              (ix)

            	
              We
                understand that each of the Privately Offered Certificates bears,
                and will
                continue to bear, a legend to substantiate the following effect:
“THIS
                CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
                SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                AGREES
                THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
                APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
                QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”),
                PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
                OF A
                QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
                RESALE,
                PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
                (2)
                PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
                THE
                SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
                “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
                501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY
                IN
                WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                NOT
                FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A)
                THE
                RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED
                IN
                THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE
                ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER
                IS
                IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR
                IN EACH
                CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                STATES AND ANY OTHER APPLICABLE JURISDICTION. THIS CERTIFICATE MAY
                NOT BE
                ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE
                BENEFIT
                PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I
                OF THE
                EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
                4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE
                PROPOSED
                TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT
                AND
                OPERATION OF THE TRUST AND ITS ASSETS: (1) WILL NOT RESULT IN ANY
                PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR
                CLASS
                PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO,
                PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE
                90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY
                ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER
                OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A
                BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS THE OPINION
                PROVIDED IN SECTION 5.07 OF THE AGREEMENT IS
                PROVIDED.”

            

    

     

    “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, 2007, among Structured Asset
      Mortgage Investments II Inc., EMC Mortgage Corporation, as seller and master
      servicer and U.S. Bank National Association as Trustee (the “Pooling and
      Servicing Agreement’).

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

     

    Name
      of
      Nominee (if any): ____________________

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ___
      day of ________, 20___.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              [PURCHASER]

            
	 	 
	 	
              By:

            	 
	 	
              (Authorized
                Officer)

            
	 	 
	 	
              [By:

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    

    
      	 	
              [NAME
                OF NOMINEE]

            
	 	 
	 	
              By:

            	 
	 	
              (Authorized
                Officer)

            
	 	 
	 	
              [By:

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-2

     

    FORM
      OF
      RULE 144A AND RELATED MATTERS CERTIFICATE

     

    [SELLER]                                           
                                                             [Date]

     

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    
      	 	
              Re:

            	
              Structured
                Asset Mortgage Investments II Inc., Prime Mortgage Trust,

              Series
                2007-2 Mortgage Pass-Through Certificates (the
                “Certificates”),

              including
                the Class B-4, Class B-5 and Class B-6 Certificates (the “Privately
                Offered Certificates”)

            

    

    

    Dear
      Ladies and Gentlemen:

    

    In
      connection with our purchase of Privately Offered Certificates, the undersigned
      certifies to each of the parties to whom this letter is addressed that it is
      a
      qualified institutional buyer (as defined in Rule 144A under the Securities
      Act
      of 1933, as amended (the “Act”)) as follows:

     

    
      	
              1.

            	
              It
                owned and/or invested on a discretionary basis eligible securities
                (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                participations, repurchase agreements, securities owned but subject
                to a
                repurchase agreement and swaps), as described
                below:

            

    

     

    Date:
      ______________, 20__ (must be on or after the close of its most recent fiscal
      year)

     

    Amount:
      $
      _____________________; and

     

    2. The
      dollar amount set forth above is:

    
      
         

        
          	 	
                  a.

                	
                  greater
                    than $100 million and the undersigned is one of the following
                    entities:

                

        

         

      

      
        	 	
                (x)

              	
                an
                  insurance company as defined in Section 2(13) of the Act1 ;
                  or

              

      

       

    

    
      	 	
              (y)

            	
              an
                investment company registered under the Investment Company Act or
                any
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act of 1940; or

            

    

     

    
      	 	
              (z)

            	
              a
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under Section 301(c) or (d) of the Small Business
                Investment Act of 1958; or

            

    

     

    
      	 	
              (aa)

            	
              a
                plan (i) established and maintained by a state, its political
                subdivisions, or any agency or instrumentality of a state or its
                political
                subdivisions, the laws of which permit the purchase of securities
                of this
                type, for the benefit of its employees and (ii) the governing investment
                guidelines of which permit the purchase of securities of this type;
                or

            

    

     

    
      	 	
              (bb)

            	
              a
                business development company as defined in Section 202(a)(22) of
                the
                Investment Advisers Act of 1940; or

            

    

     

    
      	 	
              (cc)

            	
              a
                corporation (other than a U.S. bank, savings and loan association
                or
                equivalent foreign institution), partnership, Massachusetts or similar
                business trust, or an organization described in Section 501(c)(3)
                of the
                Internal Revenue Code; or

            

    

     

    
      	 	
              (dd)

            	
              a
                U.S. bank, savings and loan association or equivalent foreign institution,
                which has an audited net worth of at least $25 million as demonstrated
                in
                its latest annual financial statements;
                or

            

    

     

    
      	 	
              (ee)

            	
              an
                investment adviser registered under the Investment Advisers Act;
                or

            

    

     

    
      	 	
              b.

            	
              greater
                than $10 million, and the undersigned is a broker-dealer registered
                with
                the SEC; or

            

    

     

    
      	 	
              c.

            	
              less
                than $10 million, and the undersigned is a broker-dealer registered
                with
                the SEC and will only purchase Rule 144A securities in transactions
                in
                which it acts as a riskless principal (as defined in Rule 144A);
                or

            

    

     

    
      	 	
              d.

            	
              less
                than $100 million, and the undersigned is an investment company registered
                under the Investment Company Act of 1940, which, together with one
                or more
                registered investment companies having the same or an affiliated
                investment adviser, owns at least $100 million of eligible securities;
                or

            

    

     

    
      	 	
              e.

            	
              less
                than $100 million, and the undersigned is an entity, all the equity
                owners
                of which are qualified institutional
                buyers.

            

    

     

    The
      undersigned further certifies that it is purchasing a Privately Offered
      Certificates 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, 2007, among Structured Asset Mortgage
      Investments II Inc., EMC Mortgage Corporation and U.S. Bank National
      Association, as Trustee, pursuant to Certificates were issued.

     

    The
      undersigned certifies that it either: (i) is not acquiring the Privately Offered
      Certificates directly or indirectly by, or on behalf of, an employee benefit
      plan or other retirement arrangement which is subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended, or section 4975 of the
      Internal Revenue Code of 1986, as amended, or (ii) is providing a representation
      or an opinion of counsel to the effect that the proposed transfer and holding
      of
      a Privately Offered Certificates and the servicing, management and operation
      of
      the Trust and its assets: (I) will not result in any prohibited transaction
      which is not covered under a prohibited transaction exemption, including, but
      not limited to, Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
      91-38, PTCE 90-1, PTCE 95-60, PTCE 96-23 and (II) will not give rise to any
      additional obligations on the part of the Depositor, the Master Servicer or
      the
      Trustee or (iii) has attached hereto the opinion specified in Section 5.07
      of
      the Agreement.

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

     

    

     

    

      

      
        1 A
          purchase by an insurance company for one or more of its separate accounts,
          as
          defined by Section 2(a)(37) of the Investment Company Act of 1940, which
          are
          neither registered nor required to be registered thereunder, shall be deemed
          to
          be a purchase for the account of such insurance company.

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    Name
      of
      Nominee (if any):

     

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ____
      day of ___________, 20___.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              [PURCHASER]

            
	 	 
	 	 
	 	
              By:
                

            	 
	 	
              (Authorized
                Officer)

            
	 	 
	 	 
	 	
              [By:
                

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    NOMINEE
      ACKNOWLEDGMENT

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    

    
      	 	
              [NAME
                OF NOMINEE]

            
	 	 
	 	
              By:

            	 
	 	
              (Authorized
                Officer)

            
	 	 
	 	
              [By:

            	 
	 	
              Attorney-in-fact]

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-3

    

    

    FORM
      OF
      TRANSFER CERTIFICATE FOR EXCHANGE OR

    TRANSFER
      FROM RULE 144A GLOBAL CERTIFICATE TO

    REGULATION
      S GLOBAL CERTIFICATE

    

    

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110

    

    

    Reference
      is hereby made to the Pooling and Servicing Agreement (“Pooling and Servicing
      Agreement”), dated as of April 1, 2007, among Structured Asset Mortgage
      Investments II Inc., as Depositor, EMC Mortgage Corporation, as Seller and
      Master Servicer and U.S. Bank National Association as Trustee. Capitalized
      terms
      used but not defined herein are used as defined in the Pooling and Servicing
      Agreement:

    

    The
      undersigned (the “Transferor”)
      owns
      and proposes to transfer the interests in the Rule 144A Global Certificates
      specified in Annex A hereto (the “Certificates”)
      to
      __________ (the “Transferee”), in the principal amounts in such Rule 144A Global
      Certificates (the “Transfer”)
      as
      further specified in Annex A hereto. In connection with the Transfer, the
      Transferor hereby certifies that:

    

    
      	 	
              (a)

            	
              the
                Transfer is being effected in accordance with transfer restrictions
                set
                forth in the Pooling and Servicing Agreement and the
                Certificates;

            

    

    

    
      	 	
              (b)

            	
              the
                Transfer is being effected pursuant to and in accordance with Rule
                903 or
                Rule 904 under the Securities Act of 1933, as amended (the “Securities
                Act”)
                and, accordingly, the Transferor hereby further certifies
                that:

            

    

    

    
      	 	
              (i)

            	
              the
                Transfer is not being made to a person in the United States and (x)
                at the
                time the buy order was originated, the Transferee was outside the
                United
                States or the Transferor and each Person acting on its behalf reasonably
                believed and believes that the Transferee was outside the United
                States or
                (y) the transaction was executed in, on or through the facilities
                of a
                “designated offshore securities market” (as defined Rule 902 of Regulation
                S under the Securities Act) and neither the Transferor nor any Person
                acting on its behalf knows that the transaction was prearranged with
                a
                buyer in the United States,

            

    

     

    
      	 	
              (ii)

            	
              no
                directed selling efforts have been made in contravention of the
                requirements of Rule 903 or Rule 904 of Regulation S under the Securities
                Act, and

            

    

    

    
      	 	
              (iii)

            	
              the
                transaction is not part of a plan or scheme to evade the registration
                requirements of the Securities Act.

            

    

    

    Upon
      consummation of the proposed transfer in accordance with the terms of the
      Pooling and Servicing Agreement, the transferred beneficial interest will be
      subject to the restrictions on transfer enumerated in the legends printed on
      the
      Regulation S Global Certificates by which the Transferee shall hold its interest
      and in the Pooling and Servicing Agreement and the Securities Act.

    

    
      	
              Dated:

            	
              Very
                truly yours,

            
	 	
              [Name
                of Transferor]

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    ANNEX
      A

    

    The
      Transferor owns and proposes to transfer a beneficial interest in the
      following:

    

    
      	
              (i)

            	 	
              G

            	
              Class
                [___] Rule 144A Global Certificate, principal amount of $_____________,
                

            
	 	 	 	 
	
              (ii)

            	 	
              G

            	
              Class
                [___] Rule 144A Global Certificate, principal amount of $_____________,
                or

            
	 	 	 	 
	
              (iii)

            	 	
              G

            	
              Class
                [___] Rule 144A Global Certificate, principal amount of
                $_____________.

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-4

    

    FORM
      OF
      TRANSFER CERTIFICATE FOR EXCHANGE OR

    TRANSFER
      FROM REGULATION S GLOBAL CERTIFICATE TO

    RULE
      144A
      GLOBAL CERTIFICATE

    

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110

    

    

    Reference
      is hereby made to the Pooling and Servicing Agreement (“Pooling and Servicing
      Agreement”), dated as of April 1, 2007, among Structured Asset Mortgage
      Investments II Inc., as Depositor, EMC Mortgage Corporation, as Seller and
      Master Servicer and U.S. Bank National Association as Trustee. Capitalized
      terms
      used but not defined herein are used as defined in the Pooling and Servicing
      Agreement:

    

    The
      undersigned (the “Transferor”)
      owns
      and proposes to transfer the interests in the Regulation S Global Certificates
      specified in Annex A hereto (the “Certificates”),
      in
      the principal amounts in such Regulation S Global Certificates (the
“Transfer”),
      as
      further specified in Annex A hereto. In connection with the Transfer, the
      Transferor hereby certifies that:

    

    
      	 	
              (a)

            	
              the
                Transfer is being effected in accordance with transfer restrictions
                set
                forth in the Pooling and Servicing Agreement and the
                Certificates;

            

    

    

    
      	 	
              (b)

            	
              the
                Transfer is being effected pursuant to and in accordance with Rule
                144A
                under the Securities Act of 1933, as amended (the “Securities
                Act”),
                and, accordingly, the Transferor hereby further certifies
                that:

            

    

    

    
      	 	
              (i)

            	
              the
                Transferee is purchasing the beneficial interest for its own account,
                or
                for one or more accounts with respect to which the Transferee exercises
                sole investment discretion,

            

    

    

    
      	 	
              (ii)

            	
              the
                Transferor reasonably believes that the Transferee and each such
                account
                is a “qualified institutional buyer” within the meaning of Rule 144A,
                and

            

    

    

    
      	 	
              (iii)

            	
              the
                Transfer is in compliance with any applicable blue sky securities
                laws of
                any state of the United States.

            

    

    
 

    Upon
      consummation of the proposed Transfer in accordance with the terms of the
      Pooling and Servicing Agreement, the transferred beneficial interest will be
      subject to the restrictions on transfer enumerated in the legends printed on
      the
      Rule 144A Global Certificates by which the Transferee shall hold its interest
      and in the Pooling and Servicing Agreement and the Securities Act.

    

    
      	
              Dated:

            	
              Very
                truly yours,

            
	 	
              [Name
                of Transferor]

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    ANNEX
      A

    

    The
      Transferor owns and proposes to transfer a beneficial interest in the
      following:

    

    
      	
              (i)

            	 	
              G

            	
              Class
                [___] Regulation S Global Certificate, principal amount of $_____________,
                

            
	 	 	 	 
	
              (ii)

            	 	
              G

            	
              Class
                [___] Regulation S Global Certificate, principal amount of $_____________,
                or

            
	 	 	 	 
	
              (iii)

            	 	
              G

            	
              Class
                [___] Regulation S Global Certificate, principal amount of
                $_____________.

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      G

    

    FORM
      OF CUSTODIAL AGREEMENT

    

    THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of April 30, 2007, by and among U.S. BANK NATIONAL
      ASSOCIATION, not individually but solely as trustee under the Pooling and
      Servicing Agreement defined below (including its successors under the Pooling
      and Servicing Agreement defined below, the “Trustee”), STRUCTURED ASSET MORTGAGE
      INVESTMENTS II INC., as depositor (together with any successor in interest,
      the
“Depositor”), EMC MORTGAGE CORPORATION, as
      a seller
      (in such capacity, “EMC”) as master servicer (together
      with any successor in interest or successor under the Pooling and Servicing
      Agreement referred to below, the “Master Servicer”), WELLS FARGO BANK, NATIONAL
      ASSOCIATION, as custodian (together with any successor in interest or any
      successor appointed hereunder, the “Custodian”) and MASTER FUNDING LLC, as a
      seller (“Master Funding”, and together with EMC, the “Sellers”).

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, EMC Mortgage Corporation, as a seller (in such capacity, “EMC”),
      the Master Servicer and the Trustee have entered into a Pooling and Servicing
      Agreement, dated as of April 1, 2007, relating to the issuance of Prime Mortgage
      Trust, Mortgage Pass-Through Certificates, Series 2007-2 (as in effect on the
      date of this agreement, and as amended and supplemented from time to time,
      the
“Pooling and Servicing Agreement”).

     

    WHEREAS,
      the Custodian has agreed to act as agent for the Trustee on behalf of the
      Certificateholders for the purposes of receiving and holding certain documents
      and other instruments delivered by the Depositor, the Sellers or the Master
      Servicer under the Pooling and Servicing Agreement and the Servicers under
      their
      respective Servicing Agreements, all upon the terms, conditions and obligations
      and subject to the limitations hereinafter set forth. In the event any custodian
      terms, conditions and obligations are defined in the Pooling and Servicing
      Agreement, this custodial agreement shall supersede.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor, the Sellers,
      the
      Master Servicer and the Custodian hereby agree as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the 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 Depositor for the purpose of recording it in the appropriate
      public office for real property records, and the Depositor, at no expense to
      the
      Custodian, shall promptly cause to be recorded in the appropriate public office
      for real property records each such assignment of Mortgage and, upon receipt
      thereof from such public office, shall return each such assignment of Mortgage
      to the Custodian.

     

    Section
      2.3.  Review
      of Mortgage Files.

     

    (a)  On
      or
      prior to the Closing Date, in accordance with Section 2.02 of the Pooling and
      Servicing Agreement, the Custodian shall deliver to EMC (on its own behalf
      and
      on behalf of Master Funding), the Depositor, the Master Servicer and the Trustee
      an Initial Certification in the form annexed hereto as Exhibit One evidencing
      receipt (subject to any exceptions noted therein) of a Mortgage File for each
      of
      the Mortgage Loans listed on Schedule A attached hereto (the “Mortgage Loan
      Schedule”).

     

    (b)  Within
      90
      days of the Closing Date, the Custodian agrees, for the benefit of
      Certificateholders, to review, in accordance with the provisions of Section
      2.02
      of the Pooling and Servicing Agreement, each such document, and shall deliver
      to
      EMC (on its own behalf and on behalf of Master Funding), the Depositor, the
      Master Servicer and the Trustee an Interim Certification in the form annexed
      hereto as Exhibit Two to the effect that all such documents have been executed
      and received and that such documents relate to the Mortgage Loans identified
      on
      the Mortgage Loan Schedule, except for any exceptions listed on Schedule A
      attached to such Interim Certification. The Custodian shall be under no duty
      or
      obligation to inspect, review or examine said documents, instruments,
      certificates or other papers to determine that the same are genuine,
      enforceable, or appropriate for the represented purpose or that they have
      actually been recorded or that they are other than what they purport to be
      on
      their face.

     

    (c)  Not
      later
      than 180 days after the Closing Date, the Custodian shall review, for the
      benefit of Certificateholders, the Mortgage Files as provided in Section 2.02
      of
      the Pooling and Servicing Agreement and deliver to EMC (on its own behalf and
      on
      behalf of Master Funding), the Depositor, the Master Servicer and the Trustee
      a
      Final Certification in the form annexed hereto as Exhibit Three evidencing
      the
      completeness of the Mortgage Files. 

     

    (d)  In
      reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
      Agreement, the Custodian shall make no representation as to and shall not be
      responsible to verify (i) the validity, legality, enforceability, due
      authorization, recordability, sufficiency or genuineness of any of the documents
      included in any Mortgage File or (ii) the collectability, insurability,
      effectiveness or suitability of any of the documents in any Mortgage
      File.

     

    Upon
      receipt of written request from EMC, the Master Servicer or the Trustee, the
      Custodian shall as soon as practicable supply such Person 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 Master Servicer and the
      Trustee.

     

    Section
      2.5.  Custodian
      to Cooperate: Release of Mortgage Files.
      Upon
      receipt of written notice from the Depositor that EMC has repurchased one or
      more Mortgage Loans pursuant to Article II of the Pooling and Servicing
      Agreement, and a request for release (a “Request for Release”) confirming that
      the purchase price therefor has been deposited in the Master Servicer Collection
      Account or the Distribution Account, then the Custodian agrees to promptly
      release to the Seller the related Mortgage Files.

     

    Upon
      the
      Custodian’s receipt of a Request for Release substantially in the form of
      Exhibit D to the Pooling and Servicing Agreement signed by a Servicing Officer
      of the related 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 related Servicer,
      the related Mortgage File. The Depositor shall deliver to the Custodian and
      the
      Custodian agrees to review in accordance with the provisions of this Agreement
      the Mortgage Note and other documents constituting the Mortgage File with
      respect to any Substitute 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,
      the
      related Servicer (or if the Servicer does not, the Master Servicer) 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
related
      Servicer
      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 related Servicer. All Mortgage Files
      so
      released to the related Servicer shall be held by it in trust for the Trustee
      for the use and benefit of all present and future Certificateholders. The
      related Servicer shall cause each Mortgage File or any document therein so
      released to be returned to the Custodian when the need therefor by the related
      Servicer 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 related Servicer
      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 related Servicer is required to deliver to the Custodian a Request
      for Release, the related Servicer shall deliver two copies of the Request for
      Release if delivered in hard copy or the related Servicer 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 followed by an assignment of mortgage, without recourse, representation
      or
      warranty from the Trustee to the Seller (unless such Mortgage Loan is a MOM
      Loan) and the related Mortgage Note shall be endorsed without recourse,
      representation or warranty by the Trustee and be returned to the Seller;
      provided, however, that in the case of a Mortgage Loan that is registered on
      the
      MERS System, no assignment of mortgage or endorsement of the Mortgage Note
      by
      the Trustee shall be required. 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 related Servicer.

     

    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 shall enforce any obligation of the
      related Servicer under the related Servicing Agreement 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
      as 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 Depositor, the Servicers 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 Mortgage Pass-Through Certificates with the same rights it would
      have
      if it were not Custodian.

     

    Section
      3.3.  Trustee
      to Pay Custodian’s Fees.
      The
      Trustee 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.

     

    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 with the consent of the Master
      Servicer. 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
      Servicer, or 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; provided that such successor is a depository institution
      subject to supervision or examination by federal or state authority and is
      able
      to satisfy the other requirements contained in Section 3.6 and is unaffiliated
      with the Master Servicer or the Depositor.

     

    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.
      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
      Custodians” (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, the Trustee 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:

     

    deliver
      to the Master Servicer, the Trustee and the Depositor a report regarding the
      Custodian’s assessment of compliance (an “Assessment of Compliance”) with the
      Servicing Criteria (as identified and marked in Exhibit Four attached hereto)
      during the preceding calendar year, as required under Rules 13a-18 and 15d-18
      of
      the Exchange Act and Item 1122 of Regulation AB. The Assessment of Compliance,
      as set forth in Regulation AB, must contain (i) a statement by such officer
      of
      its responsibility for assessing compliance with the Servicing Criteria
      applicable to the Custodian, (ii) a statement by such officer that the Custodian
      used the Servicing Criteria attached as Exhibit Four hereto, and which will
      also
      be attached to the Assessment of Compliance, to assess compliance with the
      Servicing Criteria applicable to the Custodian, (iii) an assessment by such
      officer of the Custodian’s compliance with the applicable Servicing Criteria for
      the period consisting of the preceding calendar year, including disclosure
      of
      any material instance of noncompliance with respect thereto during such period,
      which assessment shall be based on the activities the Custodian performs with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Custodian, that are backed by the same asset type as the Mortgage Loans, (iv)
      a
      statement that a registered public accounting firm has issued an attestation
      report on the Custodian’s Assessment of Compliance for the period consisting of
      the preceding calendar year, and (v) a statement as to which of the Servicing
      Criteria, if any, are not applicable to the Custodian, which statement shall
      be
      based on the activities the Custodian performs with respect to asset-backed
      securities transactions taken as a whole involving the Custodian, that are
      backed by the same asset type as the Mortgage Loans. Such report at a minimum
      shall address each of the Servicing Criteria identified and marked on Exhibit
      Four attached hereto as being applicable to the Custodian; and

     

    deliver
      to the Master Servicer, the Trustee and the Depositor an Attestation Report
      (an
“Attestation Report”) by a registered public accounting firm that attests to,
      and reports on, the Assessment of Compliance made by the Custodian, as required
      by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
      AB, which Attestation Report must be made in accordance with standards for
      attestation reports issued or adopted by the Public Company Accounting Oversight
      Board.

     

    Notwithstanding
      the foregoing, an Assessment of Compliance is not required to be delivered
      by
      the Custodian unless it is required as part of a Form 10-K with respect to
      the
      Trust Fund.

     

    In
      the
      event the Custodian is terminated under, or resigns pursuant to, the terms
      of
      this Agreement, the Custodian shall provide an Assessment of Compliance and
      cause to be provided an Attestation Report pursuant to this Section 4.4
      notwithstanding any such termination or resignation.

     

    Section
      4.5.  Indemnification;
      Remedies.

     

    The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor, the
      Trustee, the Master Servicer 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:

     

    (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

     

    any
      failure by the Custodian to deliver any information, report, certification,
      accountants’ attestation or other material when and as required under this
      Article IV.

     

    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.

     

    

    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).

     

    Section
      5.2.  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, and
      neither the Depositor, the Master Servicer nor the Trustee shall enter into
      any
      amendment hereof except as permitted by the Pooling and Servicing Agreement.
      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
      5.3.  GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW
      YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION
      5-1401 AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED
      BY
      THE LAWS OF THE STATE OF NEW YORK.

     

    Section
      5.4.  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
      5.5.  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,
                Massachusetts 02110 

              Attention:
                Corporate Trust Services, PRIME 2007-2

              Telecopier
                No.: (617) 603-6638

            	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              not
                individually but solely as Trustee

               

              By: 
                __________________________________________

              Name:

              Title:

            
	 	 	 
	
              Address:

              383
                Madison Avenue

              New
                York, New York 10179

            	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC., 

              as
                Depositor

               

              By: 
                __________________________________________

              Name:

              Title:

            
	 	 	 
	
              Address:

              2780
                Lake Vista Drive

              Lewisville,
                Texas 75067

              (Facsimile:
                (214) 626-4889

              Attention:
                Michelle Viner

            	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer and Seller

               

              By: 
                __________________________________________

              Name:

              Title:

            
	 	 	 
	
              Address:

              2780
                Lake Vista Drive, 

              Lewisville,
                Texas 75067

              Facsimile:
                (214) 626-4889

              Attention:
                Mark Novachek

            	 	
              MASTER
                FUNDING LLC,

              as
                Seller

               

              By: 
                __________________________________________

              Name:

              Title:

            
	 	 	 
	
              Address:

              1015
                10th Avenue Southeast, MS 0031

              Minneapolis,
                Minnesota 55414

              Attention:
                PRIME 2007-2

            	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION 

              as
                Custodian

               

              By: 
                __________________________________________

              Name:

              Title:

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    
      	
              STATE
                OF MASSACHUSETTS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF

            	
              )

            

    

    

    On
      the
      30th
      day of
      April 2007 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, 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
      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

            

    

    

     

    [SEAL]

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      the
      30th
      day of
      April 2007 before me, a notary public in and for said State, personally appeared
      ____________________,
      known to
      me to be a(n) ____________________ of Structured Asset Mortgage Investments
      II
      Inc., one of the corporations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said corporation,
      and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

      

    

    [SEAL]

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    On
      the
      30th
      day of
      April 2007 before me, a notary public in and for said State, personally appeared
      _______________________, known to me to be a(n) __________________ 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

              

      

      

    

    [SEAL]

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF DALLAS

            	
              )

            

    

    

    On
      the
      30th
      day of
      April 2007 before me, a notary public in and for said State, personally appeared
      _______________________, known to me to be a(n) __________________ of Master
      Funding LLC, one of the parties that executed the within instrument, and also
      known to me to be the person who executed the within instrument on behalf of
      said party, and acknowledged to me that such party executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    

    
      
        	 	 
	 	
                Notary
                  Public

              

      

      

    

    [SEAL]

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    
      	
              STATE
                OF MINNESOTA

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF HENNEPIN

            	
              )

            

    

    

    On
      the
      30th
      day of
      April 2007 before me, a notary public in and for said State, personally appeared
      _________________ known to me to be a(n) __________________of Wells Fargo Bank,
      N.A., 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 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

              

      

      

    

    [SEAL]

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      A

    

    MORTGAGE
      LOAN SCHEDULE

    

    (PROVIDED
      UPON REQUEST)

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    EXHIBIT
      ONE

    

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

    

                                April
      30,
      2007

     

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110 

    Attention:
      Corporate Trust Services, PRIME 2007-2

    Telecopier
      No.: (617) 603-6638

    

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      Texas 75067

    Facsimile:
      (469) 759-4714

    Attention:
      General Counsel

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

    Facsimile
      No.: (212) 272-2000

    

    Attention:
      PRIME 2007-2

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, U.S. Bank
                National
                Association and Wells Fargo Bank, National Association as Custodian
                relating to Prime Mortgage Trust 2007-2, Mortgage Pass-Through
                Certificates, Series 2007-2

            

    

    

    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,
      Massachusetts 02110 

    Attention:
      Corporate Trust Services, PRIME 2007-2

    Telecopier
      No.: (617) 603-6638

    

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      Texas 75067

    Facsimile:
      (469) 759-4714

    Attention:
      General Counsel

     

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

    Facsimile
      No.: (212) 272-2000

    

    Attention:
      PRIME 2007-2

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, U.S. Bank
                National
                Association and Wells Fargo Bank, National Association as Custodian
                relating to Prime Mortgage Trust 2007-2, Mortgage Pass-Through
                Certificates, Series 2007-2

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

    
      	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      A

    

    (PROVIDED
      UPON REQUEST)

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      THREE

    

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

    

    [DATE]

    

    U.S.
      Bank
      National Association

    One
      Federal Street, 3rd Floor

    Boston,
      Massachusetts 02110 

    Attention:
      Corporate Trust Services, PRIME 2007-2

    Telecopier
      No.: (617) 603-6638

    

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      Texas 75067

    Facsimile:
      (469) 759-4714

    Attention:
      General Counsel

     

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

    Facsimile
      No.: (212) 272-2000

    

    Attention:
      PRIME 2007-2

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of April 30, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, U.S. Bank
                National
                Association and Wells Fargo Bank, National Association, as Custodian
                relating to Prime Mortgage Trust 2007-2, Mortgage Pass-Through
                Certificates, Series 2007-2

            

    

    

    Ladies
      and Gentlemen:

    

    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 45 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
      H

    

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

    

    MORTGAGE
      LOAN PURCHASE AGREEMENT, dated as of April 30, 2007, as amended and supplemented
      by any and all amendments hereto (collectively, the “Agreement”),
      by
      and among EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC” or a
“Seller”), MASTER FUNDING LLC, a Delaware limited liability company (“Master
      Funding” or a “Seller”, and together with EMC, the “Sellers”)
      and
      STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., a Delaware corporation (the
      “Purchaser”).

     

    Upon
      the
      terms and subject to the conditions of this Agreement, each Seller agrees to
      sell, and the Purchaser agrees to purchase, certain conventional, first lien
      mortgage loans secured primarily by one- to four-family residential properties
      and individual condominium units (collectively, the “Mortgage
      Loans”)
      as
      described herein. The Purchaser intends to deposit the Mortgage Loans into
      a
      trust fund (the “Trust
      Fund”)
      and
      create Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2
      (the “Certificates”),
      under
      a pooling and servicing agreement, to be dated as of April 1, 2007 (the
“Pooling
      and Servicing Agreement”),
      among
      the Purchaser, as depositor, U.S. Bank National Association, as trustee (the
      “Trustee”)
      and
      EMC Mortgage Corporation, as seller and master servicer.

     

    The
      Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
      a
      registration statement on Form S-3 (Number 333-140247) relating to its
Mortgage
      Pass-Through Certificates
      and the
      offering of certain series thereof (including certain classes of the
      Certificates) from time to time in accordance with Rule 415 under the Securities
      Act of 1933, as amended, and the rules and regulations of the Commission
      promulgated thereunder (the “Securities
      Act”).
      Such
      registration statement, when it became effective under the Securities Act,
      and
      the prospectus relating to the public offering of certain classes of the
      Certificates by the Purchaser (the “Public
      Offering”),
      as
      each may be amended or supplemented from time to time pursuant to the Securities
      Act or otherwise, are referred to herein as the “Registration
      Statement”
and
      the
“Prospectus,”
      respectively. The “Term
      Sheet Supplement”
shall
      mean the free writing prospectus, dated April 27, 2007. The
      “Prospectus
      Supplement”
shall
      mean the final supplement, dated April
      30,
      2007,
      to the
      Prospectus, dated March
      20,
      2007,
      relating to certain classes of the Certificates. With
      respect to the Public Offering of certain classes of the Certificates, the
      Purchaser and Bear, Stearns & Co. Inc. (“Bear
      Stearns”)
      have
      entered into a terms agreement dated as of April 27, 2007 to an underwriting
      agreement dated February 26, 2007, between the Purchaser and Bear Stearns
      (together, the “Underwriting
      Agreement”).

     

    Now,
      therefore, in consideration of the premises and the mutual agreements set forth
      herein, the parties hereto agree as follows:

     

    SECTION
      1.  Definitions.
      Certain
      terms are defined herein. Capitalized terms used herein but not defined herein
      shall have the meanings specified in the Pooling and Servicing Agreement. The
      following other terms are defined as follows:

     

    Acquisition
      Price:
      With
      respect to EMC and the sale of the EMC Mortgage Loans, cash in an amount equal
      to $______ (plus $______ in accrued interest)2 .
      With
      respect to Master Funding and the sale of the Master Funding Mortgage Loans,
      cash in an amount equal to $______ (plus $______ in accrued
      interest)2.

     

    Bear
      Stearns:
      Bear,
      Stearns & Co. Inc.

     

    Closing
      Date:
      April
      30, 2007.

     

    Cut-off
      Date:
      April
      1, 2007.

     

    Cut-off
      Date Balance:
      Shall
      mean $331,901,017.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan replaced or to be replaced by a Substitute Mortgage
      Loan.

     

    Due
      Date:
      With
      respect to each Mortgage Loan, the date in each month on which its scheduled
      payment is due if such due date is the first day of a month and otherwise is
      deemed to be the first day of the following month or such other date specified
      in the related Servicing Agreement.

     

    EMC:
      EMC
      Mortgage Corporation.

     

    EMC
      Flow Loans:
      The
      Mortgage Loans purchased by EMC pursuant to a flow loan purchase
      agreement.

     

    EMC
      Mortgage Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule for which EMC
      is
      the applicable Seller.

     

    Fitch:
      Fitch
      Ratings, or its successor in interest.

     

    Master
      Funding:
      Master
      Funding LLC.

     

    Master
      Funding Mortgage Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule for which Master
      Funding is the applicable Seller.

     

    Master
      Servicer:
      EMC
      Mortgage Corporation.

     

    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.

     

    Mortgage:
      The
      mortgage or deed of trust creating a first lien on an interest in real property
      securing a Mortgage Note.

     

    Mortgage
      File:
      The
      items referred to in Exhibit
      1
      pertaining to a particular Mortgage Loan and any additional documents required
      to be added to such documents pursuant to this Agreement.

     

    Mortgage
      Interest Rate:
      The
      annual rate of interest borne by a Mortgage Note as stated therein.

     

    Mortgagor:
      The
      obligor(s) on a Mortgage Note.

     

    Net
      Rate:
      For
      each Mortgage Loan, the Mortgage Interest Rate for such Mortgage Loan less
      the
      Servicing Fee Rate and the Lender-Paid PMI Rate (if applicable).

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be counsel for a 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 (or any property acquired with respect thereto)
      required to be repurchased by EMC (on its own behalf as a Seller and on behalf
      of Master Funding) pursuant to this Agreement or Article II of the Pooling
      and
      Servicing Agreement, an amount equal to the sum of (i)(a) 100% of the
      Outstanding Principal Balance of such Mortgage Loan as of the date of repurchase
      (or if the related Mortgaged Property was acquired with respect thereto, 100%
      of
      the Outstanding Principal Balance at the date of the acquisition), plus (b)
      accrued but unpaid interest on the Outstanding Principal Balance at the related
      Mortgage Interest Rate, through and including the last day of the month of
      repurchase, plus (c) any unreimbursed Monthly Advances and servicing advances
      payable to the Servicer of the Mortgage Loan and (ii) 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:
      Fitch
      and S&P, each a “Rating
      Agency.”

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended.

     

    Security
      Instrument:
      A
      written instrument creating a valid first lien on a Mortgaged Property securing
      a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
      deed to secure debt or security deed, including any riders or addenda
      thereto.

     

    Servicing
      Agreements:
      Shall
      have the meaning assigned to such term in the Pooling and Servicing
      Agreement.

     

    Standard
      & Poor’s or S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
      successors in interest.

     

    Substitute
      Mortgage Loan:
      A
      mortgage loan substituted for a Deleted Mortgage Loan which must meet on the
      date of such substitution the requirements stated herein and in the Pooling
      and
      Servicing Agreement; upon such substitution, such mortgage loan shall be a
      “Mortgage Loan” hereunder.

     

    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.

     

    SECTION
      2.  Purchase
      and Sale of the Mortgage Loans and Related Rights.
      (a)
      Upon
      satisfaction of the conditions set forth in Section 11 hereof, each Seller
      agrees to sell, and the Purchaser agrees to purchase Mortgage Loans sold by
      such
      Seller having an aggregate outstanding principal balance as of the Cut-off
      Date
      equal to the Cut-off Date Balance.

     

    (b)  The
      closing for the purchase and sale of the Mortgage Loans and the closing for
      the
      issuance of the Certificates will take place on the Closing Date at the office
      of the Purchaser’s counsel in New York, New York or such other place as the
      parties shall agree.

     

    (c)  Upon
      the
      satisfaction of the conditions set forth in Section 11 hereof, on the Closing
      Date, the Purchaser shall pay to each respective Seller the related Acquisition
      Price for the Mortgage Loans sold by such Seller in immediately available funds
      by wire transfer to such account or accounts as shall be designated by such
      Seller.

     

    (d)  In
      addition to the foregoing, on the Closing Date each Seller assigns to the
      Purchaser all of its right, title and interest in the Servicing Agreements
      (other than its right to enforce the representations and warranties set forth
      therein).

     

    SECTION
      3.  Mortgage
      Loan Schedule.
      EMC (on
      its own behalf as a Seller and on behalf of Master Funding) agrees to provide
      to
      the Purchaser as of the Cut-off Date a listing of the Mortgage Loans (the
“Mortgage
      Loan Schedule”)
      setting forth the information listed on Exhibit
      2
      to this
      Agreement with respect to each of the Mortgage Loans being sold by the
      respective Seller. The Mortgage Loan Schedule shall be delivered to the
      Purchaser on the Closing Date and shall be in form and substance mutually agreed
      to by EMC (on its own behalf as a Seller and on behalf of Master Funding) and
      the Purchaser.

     

    SECTION
      4.  Mortgage
      Loan Transfer.

     

    (a)  The
      Purchaser will be entitled to all scheduled payments of principal and interest
      on the Mortgage Loans due after the Cut-off Date (regardless of when actually
      collected) and all payments thereon, other than scheduled principal and interest
      due on or before the Cut-off Date but received after the Cut-off Date. Each
      Seller will be entitled to all scheduled payments of principal and interest
      on
      the Mortgage Loans due on or before the Cut-off Date (including payments
      collected after the Cut-off Date) and all payments thereon, other than scheduled
      principal and interest due after the Cut-off Date but received on or before
      the
      Cut-off Date. Such principal amounts and any interest thereon belonging to
      the
      related Seller as described above will not be included in the aggregate
      outstanding principal balance of the Mortgage Loans as of the Cut-off Date
      as
      set forth on the Mortgage Loan Schedule.

     

    (b)  Pursuant
      to various conveyancing documents to be executed on the Closing Date and
      pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
      on
      the Closing Date all of its right, title and interest in and to the Mortgage
      Loans to the Trustee for the benefit of the Certificateholders. In connection
      with the transfer and assignment of the Mortgage Loans, each Seller has
      delivered or will deliver or cause to be delivered to the Trustee by the Closing
      Date or such later date as is agreed to by the Purchaser and such Seller (each
      of the Closing Date and such later date is referred to as a “Mortgage
      File Delivery Date”),
      the
      items of each Mortgage File, provided,
      however,
      that in
      lieu of the foregoing, each Seller may deliver the following documents, under
      the circumstances set forth below: (w) in lieu of the original Security
      Instrument (other than the Mortgages related to the EMC Flow Loans), assignments
      to the Trustee or intervening assignments thereof which have been delivered,
      are
      being delivered or will, upon receipt of recording information relating to
      the
      Security Instrument required to be included thereon, be delivered to recording
      offices for recording and have not been returned to the related Seller in time
      to permit their delivery as specified above, the related Seller may deliver
      a
      true copy thereof with a certification, on the face of such copy, substantially
      as follows: “Certified to be a true and correct copy of the original”; (x) in
      lieu of the Security Instrument (other than the Mortgages related to the EMC
      Flow Loans), assignments to the Trustee or intervening assignments thereof,
      if
      the applicable jurisdiction retains the originals of such documents (as
      evidenced by a certification from such Seller to such effect) such 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; (y) in lieu of the Mortgage Notes relating to the
      Mortgage Loans, each identified in the list delivered by the Purchaser to the
      Trustee on the Closing Date and attached hereto as Exhibit 5, the related Seller
      may deliver lost note affidavits and indemnities of such Seller; and (z) the
      related Seller shall not be required to deliver intervening assignments or
      Mortgage Note endorsements between the related Underlying Seller and such
      Seller, between such Seller 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 such Seller, in lieu of delivering the above documents, may deliver to
      the
      Trustee a certification by such Seller or the Master Servicer to such effect
      and
      shall deposit all amounts paid in respect of such Mortgage Loans in the Master
      Servicer Collection Account on the Closing Date. Each 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
      promptly after they are received. EMC (on its own behalf as a Seller and on
      behalf of Master Funding) shall cause the Mortgage and intervening assignments,
      if any, and the assignment of the Security Instrument to be recorded not later
      than 180 days after the Closing Date, unless such assignment is not required
      to
      be recorded under the terms set forth in Section 6(a) hereof.

     

    (c)  In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as a Seller and on behalf of Master Funding)
      further agrees that it will cause, at EMC’s own expense, within 30 days after
      the Closing Date, the MERS® System to indicate that such Mortgage Loans have
      been assigned by the related Seller to the Purchaser and by the Purchaser to
      the
      Trustee in accordance with this Agreement for the benefit of the
      Certificateholders by including (or deleting, in the case of Mortgage Loans
      which are repurchased in accordance with this Agreement) in such computer files
      (a) the code in the field which identifies the specific Trustee and (b) the
      code
      in the field “Pool Field” which identifies the series of the Certificates issued
      in connection with such Mortgage Loans. EMC (on its own behalf as a Seller
      and
      on behalf of Master Funding) further agrees that it will not, and will not
      permit any Servicer or the Master Servicer, and the Master Servicer agrees
      that
      it will not, alter the codes referenced in this paragraph with respect to any
      Mortgage Loan during the term of the Pooling and Servicing Agreement unless
      and
      until such Mortgage Loan is repurchased in accordance with the terms of the
      Pooling and Servicing Agreement.

     

    (d)  Each
      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 Holders of the Mortgage, on the date
      hereof.

     

    SECTION
      5.  Examination
      of Mortgage Files.

     

    (a)  On
      or
      before the Mortgage File Delivery Date, each Seller will have made the related
      Mortgage Files available to the Purchaser or its agent for examination which
      may
      be at the offices of the Trustee or the related Seller and/or such Seller’s
      custodian. The fact that the Purchaser or its agent has conducted or has failed
      to conduct any partial or complete examination of the related Mortgage Files
      shall not affect the Purchaser’s rights to demand cure, repurchase, substitution
      or other relief as provided in this Agreement. In furtherance of the foregoing,
      each Seller shall make the related Mortgage Files available to the Purchaser
      or
      its agent from time to time so as to permit the Purchaser to confirm such
      Seller’s compliance with the delivery and recordation requirements of this
      Agreement and the Pooling and Servicing Agreement. In addition, upon request
      of
      the Purchaser, each Seller agrees to provide to the Purchaser, Bear Stearns
      and
      to any investors or prospective investors in the Certificates information
      regarding the Mortgage Loans and their servicing, to make the related Mortgage
      Files available to the Purchaser, Bear Stearns and to such investors or
      prospective investors (which may be at the offices of the related Seller and/or
      such Seller’s custodian) and to make available personnel knowledgeable about the
      related Mortgage Loans for discussions with the Purchaser, Bear Stearns and
      such
      investors or prospective investors, upon reasonable request during regular
      business hours, sufficient to permit the Purchaser, Bear Stearns and such
      investors or potential investors to conduct such due diligence as any such
      party
      reasonably believes is appropriate.

     

    (b)  Pursuant
      to the Pooling and Servicing Agreement, on the Closing Date the Custodian,
      on
      behalf of the Trustee, for the benefit of the Certificateholders, will
      acknowledge receipt of each Mortgage Loan by delivery to EMC (on its own behalf
      as a Seller and on behalf of Master Funding), the Purchaser and the Trustee
      of
      an initial certification in the form attached as Exhibit One to the Custodial
      Agreement.

     

    (c)  Pursuant
      to the Pooling and Servicing Agreement, within 90 days of the Closing Date
      (or,
      with respect to any Substitute Mortgage Loan, within five Business Days after
      the receipt by the Trustee or Custodian thereof), the Trustee will review or
      shall cause the Custodian to review items of the Mortgage Files as set forth
      on
Exhibit
      1
      and will
      deliver to EMC (on its own behalf as a Seller and on behalf of Master Funding),
      the Purchaser and the Trustee an interim certification substantially in the
      form
      of Exhibit Two to the Custodial Agreement. If the Trustee or Custodian, as
      its
      agent, finds any document listed on Exhibit
      1
      not to
      have been executed or received, or to be unrelated, determined on the basis
      of
      the Mortgagor name, original principal balance and loan number, to the Mortgage
      Loans identified in the Final Mortgage Loan Schedule or to appear defective
      on
      its face (a “Material
      Defect”),
      the
      Trustee or the Custodian, as its agent, shall promptly notify EMC of such
      Material Defect. EMC (on its own behalf as a Seller and on behalf of Master
      Funding) shall correct or cure any such Material Defect within 90 days from
      the
      date of notice from the Trustee or the Custodian, as its agent, of the Material
      Defect and if EMC (on its own behalf as a Seller and on behalf of Master
      Funding) fails to correct or cure such Material Defect within such period and
      such defect materially and adversely affects the interests of the
      Certificateholders in the related Mortgage Loan, EMC (on its own behalf as
      a
      Seller and on behalf of Master Funding) will, in accordance with the terms
      of
      the Pooling and Servicing Agreement, within 90 days of the date of notice,
      provide the Trustee with a Substitute Mortgage Loan (if within two years of
      the
      Closing Date) or purchase the related Mortgage Loan at the applicable Purchase
      Price; provided
      that,
      if such
      defect would cause the Mortgage Loan to be other than a “qualified mortgage” as
      defined in Section 860G(a)(3) of the Code, any such cure, repurchase or
      substitution must occur within 90 days from the date such breach was discovered;
      provided, however,
      that if
      such defect relates solely to the inability of EMC (on its own behalf as a
      Seller and on behalf of Master Funding) to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy because
      the
      originals of such documents, or a certified copy, have not been returned by
      the
      applicable jurisdiction, EMC shall not be required to purchase such Mortgage
      Loan if EMC (on its own behalf as a Seller and on behalf of Master Funding)
      delivers such original documents or certified copy promptly upon receipt, but
      in
      no event later than 360 days after the Closing Date. The foregoing repurchase
      obligation shall not apply in the event that EMC (on its own behalf as a Seller
      and on behalf of Master Funding) cannot deliver such original or copy of any
      document submitted for recording to the appropriate recording office in the
      applicable jurisdiction because such document has not been returned by such
      office; provided that EMC (on its own behalf as a Seller and on behalf of Master
      Funding) shall instead deliver a recording receipt of such recording office
      or,
      if such receipt is not available, a certificate confirming that such documents
      have been accepted for recording, and delivery to the Trustee or the Custodian,
      as its agent, shall be effected by EMC (on its own behalf as a Seller and on
      behalf of Master Funding) within thirty days of its receipt of the original
      recorded document.

     

    (d)  Pursuant
      to the Pooling and Servicing Agreement, within 180 days of the Closing Date
      (or,
      with respect to any Substitute Mortgage Loan, within five Business Days after
      the receipt by the Trustee or Custodian thereof) the Trustee will review or
      cause the Custodian to review items of the Mortgage Files as set forth on
Exhibit
      1
      and will
      deliver to EMC (on its own behalf as a Seller and on behalf of Master Funding),
      the Purchaser and the Trustee a final certification substantially in the form
      of
      Exhibit Three to the Custodial Agreement. If the Trustee or Custodian, as its
      agent, finds a Material Defect, the Trustee or the Custodian, as its agent,
      shall promptly notify EMC of such Material Defect. EMC (on its own behalf as
      a
      Seller and on behalf of Master Funding) shall correct or cure any such Material
      Defect within 90 days from the date of notice from the Trustee or the Custodian,
      as its agent, of the Material Defect and if EMC (on its own behalf as a Seller
      and on behalf of Master Funding) fails to correct or cure such Material Defect
      within such period and such defect materially and adversely affects the
      interests of the Certificateholders in the related Mortgage Loan, EMC (on its
      own behalf as a Seller and on behalf of Master Funding) will, in accordance
      with
      the terms of the Pooling and Servicing Agreement, within 90 days of the date
      of
      notice, provide the Trustee with a Substitute Mortgage Loan (if within two
      years
      of the Closing Date) or purchase the related Mortgage Loan at the applicable
      Purchase Price; provided
      that,
      if such
      defect would cause the Mortgage Loan to be other than a “qualified mortgage” as
      defined in Section 860G(a)(3) of the Code, any such cure, repurchase or
      substitution must occur within 90 days from the date such breach was discovered;
      provided, however,
      that if
      such defect relates solely to the inability of EMC (on its own behalf as a
      Seller and on behalf of Master Funding) to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy because
      the
      originals of such documents, or a certified copy, have not been returned by
      the
      applicable jurisdiction, EMC shall not be required to purchase such Mortgage
      Loan if EMC (on its own behalf as a Seller and on behalf of Master Funding)
      delivers such original documents or certified copy promptly upon receipt, but
      in
      no event later than 360 days after the Closing Date. The foregoing repurchase
      obligation shall not apply in the event that EMC (on its own behalf as a Seller
      and on behalf of Master Funding) cannot deliver such original or copy of any
      document submitted for recording to the appropriate recording office in the
      applicable jurisdiction because such document has not been returned by such
      office; provided that EMC (on its own behalf as a Seller and on behalf of Master
      Funding) shall instead deliver a recording receipt of such recording office
      or,
      if such receipt is not available, a certificate confirming that such documents
      have been accepted for recording, and delivery to the Trustee or the Custodian,
      as its agent, shall be effected by EMC (on its own behalf as a Seller and on
      behalf of Master Funding) within thirty days of its receipt of the original
      recorded document.

     

    (e)  At
      the
      time of any substitution, EMC (on its own behalf as a Seller and on behalf
      of
      Master Funding) shall deliver or cause to be delivered the Substitute Mortgage
      Loan, the related Mortgage File and any other documents and payments required
      to
      be delivered in connection with a substitution pursuant to the Pooling and
      Servicing Agreement. At the time of any purchase or substitution, the Trustee
      in
      accordance with the terms of the Pooling and Servicing Agreement shall (i)
      assign to EMC (on its own behalf as a Seller and on behalf of Master Funding)
      and cause the Custodian to release the documents (including, but not limited
      to,
      the Mortgage, Mortgage Note and other contents of the Mortgage File) in the
      possession of the Custodian relating to the Deleted Mortgage Loan and (ii)
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as shall be necessary to vest in EMC (on its own behalf as
      a
      Seller and on behalf of Master Funding) title to such Deleted Mortgage
      Loan.

     

    SECTION
      6.  Recordation
      of Assignments of Mortgage.

     

    (a)  EMC
      (on
      its own behalf as a Seller and on behalf of Master Funding) shall cause each
      assignment of the Security Instrument from the Sellers to the Trustee to be
      recorded not later than 180 days after the Closing Date, unless (a) such
      recordation is not required by the Rating Agencies or an Opinion of Counsel
      has
      been provided to the Trustee (with a copy to the Custodian) which states that
      the recordation of such assignments is not necessary to protect the interests
      of
      the Certificateholders in the related Mortgage Loans or (b) MERS is identified
      on the Mortgage or a properly recorded assignment of the Mortgage, as the
      Mortgagee of record solely as nominee for the related Seller and its successors
      and assigns; provided,
      however,
      notwithstanding the foregoing, each assignment shall be submitted for recording
      by EMC (on its own behalf as a Seller and on behalf of Master Funding) in the
      manner described above, at no expense to the Trust or Trustee, upon the earliest
      to occur of (i) reasonable direction by the Holders of Certificates evidencing
      Fractional Undivided Interests aggregating not less than 25% of the portion
      of
      the Trust related to such Classes, (ii) the occurrence of an Event of Default,
      (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to
      EMC
      and (iv) the occurrence of a servicing transfer as described in Section 8.02
      of
      the Pooling and Servicing Agreement.

     

    While
      each such Mortgage or assignment is being recorded, if necessary, EMC (on its
      own behalf as a Seller and on behalf of Master Funding) shall leave or cause
      to
      be left with the Trustee a certified copy of such Mortgage or assignment. All
      customary recording fees and reasonable expenses relating to the recordation
      of
      the assignments of mortgage to the Trustee or the Opinion of Counsel, as the
      case may be, shall be borne by EMC.

     

    (b)  It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by each Seller to the Purchaser, as contemplated by this Agreement be, and
      be
      treated as, a sale. It is, further, not the intention of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by such Seller to the
      Purchaser to secure a debt or other obligation of that Seller. However, in
      the
      event that, notwithstanding the intent of the parties, the Mortgage Loans are
      held by a court to continue to be property of such Seller, then (a) this
      Agreement shall also be deemed to be a security agreement within the meaning
      of
      Articles 8 and 9 of the applicable Uniform Commercial Code; (b) the transfer
      of
      the Mortgage Loans provided for herein shall be deemed to be a grant by such
      Seller to the Purchaser of a security interest in all of such 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 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 9-313 (or comparable provision) of the applicable Uniform Commercial
      Code; and (d) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the
      Purchaser for the purpose of perfecting such security interest under applicable
      law. Any assignment of the interest of the Purchaser pursuant to any provision
      hereof or pursuant to the Pooling and Servicing Agreement shall also be deemed
      to be an assignment of any security interest created hereby. EMC (on its own
      behalf as a Seller and on behalf of Master Funding) and the Purchaser shall,
      to
      the extent consistent with this Agreement, take such actions as may be
      reasonably necessary to ensure that, if this Agreement were deemed to create
      a
      security interest in the Mortgage Loans, such security interest would be deemed
      to be a perfected security interest of first priority under applicable law
      and
      will be maintained as such throughout the term of the Pooling and Servicing
      Agreement.

     

    SECTION
      7.  Representations
      and Warranties of EMC Concerning the Mortgage Loans.
      EMC
      hereby represents and warrants to the Purchaser as of the Closing Date or such
      other date as may be specified below with respect to each Mortgage
      Loan:

     

    (i)  the
      information set forth in the Mortgage Loan Schedule attached hereto is true
      and
      correct in all material;

     

    (ii)  immediately
      prior to the transfer to the Purchaser, the related 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 such Seller has full right and authority
      to
      sell or assign the same pursuant to this Agreement;

     

    (iii)  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;

     

    (iv)  there
      is
      no monetary default existing under any Mortgage or the related Mortgage Note
      and
      there is no material event which, with the passage of time or with notice and
      the expiration of any grace or cure period, would constitute a default, breach
      or event of acceleration; and neither the related 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;

     

    (v)  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;

     

    (vi)  no
      selection procedure reasonably believed by the related Seller to be adverse
      to
      the interests of the Certificateholders was utilized in selecting the Mortgage
      Loans;

     

    (vii)  each
      Mortgage is a valid and enforceable first lien on the property securing the
      related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
      in
      fee simple (except with respect to common areas in the case of condominiums,
      PUDs and de minimis
      PUDs) or
      by leasehold for a term longer than the term of the related Mortgage, subject
      only to (i) the lien of current real property taxes and assessments, (ii)
      covenants, conditions and restrictions, rights of way, easements and other
      matters of public record as of the date of recording of such Mortgage, such
      exceptions being acceptable to mortgage lending institutions generally or
      specifically reflected in the appraisal obtained in connection with the
      origination of the related Mortgage Loan or referred to in the lender’s title
      insurance policy delivered to the originator of the related Mortgage Loan and
      (iii) other matters to which like properties are commonly subject which do
      not
      materially interfere with the benefits of the security intended to be provided
      by such Mortgage;

     

    (viii)  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;

     

    (ix)  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;

     

    (x)  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;

     

    (xi)  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;

     

    (xii)  the
      Mortgaged Property and all improvements thereon comply with all requirements
      of
      any applicable zoning and subdivision laws and ordinances;

     

    (xiii)  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
      related Seller’s knowledge, was qualified to do business in the jurisdiction
      where the related Mortgaged Property is located, insuring such Seller and its
      successors and assigns that the Mortgage is a first priority lien on the related
      Mortgaged Property in the original principal amount of the Mortgage Loan. The
      related 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;

     

    (xiv)  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.

     

    (xv)  the
      improvements on each Mortgaged Property securing a Mortgage Loan is insured
      (by
      an insurer which is acceptable to the related 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;

     

    (xvi)  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);

     

    (xvii)  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);

     

    (xviii)  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; 

     

    (xix)  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 5.7, Appendix E, attached hereto as Exhibit 6 or (b) was
      originated on or after October 1, 2002 and before March 7, 2003, which is
      governed by the Georgia Fair Lending Act;

     

    (xx)  each
      Mortgage Loan was originated in accordance with the underwriting guidelines
      of
      the related originator;

     

    (xxi)  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;

     

    (xxii)  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;

     

    (xxiii)  the
      Mortgage Loans are currently being serviced in accordance with accepted
      servicing practices; and

     

    (xxiv)  with
      respect to each Mortgage Loan that has a prepayment penalty feature, each such
      prepayment penalty is enforceable and will be enforced by the related Seller
      and
      each prepayment penalty is permitted pursuant to federal, state and local law.
      In addition, with respect to each Mortgage Loan (i) no Mortgage Loan will impose
      a prepayment penalty for a term in excess of five years from the date such
      Mortgage Loan was originated and (ii) such prepayment penalty is at least equal
      to the lesser of (A) the maximum amount permitted under applicable law and
      (B)
      six months interest at the related Mortgage Interest Rate on the amount prepaid
      in excess of 20% of the original principal balance of such Mortgage
      Loan.

     

    (xxv)  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;

     

    (xxvi)  each
      Mortgage Loan was originated (a) by a savings and loan association, savings
      bank, commercial bank, credit union, insurance company or similar institution
      that is supervised and examined by a federal or state authority, (b) by a
      mortgagee approved by the Secretary of Housing and Urban Development pursuant
      to
      Sections 203 and 211 of the National Housing Act, as amended, or (c) by a
      mortgage broker or correspondent lender in a manner such that the related
      Mortgage Loan would be regarded for purposes of Section 3(a)(41) of the
      Securities Exchange Act of 1934, as amended, as having been originated by an
      entity described in clauses (a) or (b) above.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 7 will inure to the benefit of the Purchaser, its successors and
      assigns, notwithstanding any restrictive or qualified endorsement on any
      Mortgage Note or assignment of Mortgage or the examination of any Mortgage
      File.
      Upon any substitution for a Mortgage Loan, the representations and warranties
      set forth above shall be deemed to be made by the related Seller as to any
      Substitute Mortgage Loan as of the date of substitution.

     

    Upon
      discovery or receipt of notice by EMC, the Purchaser or the Trustee of a breach
      of any representation or warranty of EMC set forth in this Section 7 which
      materially and adversely affects the value of the interests of the Purchaser,
      the Certificateholders or the Trustee in any of the Mortgage Loans delivered
      to
      the Purchaser pursuant to this Agreement, the party discovering or receiving
      notice of such breach shall give prompt written notice to the others. In the
      case of any such breach of a representation or warranty set forth in this
      Section 7, within 90 days from the date of discovery by EMC, or the date EMC
      is
      notified by the party discovering or receiving notice of such breach (whichever
      occurs earlier), EMC will (i) cure such breach in all material respects, (ii)
      purchase the affected Mortgage Loan at the applicable Purchase Price or (iii)
      if
      within two years of the Closing Date, substitute a qualifying Substitute
      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 (i) of this Section 7, if such breach is material
      and relates to any field on the Mortgage Loan Schedule which identifies any
      Prepayment Charge or (B) in the case of a breach of the representation contained
      in clause (x) of this Section 7, then, in each case, in lieu of purchasing
      such
      Mortgage Loan from the Trust Fund at the Purchase Price, EMC shall pay the
      amount of the Prepayment Charge (net of any amount previously collected by
      or
      paid to the Trust Fund in respect of such Prepayment Charge) from its own funds
      and without reimbursement therefor, and EMC shall have no obligation to
      repurchase or substitute for such Mortgage Loan. The obligations of EMC to
      cure,
      purchase or substitute a qualifying Substitute Mortgage Loan shall constitute
      the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive
      remedy under this Agreement or otherwise respecting a breach of representations
      or warranties hereunder with respect to the Mortgage Loans, except for the
      obligation of EMC to indemnify the Purchaser for such breach as set forth in
      and
      limited by Section 14 hereof.

     

    Any
      cause
      of action against EMC or relating to or arising out of a breach by EMC of any
      representations and warranties made in this Section 7 shall accrue as to any
      Mortgage Loan upon (i) discovery of such breach by EMC or notice thereof by
      the
      party discovering such breach and (ii) failure by EMC to cure such breach,
      purchase such Mortgage Loan or substitute a qualifying Substitute Mortgage
      Loan
      pursuant to the terms hereof.

     

    SECTION
      8.  Representations
      and Warranties Concerning EMC.
      As of
      the date hereof and as of the Closing Date, EMC represents and warrants to
      the
      Purchaser and Master Funding as to itself in the capacity indicated as
      follows:

     

    (a)  EMC
      (i)
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of Delaware and (ii) is qualified and in good standing to
      do
      business in each jurisdiction where such qualification is necessary, except
      where the failure so to qualify would not reasonably be expected to have a
      material adverse effect on EMC’s business as presently conducted or on EMC’s
      ability to enter into this Agreement and to consummate the transactions
      contemplated hereby;

     

    (b)  EMC
      has
      full power to own its property, to carry on its business as presently conducted
      and to enter into and perform its obligations under this Agreement;

     

    (c)  the
      execution and delivery by EMC of this Agreement have been duly authorized by
      all
      necessary action on the part of EMC; and neither the execution and delivery
      of
      this Agreement, nor the consummation of the transactions herein contemplated,
      nor compliance with the provisions hereof, will conflict with or result in
      a
      breach of, or constitute a default under, any of the provisions of any law,
      governmental rule, regulation, judgment, decree or order binding on EMC or
      its
      properties or the charter or by-laws of EMC, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on EMC’s ability to enter into this Agreement and to consummate the
      transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by EMC of this Agreement and the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (e)  this
      Agreement has been duly executed and delivered by EMC and, assuming due
      authorization, execution and delivery by the Purchaser, constitutes a valid
      and
      binding obligation of EMC enforceable against it in accordance with its terms
      (subject to applicable bankruptcy and insolvency laws and other similar laws
      affecting the enforcement of the rights of creditors generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of EMC, threatened
      against EMC, before or by any court, administrative agency, arbitrator or
      governmental body (i) with respect to any of the transactions contemplated
      by
      this Agreement or (ii) with respect to any other matter which in the judgment
      of
      EMC will be determined adversely to EMC and will if determined adversely to
      EMC
      materially and adversely affect EMC’s ability to perform its obligations under
      this Agreement; and EMC is not in default with respect to any order of any
      court, administrative agency, arbitrator or governmental body so as to
      materially and adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  the
      Sellers’ Information (as defined in Section 14(a) hereof) does not include any
      untrue statement of a material fact or omit to state a material fact necessary
      in order to make the statements made, in light of the circumstances under which
      they were made, not misleading.

     

    SECTION
      9.  Representations
      and Warranties Concerning the Purchaser.
      As of
      the date hereof and as of the Closing Date, the Purchaser represents and
      warrants to the Sellers as follows:

     

    (a)  the
      Purchaser (i) is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and (ii) is qualified and
      in
      good standing as a foreign corporation to do business in each jurisdiction
      where
      such qualification is necessary, except where the failure so to qualify would
      not reasonably be expected to have a material adverse effect on the Purchaser’s
      business as presently conducted or on the Purchaser’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (b)  the
      Purchaser has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (c)  the
      execution and delivery by the Purchaser of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Purchaser;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Purchaser or its properties or the articles of
      incorporation or by-laws of the Purchaser, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Purchaser’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by the Purchaser of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e)  this
      Agreement has been duly executed and delivered by the Purchaser and, assuming
      due authorization, execution and delivery by the Sellers, constitutes a valid
      and binding obligation of the Purchaser enforceable against it in accordance
      with its terms (subject to applicable bankruptcy and insolvency laws and other
      similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
      threatened against the Purchaser, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Purchaser will be determined adversely to the Purchaser
      and
      will if determined adversely to the Purchaser materially and adversely affect
      the Purchaser’s ability to perform its obligations under this Agreement; and the
      Purchaser is not in default with respect to any order of any court,
      administrative agency, arbitrator or governmental body so as to materially
      and
      adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  the
      Purchaser’s Information (as defined in Section 14(b) hereof) does not include
      any untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    SECTION
      10.  Representations
      and Warranties Concerning Master Funding.
      As of
      the date hereof and as of the Closing Date, Master Funding represents and
      warrants to EMC and the Purchaser as follows:

     

    (a)  Master
      Funding (i) is a limited liability company duly organized, validly existing
      and
      in good standing under the laws of the State of Delaware and (ii) is qualified
      and in good standing to do business in each jurisdiction where such
      qualification is necessary, except where the failure so to qualify would not
      reasonably be expected to have a material adverse effect on Master Funding’s
      business as presently conducted or on Master Funding’s ability to enter into
      this Agreement and to consummate the transactions contemplated
      hereby;

     

    (b)  Master
      Funding has full power to own its property, to carry on its business as
      presently conducted and to enter into and perform its obligations under this
      Agreement;

     

    (c)  The
      execution and delivery by Master Funding of this Agreement has been duly
      authorized by all necessary action on the part of Master Funding; and neither
      the execution and delivery of this Agreement, nor the consummation of the
      transactions herein contemplated, nor compliance with the provisions hereof
      or
      thereof, will conflict with or result in a breach of, or constitute a default
      under, any of the provisions of any law, governmental rule, regulation,
      judgment, decree or order binding on Master Funding or its properties or the
      written consent of the sole member or limited liability company agreement of
      Master Funding, except those conflicts, breaches or defaults which would not
      reasonably be expected to have a material adverse effect on Master Funding’s
      ability to enter into this Agreement and to consummate the transactions
      contemplated hereby;

     

    (d)  The
      execution, delivery and performance by Master Funding of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (e)  This
      Agreement has been duly executed and delivered by Master Funding and, assuming
      due authorization, execution and delivery by the Purchaser or the parties
      thereto, constitutes a valid and binding obligation of Master Funding
      enforceable against it in accordance with its terms (subject to applicable
      bankruptcy and insolvency laws and other similar laws affecting the enforcement
      of the rights of creditors generally); and

     

    (f)  There
      are
      no actions, suits or proceedings pending or, to the knowledge of Master Funding,
      threatened against Master Funding, before or by any court, administrative
      agency, arbitrator or governmental body (i) with respect to any of the
      transactions contemplated by this Agreement or (ii) with respect to any other
      matter which in the judgment of Master Funding could reasonably be expected
      to
      be determined adversely to Master Funding and if determined adversely to Master
      Funding materially and adversely affect Master Funding’s ability to perform its
      obligations under this Agreement; and Master Funding is not in default with
      respect to any order of any court, administrative agency, arbitrator or
      governmental body so as to materially and adversely affect the transactions
      contemplated by this Agreement.

     

    SECTION
      11.  Conditions
      to Closing.

     

    (a)  The
      obligations of the Purchaser under this Agreement will be subject to the
      satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (i)  Each
      of
      the obligations of each Seller required to be performed at or prior to the
      Closing Date pursuant to the terms of this Agreement shall have been duly
      performed and complied with in all material respects; all of the representations
      and warranties of each 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 the Pooling and Servicing Agreement; and the Purchaser
      shall have received certificates to that effect signed by authorized officers
      of
      each of the Sellers.

     

    (ii)  The
      Purchaser shall have received all of the following closing documents, in such
      forms as are agreed upon and reasonably acceptable to the Purchaser, duly
      executed by all signatories (other than the Purchaser) as required pursuant
      to
      the respective terms thereof:

     

    (1)  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;

     

    (2)  A
      certificate of an officer of EMC dated as of the Closing Date, in a form
      reasonably acceptable to the Purchaser, and attached thereto the resolutions
      of
      EMC authorizing the transactions contemplated by this Agreement, together with
      copies of the charter and by-laws of EMC;

     

    (3)  A
      certificate of an officer of Master Funding dated as of the Closing Date, in
      a
      form reasonably acceptable to the Purchaser, and attached thereto the
      resolutions of Master Funding authorizing the transactions contemplated by
      this
      Agreement, together with copies of the written consent of the sole member,
      limited liability company agreement and certificate of good standing of Master
      Funding;

     

    (4)  One
      or
      more opinions of counsel from the Sellers’ counsel otherwise in form and
      substance reasonably satisfactory to the Purchaser, the Trustee and each Rating
      Agency;

     

    (5)  A
      letter
      from each of the Rating Agencies giving each Class of Certificates set forth
      on
      Schedule A the rating set forth on Schedule A; and

     

    (6)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      ratings from each Rating Agency for the Certificates.

     

    (iii)  The
      Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
      and the Purchase Agreement shall have been issued and sold to Bear
      Stearns.

     

    (iv)  Each
      Seller shall have furnished to the Purchaser such other certificates of its
      officers or others and such other documents and opinions of counsel to evidence
      fulfillment of the conditions set forth in this Agreement and the transactions
      contemplated hereby as the Purchaser and its counsel may reasonably
      request.

     

    (b)  The
      obligations of each Seller under this Agreement shall be subject to the
      satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (i)  The
      obligations of the Purchaser required to be performed by it on or prior to
      the
      Closing Date pursuant to the terms of this Agreement shall have been duly
      performed and complied with in all material respects, and all of the
      representations and warranties of the Purchaser under this Agreement shall
      be
      true and correct in all material respects as of the date hereof and as of the
      Closing Date, and no event shall have occurred which would constitute a breach
      by it of the terms of this Agreement, and each Seller shall have received a
      certificate to that effect signed by an authorized officer of the
      Purchaser.

     

    (ii)  Each
      Seller shall have received copies of all of the following closing documents,
      in
      such forms as are agreed upon and reasonably acceptable to each Seller, duly
      executed by all signatories other than the related Seller as required pursuant
      to the respective terms thereof:

     

    (1)  The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to EMC, and all documents required thereby duly executed by all
      signatories;

     

    (2)  A
      certificate of an officer of the Purchaser dated as of the Closing Date, in
      a
      form reasonably acceptable to each Seller, and attached thereto the resolutions
      of the Purchaser authorizing the transactions contemplated by this Agreement
      and
      the Pooling and Servicing Agreement, together with copies of the Purchaser’s
      articles of incorporation, and evidence as to the good standing of the Purchaser
      dated as of a recent date;

     

    (3)  One
      or
      more opinions of counsel from the Purchaser’s counsel in form and substance
      reasonably satisfactory to each Seller;

     

    (4)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      rating from each Rating Agency for the Certificates.

     

    SECTION
      12.  Fees
      and Expenses.
      Subject
      to Section 17 hereof, EMC (on its own behalf as a Seller and on behalf of Master
      Funding) shall pay on the Closing Date or such later date as may be agreed
      to by
      the Purchaser (i) the fees and expenses of the Sellers’ attorneys and the
      reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and
      expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s
      Registration Statement based on the aggregate original principal amount of
      the
      Certificates and the filing fee of the Commission as in effect on the date
      on
      which the Registration Statement was declared effective, (iv) the fees and
      expenses including counsel’s fees and expenses in connection with any “blue sky”
and legal investment matters, (v) the fees and expenses of the Trustee which
      shall include without limitation the fees and expenses of the Trustee (and
      the
      fees and disbursements of its counsel) with respect to (A) legal and document
      review of this Agreement, the Pooling and Servicing Agreement, the Certificates
      and related agreements, (B) attendance at the Closing and (C) review of the
      Mortgage Loans to be performed by the Custodian, (vi) the expenses for printing
      or otherwise reproducing the Certificates, the Prospectus and the Prospectus
      Supplement, (vii) the fees and expenses of each Rating Agency (both initial
      and
      ongoing), (viii) the fees and expenses relating to the preparation and
      recordation of mortgage assignments (including intervening assignments, if
      any
      and if available, to evidence a complete chain of title from the originator
      to
      the Trustee) from each Seller to the Trustee or the expenses relating to the
      Opinion of Counsel referred to in Section 6(a) hereof, as the case may be,
      and
      (ix) Mortgage File due diligence expenses and other out-of-pocket expenses
      incurred by the Purchaser in connection with the purchase of the Mortgage Loans
      and by Bear Stearns in connection with the sale of the Certificates. EMC (on
      its
      own behalf as a Seller and on behalf of Master Funding) additionally agrees
      to
      pay directly to any third party on a timely basis the fees provided for above
      which are charged by such third party and which are billed
      periodically.

     

    SECTION
      13.  Accountants’
      Letters.

     

    (a)  Deloitte
      & Touche LLP will review the characteristics of a sample of the Mortgage
      Loans described in the Mortgage Loan Schedule and will compare those
      characteristics to the description of the Mortgage Loans contained in the
      Prospectus Supplement under the captions “Summary of Prospectus Supplement—The
      Mortgage Loans”, “The Mortgage Pool” and “Certain Characteristics of the
      Mortgage Loans” in Schedule A thereto. EMC (on its own behalf as a Seller and on
      behalf of Master Funding) will cooperate with the Purchaser in making available
      all information and taking all steps reasonably necessary to permit such
      accountants to complete the review and to deliver the letters required of them
      under the Underwriting Agreement. Deloitte & Touche LLP will also confirm
      certain calculations as set forth under the caption “Yield On The Certificates”
in the Prospectus Supplement.

     

    (b)  To
      the
      extent statistical information with respect to the Master Servicer or any
      Servicer’s servicing portfolio is included in the Prospectus Supplement under
      the caption “The Master Servicer and the Servicers,” a letter from the certified
      public accountant for such Master Servicer, Servicer or Servicers, as
      applicable, will be delivered to the Purchaser dated the date of the Prospectus
      Supplement, in the form previously agreed to by EMC and the Purchaser, with
      respect to such statistical information.

     

    SECTION
      14.  Indemnification.

     

    (a)  EMC
      (on
      its own behalf as a Seller and on behalf of Master Funding) shall indemnify
      and
      hold harmless the Purchaser and its directors, officers and controlling persons
      (as defined in Section 15 of the Securities Act) from and against any loss,
      claim, damage or liability or action in respect thereof, to which they or any
      of
      them may become subject, under the Securities Act or otherwise, insofar as
      such
      loss, claim, damage, liability or action arises out of, or is based upon (i)
      any
      untrue statement of a material fact contained in the Sellers’
      Information
      as
      identified in Exhibit
      3,
      the
      omission to state in the Prospectus Supplement or Prospectus (or any amendment
      thereof or supplement thereto approved by EMC (on its own behalf as a Seller
      and
      on behalf of Master Funding) and in which additional Sellers’ Information is
      identified), in reliance upon and in conformity with Sellers’ Information a
      material fact required to be stated therein or necessary to make the statements
      therein in light of the circumstances in which they were made, not misleading,
      (ii) any representation or warranty assigned or made by EMC in Section 7 or
      Section 8 or by Master Funding in Section 10 hereof being, or alleged to be,
      untrue or incorrect, or (iii) any failure by EMC (on its own behalf as a Seller
      and on behalf of Master Funding) to perform its obligations under this
      Agreement; and EMC (on its own behalf as a Seller and on behalf of Master
      Funding) shall reimburse the Purchaser and each other indemnified party for
      any
      legal and other expenses reasonably incurred by them in connection with
      investigating or defending or preparing to defend against any such loss, claim,
      damage, liability or action.

     

    The
      foregoing indemnity agreement is in addition to any liability which EMC or
      Master Funding otherwise may have to the Purchaser or any other such indemnified
      party.

     

    (b)  The
      Purchaser shall indemnify and hold harmless each 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 each 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
      Sellers, or any other such indemnified party,

     

    (c)  Promptly
      after receipt by an indemnified party under subsection (a) or (b) above of
      notice of the commencement of any action, such indemnified party shall, if
      a
      claim in respect thereof is to be made against the indemnifying party under
      such
      subsection, notify each party against whom indemnification is to be sought
      in
      writing of the commencement thereof (but the failure so to notify an
      indemnifying party shall not relieve it from any liability which it may have
      under this Section 14 except to the extent that it has been prejudiced in any
      material respect by such failure or from any liability which it may have
      otherwise). In case any such action is brought against any indemnified party,
      and it notifies an indemnifying party of the commencement thereof, the
      indemnifying party will be entitled to participate therein and, to the extent
      it
      may elect by written notice delivered to the indemnified party promptly (but,
      in
      any event, within 30 days) after receiving the aforesaid notice from such
      indemnified party, to assume the defense thereof with counsel reasonably
      satisfactory to such indemnified party. Notwithstanding the foregoing, the
      indemnified party or parties shall have the right to employ its or their own
      counsel in any such case, but the fees and expenses of such counsel shall be
      at
      the expense of such indemnified party or parties unless (i) the employment
      of
      such counsel shall have been authorized in writing by one of the indemnifying
      parties in connection with the defense of such action, (ii) the indemnifying
      parties shall not have employed counsel to have charge of the defense of such
      action within a reasonable time after notice of commencement of the action,
      or
      (iii) such indemnified party or parties shall have reasonably concluded that
      there is a conflict of interest between itself or themselves and the
      indemnifying party in the conduct of the defense of any claim or that the
      interests of the indemnified party or parties are not substantially co-extensive
      with those of the indemnifying party (in which case the indemnifying parties
      shall not have the right to direct the defense of such action on behalf of
      the
      indemnified party or parties), in any of which events such fees and expenses
      shall be borne by the indemnifying parties; provided,
      however,
      that
      the indemnifying party shall be liable only for the fees and expenses of one
      counsel in addition to one local counsel in the jurisdiction involved. Anything
      in this subsection to the contrary notwithstanding, an indemnifying party shall
      not be liable for any settlement or any claim or action effected without its
      written consent; provided,
      however,
      that
      such consent was not unreasonably withheld.

     

    (d)  If
      the
      indemnification provided for in paragraphs (a) and (b) of this Section 14 shall
      for any reason be unavailable to an indemnified party in respect of any loss,
      claim, damage or liability, or any action in respect thereof, referred to in
      Section 14, then the indemnifying party shall in lieu of indemnifying the
      indemnified party contribute to the amount paid or payable by such indemnified
      party as a result of such loss, claim, damage or liability, or action in respect
      thereof, in such proportion as shall be appropriate to reflect the relative
      benefits received by the Sellers on the one hand and the Purchaser on the other
      from the purchase and sale of the Mortgage Loans, the offering of the
      Certificates and the other transactions contemplated hereunder. No person found
      liable for a fraudulent misrepresentation (within the meaning of Section 11(f)
      of the Securities Act) shall be entitled to contribution from any person who
      is
      not also found liable for such fraudulent misrepresentation.

     

    (e)  The
      parties hereto agree that reliance by an indemnified party on any publicly
      available information or any information or directions furnished by an
      indemnifying party shall not constitute negligence, bad faith or willful
      misconduct by such indemnified party.

     

    SECTION
      15.  Notices.
      All
      demands, notices and communications hereunder shall be in writing but may be
      delivered by facsimile transmission subsequently confirmed in writing. Notices
      to EMC shall be directed to EMC Mortgage Corporation, 2780 Lake Vista Drive,
      Lewisville, TX 75067 Facsimile: (214) 626-4889, Attention: Michelle Viner;
      notices to Master Funding shall be directed to Master Funding LLC, 2780 Lake
      Vista Drive, Lewisville, Texas 75067 (Facsimile: (214) 626-4889) Attention:
      Mark
      Novachek; and notices to the Purchaser shall be directed to Structured Asset
      Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179
      (Telecopy: (212-272-7206)), Attention: Baron Silverstein; or to any other
      address as may hereafter be furnished by one party to the other party by like
      notice. Any such demand, notice or communication hereunder shall be deemed
      to
      have been received on the date received at the premises of the addressee (as
      evidenced, in the case of registered or certified mail, by the date noted on
      the
      return receipt) provided that it is received on a business day during normal
      business hours and, if received after normal business hours, then it shall
      be
      deemed to be received on the next business day.

     

    SECTION
      16.  Transfer
      of Mortgage Loans.
      The
      Purchaser retains the right to assign the Mortgage Loans and any or all of
      its
      interest under this Agreement to the Trustee without the consent of the Sellers,
      and, upon such assignment, the Trustee shall succeed to the applicable rights
      and obligations of the Purchaser hereunder; provided,
      however,
      the
      Purchaser shall remain entitled to the benefits set forth in Sections 12, 14
      and
      18 hereto and as provided in Section 2(a). Notwithstanding the foregoing, the
      sole and exclusive right and remedy of the Trustee with respect to a breach
      of
      representation or warranty of the Sellers shall be the purchase or substitution
      obligations of EMC contained in Sections 5 and 7 hereof.

     

    SECTION
      17.  Termination.
      This
      Agreement may be terminated (a) by the mutual consent of the parties hereto
      prior to the Closing Date, (b) by the Purchaser, if the conditions to the
      Purchaser’s obligation to close set forth under Section 11(a) hereof are not
      fulfilled as and when required to be fulfilled or (c) by any Seller, if the
      conditions to the Sellers’ obligation to close set forth under Section 11(b)
      hereof are not fulfilled as and when required to be fulfilled. In the event
      of
      termination pursuant to clause (b), EMC (on its own behalf as a Seller and
      on
      behalf of Master Funding) shall pay, and in the event of termination pursuant
      to
      clause (c), the Purchaser shall pay, all reasonable out-of-pocket expenses
      incurred by the other in connection with the transactions contemplated by this
      Agreement. In the event of a termination pursuant to clause (a), each party
      shall be responsible for its own expenses.

     

    SECTION
      18.  Representations,
      Warranties and Agreements to Survive Delivery.
      All
      representations, warranties and agreements contained in this Agreement, or
      contained in certificates of officers of the Sellers submitted pursuant hereto,
      shall remain operative and in full force and effect and shall survive delivery
      of the Mortgage Loans to the Purchaser (and by the Purchaser to the Trustee).
      Subsequent to the delivery of the Mortgage Loans to the Purchaser, EMC’s
      representations and warranties contained herein with respect to the Mortgage
      Loans shall be deemed to relate to the Mortgage Loans actually delivered to
      the
      Purchaser and included in the Mortgage Loan Schedule and any Substitute Mortgage
      Loan. 

     

    SECTION
      19.  Severability.
      If any
      provision of this Agreement shall be prohibited or invalid under applicable
      law,
      the Agreement shall be ineffective only to such extent, without invalidating
      the
      remainder of this Agreement.

     

    SECTION
      20.  Counterparts.
      This
      Agreement may be executed in counterparts, each of which will be an original,
      but which together shall constitute one and the same agreement.

     

    SECTION
      21.  Amendment.
      This
      Agreement cannot be amended or modified in any manner without the prior written
      consent of each party.

     

    SECTION
      22.  GOVERNING
      LAW.
      THIS
      AGREEMENT shall be governed by, and construed in accordance with, the laws
      of
      the State of New York, without regard to conflict of laws principles thereof
      other than Section 5-1401 of the New York General Obligations Law.

     

    SECTION
      23.  Further
      Assurances.
      Each of
      the parties agrees to execute and deliver such instruments and take such actions
      as another party may, from time to time, reasonably request in order to
      effectuate the purpose and to carry out the terms of this Agreement including
      any amendments hereto which may be required by either Rating
      Agency.

     

    SECTION
      24.  Successors
      and Assigns.

     

    This
      Agreement shall bind and inure to the benefit of and be enforceable by each
      of
      the Sellers and the Purchaser and their permitted successors and assigns and,
      to
      the extent specified in Section 14 hereof, Bear Stearns, and their directors,
      officers and controlling persons (within the meaning of federal securities
      laws). The Sellers acknowledge and agree that the Purchaser may assign its
      rights under this Agreement (including, without limitation, with respect to
      EMC’s representations and warranties respecting the Mortgage Loans) to the
      Trustee. Any person into which any Seller may be merged or consolidated (or
      any
      person resulting from any merger or consolidation involving such Seller), any
      person resulting from a change in form of such Seller or any person succeeding
      to the business of such Seller, shall be considered the “successor” of such
      Seller hereunder and shall be considered a party hereto without the execution
      or
      filing of any paper or any further act or consent on the part of any party
      hereto. Except as provided in the two preceding sentences, this Agreement cannot
      be assigned, pledged or hypothecated by either party hereto without the written
      consent of the other parties to this Agreement and any such assignment or
      purported assignment shall be deemed null and void.

     

    SECTION
      25.  The
      Sellers.
      EMC
      will
      keep in full force and effect its existence, all rights and franchises as a
      corporation under the laws of the State of its incorporation and will obtain
      and
      preserve its qualification to do business as a foreign corporation in each
      jurisdiction in which such qualification is necessary to perform its obligations
      under this Agreement. Master Funding will keep in full force and effect its
      existence, all rights and franchises as a limited liability company under the
      laws of the State of its formation and will obtain and preserve its
      qualification to do business as a foreign limited liability company in each
      jurisdiction in which such qualification is necessary to perform its obligations
      under this Agreement.

     

    SECTION
      26.  Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding between the parties
      with respect to the subject matter hereof, and supersedes all prior and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof.

     

    SECTION
      27.  No
      Partnership.
      Nothing herein contained shall be deemed or construed to create a partnership
      or
      joint venture between the parties hereto.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

    

     

    

      

      
        2 Please
          contact Bear, Stearns & Co. Inc. for Purchase
          Price.

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    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:
                

            
	 	 
	 	 
	 	
              MASTER
                FUNDING LLC

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC.

            
	 	 
	 	 
	 	
              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 the Agreement.

     

    (i)      
       The
      original Mortgage Note, endorsed without recourse (a) to the order of the
      Trustee or (b) in the case of a Mortgage Loan registered on the MERS system,
      endorsed in blank, in either case showing an unbroken chain of endorsements
      from
      the originator thereof to the Person endorsing it to the Trustee, or lost note
      affidavit together with a copy of the related Mortgage Note;

     

    (ii)        The
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, for Mortgage Loans other than the
      EMC
      Flow Loans, if the original is not available, a copy), with evidence of such
      recording indicated thereon (or if the original is not available, a copy),
      with
      evidence of such recording indicated thereon (or if the original Security
      Instrument, 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 Security Instrument required to be included thereon,
      be delivered to recording offices for recording and have not been returned
      to
      the related Seller in time to permit their recording as specified in Section
      2.01(b) of the Pooling and Servicing Agreement, shall be in recordable
      form);

     

    (iii)        unless
      the Mortgage Loan is a MOM Loan or has been assigned in the name of MERS, a
      certified copy of the assignment (which may be in the form of a blanket
      assignment if permitted in the jurisdiction in which the Mortgaged Property
      is
      located) to “U.S. Bank National Association, as Trustee”, with evidence of
      recording with respect to each Mortgage Loan in the name of the Trustee thereon
      (or if (A) the original Security Instrument, 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 Security
      Instrument required to be included thereon, be delivered to recording offices
      for recording and have not been returned to the related Seller in time to permit
      their delivery as specified in Section 2.01(b) of the Pooling and Servicing
      Agreement, the related Seller may deliver a true copy thereof with a
      certification, on the face of such copy, substantially as follows: “Certified to
      be a true and correct copy of the original” or (B) the related Mortgaged
      Property is located in a state other than Maryland or an Opinion of Counsel
      has
      been provided as set forth in Section 2.01(b) of the Pooling and Servicing
      Agreement, shall be in recordable form);

     

    (iv)         all
      intervening assignments of the Security Instrument, if applicable and only
      to
      the extent available to the Sellers with evidence of recording
      thereon;

     

    (v)        the
      original or a copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vi)        the
      original policy of title insurance or mortgagee’s certificate of title insurance
      or commitment or binder for title insurance or, in the event such original
      title
      policy has not been received from the title insurer, such original title policy
      will be delivered within one year of the Closing Date or, in the event such
      original title policy is unavailable, a photocopy of such title policy or,
      in
      lieu thereof, a current lien search on the related Mortgaged Property;
      and

     

    (vii)        originals
      of all modification agreements, if applicable and available.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      2

     

    MORTGAGE
      LOAN SCHEDULE INFORMATION

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      each Mortgage Loan:

     

    
      	
              (a)

            	
              the
                city, state and zip code of the Mortgaged Property; 

            
	 	 
	
              (b)

            	
              the
                property type;

            
	 	 
	
              (c)

            	
              the
                Mortgage Rate;

            
	 	 
	
              (d)

            	
              the
                Servicing Fee Rate;

            
	 	 
	
              (e)

            	
              the
                Master Servicer’s Fee Rate, if applicable;

            
	 	 
	
              (f)

            	
              the
                LPMI Fee, if applicable;

            
	 	 
	
              (g)

            	
              the
                Trustee Fee Rate, if applicable;

            
	 	 
	
              (h)

            	
              the
                Net Rate;

            
	 	 
	
              (i)

            	
              the
                maturity date;

            
	 	 
	
              (j)

            	
              the
                stated original term to maturity;

            
	 	 
	
              (k)

            	
              the
                stated remaining term to maturity;

            
	 	 
	
              (l)

            	
              the
                original principal balance;

            
	 	 
	
              (m)

            	
              the
                first payment date;

            
	 	 
	
              (n)

            	
              the
                principal and interest payment in effect as of the Cut-off
                Date;

            
	 	 
	
              (o)

            	
              the
                unpaid principal balance as of the Cut-off Date;

            
	 	 
	
              (p)

            	
              the
                Loan-to-Value Ratio at origination;

            
	 	 
	
              (q)

            	
              the
                insurer of any Primary Mortgage Insurance Policy;

            
	 	 
	
              (r)

            	
              the
                MIN with respect to each MOM Loan;

            
	 	 
	
              (s)

            	
              the
                Gross Margin, if applicable;

            
	 	 
	
              (t)

            	
              the
                next Adjustment Date, if applicable;

            
	 	 
	
              (u)

            	
              the
                Maximum Lifetime Mortgage Rate, if applicable;

            
	 	 
	
              (v)

            	
              the
                Minimum Lifetime Mortgage Rate, if applicable;

            
	 	 
	
              (w)

            	
              the
                Periodic Rate Cap, if applicable; 

            
	 	 
	
              (x)

            	
              the
                Loan Group, if applicable;

            
	 	 
	
              (y)

            	
              a
                code indicating whether the Mortgage Loan is negatively
                amortizing;

            
	 	 
	
              (z)

            	
              which
                Mortgage Loans adjust after an initial fixed rate period of one,
                two,
                three, five, seven or ten years or any other period; 

            
	 	 
	
              (aa)

            	
              the
                Prepayment Charge, if any;

            
	 	 
	
              (bb)

            	
              lien
                position (e.g., first lien or second lien);

            
	 	 
	
              (cc)

            	
              a
                code indicating whether the Mortgage Loan is has a balloon
                payment;

            
	 	 
	
              (dd)

            	
              a
                code indicating whether the Mortgage Loan is an interest-only loan;
                

            
	 	 
	
              (ee)

            	
              the
                interest-only term, if applicable;

            
	 	 
	
              (ff)

            	
              the
                Mortgage Loan Seller; and

            
	 	 
	
              (gg)

            	
              the
                original amortization term.

            

    

    

    

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (n) and (o)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (c) through (h) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      3

     

    SELLERS’
      INFORMATION

     

    All
      information in the Prospectus Supplement described under the following Sections:
      “SUMMARY OF PROSPECTUS SUPPLEMENT—The Mortgage Loans,” “THE MORTGAGE POOL”, “THE
      SPONSOR" and “SCHEDULE A—CERTAIN CHARACTERISTICS OF THE MORTGAGE
      LOANS.”

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      4

     

    PURCHASER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement and the Prospectus, except the Sellers’
Information.

     

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      5

    

    SCHEDULE
      OF LOST NOTES

     

    Available
      Upon Request

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      6

    REVISED
      October 20, 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.
                  Effective October 1, 2002 - March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 - current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  for loans closed on or after March 7, 2003 

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34

                Effective
                  October 1, 1995, amendments October 1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Indiana

              	
                Indiana
                  Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq.

                Effective
                  January 1, 2005; amended by 2005 HB 1179, effective July 1, 2005.
                  

              	
                High
                  Cost Home Loans 

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999

              	
                High
                  Loan to Value Consumer Loan (id. § 16a-3-207) and;

                High
                  APR Consumer Loan (id.
                  §16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  et seq.
                  

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                Effective
                  September 29, 1995 and as amended from time to time

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et seq.
                  and 209 C.M.R. §§ 40.01 et seq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)
                  

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et seq.

                Effective
                  May 24, 2002 

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                Rhode
                  Island

              	
                Rhode
                  Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 et seq.

                Effective
                  December 31, 2006. 

              	
                High
                  Cost Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                Tennessee

              	
                Tennessee
                  Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 et seq.

                Effective
                  January 1, 2007.

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 et seq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act
                  Loan

              

      

     

    
      
        	
                Standard
                  & Poor’s Covered Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  November 27, 2003 - July 5, 2004

              	
                Covered
                  Home Loan

              

      

       

       

      
        	
                Standard
                  & Poor’s Home Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

    

     

                Revised
      10/20/06

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      A

    

    REQUIRED
      RATINGS FOR EACH CLASS OF CERTIFICATES

    

    Public
      Certificates

    

    
      	
              Class

            	 	
              S&P

            	 	
              Fitch

            
	
              Class
                A-1

            	 	
              AAA

            	 	
              Aaa

            
	
              Class
                A-2

            	 	
              AAA

            	 	
              Aaa

            
	
              Class
                A-3

            	 	
              AAA

            	 	
              Aaa

            
	
              Class
                B-1

            	 	
              AA

            	 	
              AA

            
	
              Class
                B-2

            	 	
              A

            	 	
              A

            
	
              Class
                B-3

            	 	
              BBB

            	 	
              BBB

            
	
              Class
                X

            	 	
              AAA

            	 	
              Aaa

            
	
              Class
                PO

            	 	
              AAA

            	 	
              Aaa

            
	
              Class
                R

            	 	
              AAA

            	 	
              Aaa

            

    

     

                            None
      of the above
      ratings have been lowered since the respective dates of such
      letters.

     

    Private
      Certificates

    

    
      	
              Class

            	 	
              S&P

            	 	
              Fitch

            
	
              Class
                B-4

            	 	
              BB

            	 	
              BB

            
	
              Class
                B-5

            	 	
              B

            	 	
              B

            
	
              Class
                B-6

            	 	
              --

            	 	
              --

            

    

    

                            None
      of the above
      ratings have been lowered since the respective dates of such
      letters.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Provided
      upon request]

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      I-1

    

    EMC
      SERVICING AGREEMENT

    

    

    
       

        
          

        

      

       

      

      STRUCTURED
        ASSET MORTGAGE INVESTMENTS II INC.

      Owner

      

      and

      

      EMC
        MORTGAGE CORPORATION

      Servicer

      

       

      

      SERVICING
        AGREEMENT

      

      Dated
        as
        of April 1, 2007

      

      Prime
        Mortgage Trust 2007-2

      Mortgage
        Pass-Through Certificates

      Series
        2007-2

       

      

      
        
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBITS

       

      
        
          	
                  Exhibit
                    A

                	
                  Mortgage
                    Loan Schedule

                
	 	 
	
                  Exhibit
                    B

                	
                  Custodial
                    Account Letter Agreement

                
	 	 
	
                  Exhibit
                    C

                	
                  Escrow
                    Account Letter Agreement

                
	 	 
	
                  Exhibit
                    D

                	
                  Form
                    of Request for Release

                
	 	 
	
                  Exhibit
                    E

                	
                  Remittance
                    Overview Report

                
	 	 
	
                  Exhibit
                    F

                	
                  Remittance
                    Summary Report

                
	 	 
	
                  Exhibit
                    G

                	
                  Form
                    of Owner Certification

                
	 	 
	
                  Exhibit
                    H

                	
                  Summary
                    of Regulation AB Servicing Criteria

                
	 	 
	
                  Exhibit
                    I

                	
                  Summary
                    of Applicable Regulation AB Requirements

                
	 	 
	
                  Exhibit
                    J

                	
                  Servicing
                    Criteria to be Addressed in Assessment of Compliance

                
	 	 
	
                  Exhibit
                    K

                	
                  Default
                    Overview Report

                
	 	 
	
                  Exhibit
                    L

                	
                  Delinquent
                    Summary Report

                
	 	 
	
                  Exhibit
                    M

                	
                  Calculation
                    of Gain-Loss Delinquent Loans 

                
	 	 
	
                  Exhibit
                    N

                	
                  Modified
                    Loans Report

                
	 	 
	
                  Exhibit
                    O

                	
                  Claims
                    Submitted Report

                
	 	 
	
                  Exhibit
                    P

                	
                  Loss
                    Severity Summary Report

                

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      THIS
        IS A
        SERVICING AGREEMENT, dated as of April 1, 2007, and is executed between
        Structured Asset Mortgage Investments II Inc. (the "Owner") and EMC Mortgage
        Corporation (the "Servicer").

       

      W
        I T N E
        S S E T H :

      

      WHEREAS,
        the Owner is the owner of the Mortgage Loans;

       

      WHEREAS,
        the Owner and the Servicer wish to prescribe the permanent 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 Owner and the Servicer 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:
          The
          procedures, including prudent collection and loan administration procedures,
          and
          the standard of care (i) employed by prudent mortgage servicers which service
          mortgage loans of the same type as the Mortgage Loans in the jurisdictions
          in
          which the related Mortgage Properties are located or (ii) in accordance
          with the
          Fannie Mae Guide or Freddie Mac Guide, subject to any variances negotiated
          with
          Fannie Mae or
          Freddie Mac and
          subject to the express provisions of this Agreement. Such standard of care
          shall
          not be lower than that the Servicer customarily employs and exercises in
          servicing and administering similar mortgage loans for its own account
          and shall
          be in full compliance with all federal, state, and local laws, ordinances,
          rules
          and regulations.

         

        Adjustment
          Date:
          As to
          each ARM Loan, the date on which the Mortgage Interest Rate is adjusted
          in
          accordance with the terms of the related Mortgage Note.

         

        Agreement:
          This
          Servicing Agreement including all exhibits hereto, amendments hereof and
          supplements hereto.

         

        ARM
          Loans:
          First
          lien, conventional, 1-4 family residential Mortgage Loans with interest
          rates
          which adjust from time to time in accordance with the related Index and
          are
          subject to Periodic Rate Caps and Lifetime Rate Caps and which may permit
          conversion to fixed interest rates.

         

        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 the jurisdiction in which the Servicer
          conducts
          its servicing activities, or (iii) a day on which banks in the States of
          Maryland, Minnesota, New York or the jurisdiction in which the Servicer
          conducts
          its servicing activities are authorized or obligated by law or executive
          order
          to be closed.

         

        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
          or SEC:
          The
          Securities and Exchange Commission.

         

        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:
          One or
          more demand account or accounts created and maintained pursuant to Section
          4.04
          which shall be entitled "PRIME 2007-2 Custodial Account in trust for SAMI
          II,
          Owner of Whole Loan Mortgages and various Mortgagors" established at a
          Qualified
          Depository, each of which accounts shall be held by such Qualified Depository
          in
          a fiduciary capacity, separate and apart from its funds and general
          assets.

         

        Custodian:
          U.S.
          Bank National Association, or such other custodian as Owner shall designate.
          

         

        Cut-off
          Date:
          With
          respect to any Mortgage Loan, the opening of business on the first day
          of the
          month in which the related closing date with respect to such Mortgage Loan
          occurs. 

         

        Delinquent:
          As
          defined in the related pooling and servicing agreement.

         

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Pass-Through Transfer.

         

        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 Remittance
          Date.

         

        Due
          Date:
          Each
          day on which payments of principal and interest are required to be paid
          in
          accordance with the terms of the related Mortgage Note, 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.

         

        Escrow
          Account:
          The
          separate trust account or accounts created and maintained pursuant to Section
          4.06 which shall be entitled "PRIME 2007-2 Escrow Account, in trust for
          SAMI II,
          Owner of Whole Loan Mortgages and various Mortgagors" and shall be established
          at a Qualified Depository, each of which accounts shall in no event contain
          funds in excess of the FDIC insurance limits.

         

        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:
          Fannie
          Mae, or any successor thereto.

         

        Fannie
          Mae Guide:
          The
          Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
          or additions thereto.

         

        Fidelity
          Bond:
          A
          fidelity bond to be maintained by the Servicer pursuant to Section
          4.12.

         

        FIRREA:
          The
          Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
          amended
          from time to time.

         

        Freddie
          Mac:
          Freddie
          Mac, or any successor thereto.

         

        Freddie
          Mac Guide:
          The
          Freddie Mac Selling Guide and the Freddie Mac Servicing Guide and all amendments
          or additions thereto.

         

        Full
          Principal Prepayment:
          A
          Principal Prepayment made by a Mortgagor of the entire principal balance
          of a
          Mortgage Loan.

         

        GAAP:
          Generally accepted accounting procedures, consistently applied.

         

        HUD:
          The
          United States Department of Housing and Urban Development or any
          successor.

         

        Index:
          With
          respect to each ARM Loan, on the related Adjustment Date, the index used
          to
          determine the Mortgage Interest Rate on each such ARM Loan.

         

        Insurance
          Proceeds:
          With
          respect to each Mortgage Loan, proceeds of insurance policies insuring
          the
          Mortgage Loan or the related Mortgaged Property.

         

        Lifetime
          Rate Cap:
          With
          respect to each ARM Loan, the maximum Mortgage Interest Rate over the term
          of
          such Mortgage Loan, as specified in the related Mortgage Note.

         

        Liquidation
          Proceeds:
          Amounts, other than Insurance Proceeds and Condemnation Proceeds, received
          in
          connection with the liquidation of a defaulted Mortgage Loan, whether through
          the sale or assignment of such Mortgage Loan, trustee's sale, foreclosure
          sale
          or otherwise, and any other amounts received with respect to an REO Property
          pursuant to Section 4.13.

         

        Margin:
          With
          respect to each ARM 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.

         

        Master
          Servicer:
          EMC
          Mortgage Corporation, its successors in interest and assigns, or any successor
          thereto designated by the Owner.

         

        Monthly
          Advance:
          The
          aggregate of the advances made by the Servicer on any Remittance Date pursuant
          to Section 5.03.

         

        Monthly
          Payment:
          With
          respect to each Mortgage Loan, the scheduled monthly payment of principal
          and
          interest thereon which is payable by the related 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
          Interest Rate:
          The
          annual rate at which interest accrues on any Mortgage Loan in accordance
          with
          the provisions of the related Mortgage Note, and in the case of an ARM
          Loan, as
          adjusted from time to time on each Adjustment Date for such Mortgage Loan
          to
          equal the Index for such Mortgage Loan plus the Margin for such Mortgage
          Loan,
          and subject to the limitations on such interest rate imposed by the Periodic
          Rate Cap and the Lifetime Rate Cap.

         

        Mortgage
          Loan:
          An
          individual Mortgage Loan described herein and as further identified on
          the
          Mortgage Loan Schedule, which Mortgage Loan includes without limitation
          the
          Mortgage Loan Documents, the Monthly Payments, Principal Prepayments,
          Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
          Proceeds, and all other rights, benefits, proceeds and obligations arising
          from
          or in connection with such Mortgage Loan.

         

        Mortgage
          Loan Documents:
          The
          original mortgage loan legal documents held by the Custodian.

         

        Mortgage
          Loan Remittance Rate:
          With
          respect to each Mortgage Loan, the annual rate of interest remitted to
          the
          Owner, which shall be equal to the related Mortgage Interest Rate minus
          the
          Servicing Fee Rate.

         

        Mortgage
          Loan Schedule:
          The
          schedule of Mortgage Loans attached hereto as Exhibit
          A,
          such
          schedule being acceptable to the Owner and the Servicer.

         

        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.

         

        Mortgagor:
          The
          obligor on a Mortgage Note. 

         

        Net
          Liquidation Proceeds:
          As to
          any Mortgage Loan, Liquidation Proceeds net of unreimbursed Servicing Advances,
          Servicing Fees and Monthly Advances and expenses incurred by the Servicer
          in
          connection with the liquidation of the Mortgage Loan and the related Mortgaged
          Property.

         

        Nonrecoverable
          Advance:
          Any
          advance previously made by the Servicer pursuant to Section 5.03 or any
          Servicing Advance proposed to be made by the Servicer in respect of a Mortgage
          Loan or REO Property which, in the good faith judgment of the Servicer,
          may not
          be ultimately recoverable by the Servicer from Liquidation Proceeds or
          Insurance
          Proceeds on such Mortgage Loan or REO Property as provided herein. The
          determination by the Servicer that it has made a Nonrecoverable Advance,
          or that
          a proposed advance may constitute a Nonrecoverable Advance, shall be evidenced
          by an Officer's Certificate of the Servicer delivered to the Owner and
          detailing
          the reasons for such determination.

         

        Officer's
          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 Servicer, and delivered to the Owner as required by this
          Agreement.

         

        Opinion
          of Counsel:
          A
          written opinion of counsel, who may be an employee of the party on behalf
          of
          whom the opinion is being given, reasonably acceptable to the
          Owner.

         

        Owner:
          Structured Asset Mortgage Investments II Inc., its successors in interest
          and
          assigns (including the Trustee in connection with a Pass-Through
          Transfer).

         

        Partial
          Principal Prepayment:
          A
          Principal Prepayment by a Mortgagor of a partial principal balance of a
          Mortgage
          Loan.

         

        Pass-Through
          Transfer:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

         

        Periodic
          Rate Cap:
          With
          respect to each ARM Loan, the maximum increase or decrease in the Mortgage
          Interest Rate on any Adjustment Date.

         

        Permitted
          Investments:
          Any one
          or more of the following obligations or securities:

         

        (i) direct
          obligations of, and obligations the timely payment of which are 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 (including any Trustee or
          the
          Master Servicer) 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
          Federal Deposit Insurance Cor-poration;

        

        (iii) repurchase
          obligations with respect to (a) any security described in clause (i) above
          or
          (b) any other security issued or guaranteed by an agency or instrumen-tality
          of
          the United States of America, the obligations of which are backed by the
          full
          faith and credit of the United States of America, in either case 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 (including
          any
          Trustee or the Master Servicer) 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 and amounts of all the 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; 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 (including
          money market or common trust funds for which any Trustee or the Master
          Servicer
          or any affiliate thereof acts as a manager or an advisor) 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.

         

        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 Excess:
          With
          respect to any Remittance Date, for each 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 Remittance Date occurs and the Determination Date of the calendar
          month in
          which such Remittance Date occurs, an amount equal to interest (to the
          extent
          received) at the applicable Mortgage Loan Remittance 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 Remittance Date occurs and ending on the last
          date
          through which interest is collected from the related Mortgagor.

         

        Prepayment
          Interest Shortfall:
          With
          respect to any Remittance Date, for each such Mortgage Loan that was the
          subject
          of a Principal Prepayment during the portion of the related Prepayment
          Period
          occurring between the first day of the related Prepayment Period and the
          last
          day of the calendar month preceding the month in which such Remittance
          Date
          occurs, an amount equal to interest (to be paid by the Servicer out of
          its own
          funds without reimbursement therefor) at the applicable Mortgage Loan Remittance
          Rate on the amount of such Principal Prepayment for the number of days
          commencing on the date on which the prepayment is applied and ending on
          the last
          day of the calendar month preceding such Remittance Date. 

         

        Prepayment
          Period:
          As to
          any Remittance Date, (a) in the case of Full Principal Prepayments, the
          period
          commencing on the 16th
          day of
          the month prior to the month in which the related Remittance
          Date
          occurs and ending on the 15th
          day of
          the month in which such Remittance Date occurs, and (b) in the case of
          Partial
          Principal Prepayments or other recoveries, the preceding calendar
          month.

         

        Primary
          Mortgage Insurance Policy:
          Each
          primary policy of mortgage insurance, or any replacement policy therefor
          obtained by the Servicer pursuant to Section 4.08.

         

        Prime
          Rate:
          The
          prime rate of U.S. money center banks as published from time to time in
          The
          Wall Street Journal.

         

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any Prepayment
          Charge and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment. Partial Principal Prepayments shall be applied
          in
          accordance with the terms of the related Mortgage Note.

         

        Qualified
          Appraiser:
          An
          appraiser, duly appointed by the Servicer, 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, which 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
          Depository:
          (a) The
          Custodian, (b) a depository, the accounts of which are insured by the FDIC
          and
          the short term debt ratings and the long term deposit ratings of which
          are rated
          in one of the two highest rating categories by either of Moody’s Investors
          Service, Inc. or Fitch, Inc., or (c) a depository, the short-term debt
          obligations, or other short-term deposits of which are rated at least ‘A-2’ and
          the long-term unsecured debt obligations of which are rated at least ‘AA-’ by
          Standard & Poor's Ratings Service, a division of The McGraw Hill Companies
          Inc.

         

        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 and Freddie Mac. 

         

        Rating
          Agency:
          Standard & Poor's Ratings Service, a division of The McGraw Hill Companies
          Inc., and Moody's Investors Service, Inc.

         

        Reconstitution
          Agreement:
          Any
          agreement involving any Pass-Through Transfer or Whole Loan
          Transfer.

         

        Regulation
          AB:
          Subpart
          229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as 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:
          The
          provisions of the Federal income tax law relating to a REMIC, which appear
          at
          Section 860A through 860G of the Code, and related provisions, and regulations,
          rulings or pronouncements promulgated thereunder, as the foregoing may
          be in
          effect from time to time.

         

        Remittance
          Date:
          The
          Remittance Date shall be the 18th day of any month, or if such 18th day
          is not a
          Business Day, the first Business Day immediately preceding such 18th
          day.

         

        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 Owner as described
          in Section 4.13.

         

        SAMI
          II:
          Structured Asset Mortgage Investments II Inc.

         

        Sarbanes
          Certification:
          A
          certification required pursuant to The
          Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
          promulgated thereunder (including any interpretations or amendments thereof
          by
          the Commission’s staff).

         

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

         

        Servicer:
          EMC
          Mortgage Corporation, or any of its successors in interest or any successor
          under this Agreement appointed as herein provided.

         

        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 relating to each
          Mortgage Loan, 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), (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
          and
          (e) 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 H for convenience of
          reference only. In the event of a conflict or inconsistency between the
          terms of
          Exhibit H 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 Owner, the Servicer and any Person that will
          be
          responsible for signing any Sarbanes Certification with respect to a
          Pass-Through Transfer in response to evolving interpretations of Regulation
          AB
          and incorporated into a revised Exhibit H).

         

        Servicing
          Fee:
          With
          respect to each Mortgage Loan, the amount of the annual servicing fee the
          Owner
          shall pay to the Servicer, which shall, for a period of one full month,
          be equal
          to one--twelfth of the product of (a) the applicable Servicing Fee Rate
          and (b)
          the outstanding principal balance of the 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 Owner to pay the Servicing Fee is limited to, and
          the
          Servicing Fee is payable from the interest portion of such Monthly Payment
          collected by the Servicer or as otherwise provided under Section
          4.05.

         

        Servicing
          Fee Rate:
          The
          Servicing Fee Rate shall be a rate per annum equal to 0.25%.

         

        Servicing
          File:
          The
          documents, records and other items pertaining to a particular Mortgage
          Loan and
          any additional documents relating to such Mortgage Loan as are in, or as
          may
          from time to time come into, the Servicer's possession.

         

        Servicing
          Officer:
          Any
          officer of the Servicer involved in, or responsible for, the administration
          and
          servicing of the Mortgage Loans whose name appears on a list of servicing
          officers furnished by the Servicer to the Owner upon request, as such list
          may
          from time to time be amended.

         

        Stated
          Principal Balance:
          As to
          each Mortgage Loan as of any date of determination, (i) the principal balance
          of
          such Mortgage Loan after giving effect to payments of principal due and
          received
          or for which a Monthly Advance has been made, minus (ii) all amounts previously
          distributed to the Owner with respect to the Mortgage Loan representing
          Principal Prepayments.

         

        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.

         

        Trustee:
          The
          Person appointed as trustee in connection with any Pass-Through
          Transfer.

         

        Whole
          Loan Transfer:
          The
          sale or transfer of some or all of the ownership interest in the Mortgage
          Loans
          by the Owner to one or more third parties in whole loan or participation
          format,
          which third party may be Fannie Mae or Freddie Mac.

         

        ARTICLE
          II

        SERVICING
          OF MORTGAGE LOANS; POSSESSION OF SERVICING FILES; BOOKS AND RECORDS; DELIVERY
          OF
          MORTGAGE LOAN DOCUMENTS

         

        Section
          2.01. Servicing
          of Mortgage Loans.
          

         

        The
          Servicer does hereby agree to service the Mortgage Loans in accordance
          with the
          terms of this Agreement. The rights of the Owner to receive payments with
          respect to the Mortgage Loans shall be as set forth in this
          Agreement.

         

        Section
          2.02. Maintenance
          of Servicing Files.
          

         

        The
          Servicer shall maintain a Servicing File consisting of all documents necessary
          to service the Mortgage Loans. The possession of each Servicing File by
          the
          Servicer is for the sole purpose of servicing the Mortgage Loan, and such
          retention and possession by the Servicer is in a custodial capacity only.
          The
          Servicer acknowledges that the ownership of each Mortgage Loan, including
          the
          Note, the Mortgage, all other Mortgage Loan Documents and all rights, benefits,
          proceeds and obligations arising therefrom or in connection therewith,
          has been
          vested in the Owner. 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 Servicer shall be received and held
          by the
          Servicer in trust for the exclusive benefit of the Owner as the owner of
          the
          related Mortgage Loans. Any portion of the related Servicing Files retained
          by
          the Servicer shall be appropriately identified in the Servicer's computer
          system
          to clearly reflect the ownership of the related Mortgage Loans by the Owner.
          The
          Servicer shall release its custody of the contents of the related Servicing
          Files only in accordance with written instructions of the Owner, except
          when
          such release is required as incidental to the Servicer's servicing of the
          Mortgage Loans, such written instructions shall not be required.

         

        Section
          2.03. Books
          and Records.
          

         

        The
          Servicer 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 Servicer's computer system to clearly reflect the ownership
          of
          the Mortgage Loan by the Owner. In particular, the Servicer shall maintain
          in
          its possession, available for inspection by the Owner, or its designee
          and shall
          deliver to the Owner 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 Fannie Mae 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 Servicer may be in the form of microfilm or microfiche or such other
          reliable means of recreating original documents, including but not limited
          to,
          optical imagery techniques so long as the Servicer complies with the
          requirements of the Fannie Mae Guide.

         

        The
          Servicer shall maintain with respect to each Mortgage Loan and shall make
          available for inspection by any Owner or its designee the related Servicing
          File
          (or copies thereof) during the time the Owner retains ownership of a Mortgage
          Loan and thereafter in accordance with applicable laws and
          regulations.

         

        Section
          2.04. Transfer
          of Mortgage Loans.
          

         

        No
          transfer of a Mortgage Loan may be made unless such transfer is in compliance
          with the terms hereof. For the purposes of this Agreement, the Servicer
          shall be
          under no obligation to deal with any person with respect to this Agreement
          or
          any Mortgage Loan unless a notice of the transfer of such Mortgage Loan
          has been
          delivered to the Servicer in accordance with this Section 2.04. The Owner
          may,
          subject to the terms of this Agreement, sell and transfer one or more of
          the
          Mortgage Loans in accordance with Sections 10.02 and 11.12, provided,
          however, that the transferee will not be deemed to be an Owner hereunder
          binding
          upon the Servicer unless such transferee shall agree in writing to be bound
          by
          the terms of this Agreement and an assignment and assumption of this Agreement
          reasonably acceptable to the Servicer. The Owner shall advise the Servicer
          in
          writing of the transfer. Upon receipt of notice of the permitted transfer,
          the
          Servicer shall mark its books and records to reflect the ownership of the
          Mortgage Loans of such assignee, and shall release the previous Owner from
          its
          obligations hereunder with respect to the Mortgage Loans sold or
          transferred.

         

        Section
          2.05. Delivery
          of Mortgage Loan Documents.
          

         

        The
          Servicer shall forward to the Custodian on behalf of the Owner 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 4
          week(s) of their execution; provided, however, that the Servicer shall
          provide
          the Custodian on behalf of the Owner with a certified true copy of any
          such
          document submitted for recordation within 4 week(s) after its execution,
          and
          shall provide the original of any document submitted for recordation or
          a copy
          of a recorded document if the original is not available. 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 Servicer shall continue to use its best efforts to
          effect
          delivery as soon as possible thereafter.

         

        From
          time
          to time the Servicer may have a need for Mortgage Loan Documents to be
          released
          by the Custodian. If the Servicer shall require any of the Mortgage Loan
          Documents, the Servicer shall notify the Custodian in writing of such request
          in
          the form of the request for release attached hereto as Exhibit
          D.
          The
          Custodian shall deliver to the Servicer within five (5) Business Days,
          any
          requested Mortgage Loan Document previously delivered to the Custodian,
          provided
          that such documentation is promptly returned to the Custodian when the
          Servicer
          no longer requires possession of the document, and provided that during
          the time
          that any such documentation is held by the Servicer, such possession is
          in trust
          for the benefit of the Owner.

         

        ARTICLE
          III

        REPRESENTATIONS
          AND WARRANTIES OF THE SERVICER

         

        The
          Servicer represents, warrants and covenants to the Owner that as of the
          date
          hereof or as of such date specifically provided herein:

         

        (a)
          The
          Servicer is a validly existing corporation in good standing under the laws
          of
          the State of its organization 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 and no demand for such qualification or license
          has been made upon the Servicer by any such state, and in any event the
          Servicer
          is in compliance with the laws of each 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
          Servicer has full power and authority to execute, deliver and perform,
          and to
          enter into and consummate all transactions contemplated by this Agreement
          and to
          conduct its business as presently conducted, has duly authorized the execution,
          delivery and performance of this Agreement, has duly executed and delivered
          this
          Agreement, and this Agreement constitutes a legal, valid and binding obligation
          of the Servicer, enforceable against it in accordance with its terms subject
          to
          bankruptcy laws and other similar laws of general application affecting
          rights
          of creditors and subject to the application of the rules of equity, including
          those respecting the availability of specific performance;

         

        (c)
          None
          of the execution and delivery of this Agreement, the consummation of the
          transactions contemplated thereby and hereby, or the fulfillment of or
          compliance with the terms and conditions of this Agreement will conflict
          with
          any of the terms, conditions or provisions of the Servicer's articles of
          incorporation or by-laws or materially conflict with or result in a breach
          of
          any of the terms, conditions or provisions of any legal restriction or
          any
          agreement or instrument to which the Servicer is now a party or by which
          it is
          bound, or constitute a default or result in 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 Servicer or its property is
          subject;

         

        (d)
          There
          is no litigation pending or, to the Servicer's knowledge, threatened with
          respect to the Servicer which is reasonably likely to have a material adverse
          effect on the execution, delivery or enforceability of this Agreement,
          or which
          is reasonably likely to have a material adverse effect on the financial
          condition of the Servicer;

         

        (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 Servicer
          of
          or compliance by the Servicer with this Agreement or the consummation of
          the
          transactions contemplated by this Agreement except for consents, approvals,
          authorizations and orders which have been obtained;

         

        (f)
          The
          Servicer is an approved seller/servicer of residential mortgage loans for
          Fannie
          Mae and Freddie Mac. The Servicer is in good standing to service mortgage
          loans
          for Fannie Mae and Freddie Mac and no event has occurred which would make
          the
          Servicer unable to comply with eligibility requirements or which would
          require
          notification to either Fannie Mae or Freddie Mac;

         

        (g)
          As of
          the date of each Pass-Through Transfer, and except as has been otherwise
          disclosed to the Owner, the Master Servicer and any Depositor, or disclosed
          in
          any public filing: (1) no default or servicing related performance trigger
          has
          occurred as to any other Pass-Through Transfer due to any act or failure
          to act
          of the Servicer; (2) no material noncompliance with applicable servicing
          criteria as to any other Pass-Through Transfer has occurred, been disclosed
          or
          reported by the Servicer; (3) the Servicer has not been terminated as servicer
          in a residential mortgage loan Pass-Through Transfer, either due to a servicing
          default or to application of a servicing performance test or trigger; (4)
          no
          material changes to the Servicer’s servicing policies and procedures for similar
          loans have occurred in the preceding three years; (5) there are no aspects
          of
          the Servicer’s financial condition that could have a material adverse impact on
          the performance by the Servicer of its obligations hereunder; (6) there
          are no
          legal proceedings pending, or known to be contemplated by governmental
          authorities, against the Servicer 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 Servicer of
          a type
          that are described under Item 1119 of Regulation AB;

         

        (h)
          If so
          requested by the Owner, the Master Servicer or any Depositor on any date,
          the
          Servicer shall, within five Business Days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          clause
          (g) of this Article 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;

         

        (i)
          Notwithstanding anything to the contrary in the Agreement, the Servicer
          shall
          (or shall cause each Subservicer) (i) immediately notify the Owner, the
          Master
          Servicer and any Depositor in writing of (A) any material litigation or
          governmental proceedings pending against the Servicer or 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 (g) of this Article (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 Owner and any Depositor a description
          of such
          proceedings, affiliations or relationships; 

         

        (j)
          As a
          condition to the succession to the Servicer or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Servicer or such Subservicer may be merged or consolidated,
          or (ii) which may be appointed as a successor to the Servicer or any
          Subservicer, the Servicer shall provide to the Owner, the 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 Owner, the Master
          Servicer
          and any Depositor of such succession or appointment and (y) in writing
          and in
          form and substance reasonably satisfactory to the Owner, the Master Servicer
          and
          such Depositor, all information reasonably requested by the Owner, the
          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;
          and

         

        (k)
           Servicer
          has delivered to the Owner and the Master Servicer 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
          Servicer
          since the date of the Servicer’s financial information that would have a
          material adverse effect on its ability to perform its obligations under
          this
          Agreement.

         

        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 with Accepted Servicing
          Practices (giving due consideration to the Owner's reliance on the Servicer),
          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 with Accepted Servicing Practices and shall 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, the Servicer shall service the Mortgage
          Loans in accordance with Accepted Servicing Practices in compliance with
          the
          servicing provisions of the Fannie Mae Guide, 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
          fidelity bond and errors and omissions insurance, inspections, the restoration
          of Mortgaged Property, the maintenance of Primary Mortgage Insurance Policies,
          insurance claims, and title insurance, 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 Loan Documents, 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 Guide,
          the
          provisions of this Agreement shall control and be binding upon the Owner
          and the
          Servicer. The Owner may, at its option, deliver powers-of-attorney to the
          Servicer sufficient to allow the Servicer as servicer to execute all
          documentation requiring execution on behalf of Owner with respect to the
          servicing of the Mortgage Loans, including satisfactions, partial releases,
          modifications and foreclosure documentation or, in the alternative, shall
          as
          promptly as reasonably possible, execute and return such documentation
          to the
          Servicer.

         

        Consistent
          with and in addition to the terms set forth in this Agreement, if a Mortgage
          Loan is in default or such default is reasonably foreseeable, the Servicer
          may
          waive, modify or vary any term of any Mortgage Loan or consent to the
          postponement of strict compliance with any such term or in any manner grant
          indulgence to any mortgagor, including without limitation, to (1)
          capitalize any amounts owing on the Mortgage Loan by adding such amount
          to the
          outstanding principal balance of the Mortgage Loan, (2) defer such amounts
          to a
          later date or the final payment date of such Mortgage Loan, (3) extend
          the
          maturity of any such Mortgage Loan, (4) amend the related Mortgage Note
          to
          reduce the related Mortgage Rate with respect to any Mortgage Loan, (5)
          convert
          the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable
          rate
          or vice versa, (6) with respect to a mortgage loan with an initial fixed
          rate
          period followed by an adjustable rate period, extend the fixed period and
          reduce
          the adjustable rate period, and/or (7) forgive the amount of any interest
          and
          principal owed by the related Mortgagor; provided that, in the
          Servicer’s
          reasonable and prudent determination, such waiver, modification, postponement
          or
          indulgence: (A) is not materially adverse to the interests
          of the Owner on a present value basis using reasonable assumptions (including
          taking into account any estimated Realized Loss that might result absent
          such
          action); and (B) does not amend the related Mortgage Note to extend the
          maturity
          thereof later than the date of the Latest Possible Maturity Date (as such
          term
          is defined in the related pooling and servicing agreement); provided,
          further, with respect to any Mortgage Loan that is not in default or if
          default
          is not reasonably foreseeable, unless the Servicer has provided to the
          Owner a
          certification addressed to the Owner, based on the advice of counsel or
          certified public accountants that have a national reputation with respect
          to
          taxation of REMICs that a modification of such Mortgage Loan will not result
          in
          the imposition of taxes on or disqualify from REMIC status any of the REMICs
          and
          has obtained the prior written consent of the Owner, the Servicer shall
          not
          permit any modification with respect to any Mortgage Loan. Notwithstanding
          the foregoing, for any modification which may result in a realized loss
          of 20%
          or more of the outstanding principal balance of a Mortgage Loan, the Company
          shall present such proposed modification, together with any supporting
          documentation, to the Master Servicer for consideration and
          approval. 

         

        In
          the
          event of any such waiver, modification, postponement or indulgence which
          has
          been agreed to in writing by the Owner and which permits the deferral of
          interest or principal payments on any Mortgage Loan, the Servicer shall,
          on the
          Business Day immediately preceding the related 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 and
          Section 5.03, the difference between (a) such month's principal and one
          month's
          interest at the related 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.

         

        The
          Servicer 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 Servicer of a 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 each subservicer as
          fully as
          if such acts and omissions were those of the Servicer. Any such subservicer
          must
          be a Fannie Mae approved seller/servicer or a Freddie Mac seller/servicer
          in
          good standing and no event shall have 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 by Freddie Mac, or which would require notification to
          Fannie
          Mae or Freddie Mac. The Servicer shall pay all fees and expenses of each
          subservicer from its own funds, and a subservicer's fee shall not exceed
          the
          Servicing Fee.

         

        At
          the
          cost and expense of the Servicer, without any right of reimbursement from
          the
          Custodial Account, the Servicer shall be entitled to terminate the rights
          and
          responsibilities of a subservicer and arrange for any servicing responsibilities
          to be performed by a successor subservicer meeting the requirements in
          the
          preceding paragraph, provided, however, that nothing contained herein shall
          be
          deemed to prevent or prohibit the Servicer, at the Servicer's option, from
          electing to service the related Mortgage Loans itself. In the event that
          the
          Servicer's responsibilities and duties under this Agreement are terminated
          pursuant to Section 8.04, 9.01 or 10.01, and if requested to do so by the
          Owner,
          the Servicer shall at its own cost and expense terminate the rights and
          responsibilities of each 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 each subservicer
          from
          the Servicer's own funds without reimbursement from the Owner.

         

        Notwithstanding
          any of the provisions of this Agreement relating to agreements or arrangements
          between the Servicer and a subservicer or any reference herein to actions
          taken
          through a subservicer or otherwise, the Servicer shall not be relieved
          of its
          obligations to the Owner 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 a
          subservicer for indemnification of the Servicer by the subservicer and
          nothing
          contained in this Agreement shall be deemed to limit or modify such
          indemnification.

         

        Any
          subservicing agreement and any other transactions or services relating
          to the
          Mortgage Loans involving a subservicer shall be deemed to be between such
          subservicer and Servicer alone, and the Owner shall have no obligations,
          duties
          or liabilities with respect to such Subservicer including no obligation,
          duty or
          liability of Owner to pay such 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 a
          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 with diligence 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
          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
          Servicer will take reasonable 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
          the
          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.

         

        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. 

         

        Section
          4.03. Realization
          Upon Defaulted Mortgage Loans.
          

         

        The
          Servicer shall use its reasonable efforts, consistent with the procedures
          that
          the Servicer would use in servicing loans for its own account and the
          requirements of the Fannie Mae Guide, 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
          apply
          the definition of Delinquent as such term is defined under the related
          pooling
          and servicing agreement. The Servicer shall use its reasonable efforts
          to
          realize upon defaulted Mortgage Loans in such manner as will maximize the
          receipt of principal and interest by the Owner, taking into account, among
          other
          things, the timing of foreclosure proceedings. The foregoing is subject
          to the
          provisions that, in any case in which 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 Owner 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 be responsible for all
          costs
          and expenses incurred by it in any such proceedings or functions as Servicing
          Advances; provided, however, that it shall be entitled to reimbursement
          therefor
          as provided 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 Owner otherwise requests an environmental inspection or review
          of such
          Mortgaged Property, such an inspection or review is to be conducted by
          a
          qualified inspector. Upon completion of the inspection, the Servicer shall
          promptly provide the Owner with a written report of the environmental
          inspection. After reviewing the environmental inspection report, the Owner
          shall
          determine how the Servicer shall proceed with respect to the Mortgaged
          Property.

         

        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.
          Each
          Custodial Account shall be established with a Qualified Depository. To
          the
          extent such funds are not deposited in a Custodial Account, such funds
          may be
          invested in Permitted Investments for the benefit of the Owner (with any
          income
          earned thereon for the benefit of the Servicer). Custodial Accounts will
          be
          reconciled within 45 calendar days after the bank statement cut-off date.
          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 Owner upon
          request. The Servicer acknowledges and agrees that the Servicer shall bear
          any
          losses incurred with respect to Permitted Investments. The amount of any
          such
          losses shall be immediately deposited by the Servicer in the Custodial
          Account,
          out of the Servicer's own funds, with no right to reimbursement
          therefor.

         

        The
          Servicer shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Custodial Account or Accounts no later than 48 hours after receipt
          and
          identification of funds and retain therein the following payments and
          collections:

         

        (i) all
          payments on account of principal, including Principal Prepayments (exclusive
          of
          Prepayment Charges) and penalties, on the Mortgage Loans received after
          the
          Cut-off Date;

         

        (ii) all
          payments on account of interest on the Mortgage Loans adjusted to the related
          Mortgage Loan Remittance Rate received after the Cut-off Date;

         

        (iii) all
          Liquidation Proceeds received after the Cut-off Date;

         

        (iv) any
          net
          amounts received by the Servicer after the Cut-off Date in connection with
          any
          REO Property pursuant to Section 4.13;

         

        (v) all
          Insurance Proceeds received after the Cut-off Date including amounts required
          to
          be deposited pursuant to Sections 4.08 and 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 the Servicer's
          normal
          servicing procedures, the loan documents or applicable law;

         

        (vi) all
          Condemnation Proceeds affecting any Mortgaged Property received after the
          Cut-off Date 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 the Servicer's normal servicing procedures, the loan
          documents or applicable law;

         

        (vii) any
          Monthly Advances as provided in Section 5.03;

         

        (viii) any
          amounts received after the Cut-off Date and required to be deposited in
          the
          Custodial Account pursuant to Section 6.02; and

         

        (ix) with
          respect to each full or partial Principal Prepayment received after the
          Cut-off
          Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's
          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, Prepayment Charges
          and assumption fees, to the extent permitted by Section 6.01, and all Prepayment
          Interest Excess need not be deposited by the Servicer in the Custodial
          Account.

         

        Section
          4.05. Permitted
          Withdrawals From the Custodial Account.
          

         

        The
          Servicer may, from time to time, make withdrawals from the Custodial Account
          for
          the following purposes:

         

        (i) to
          make
          payments to the Owner in the amounts and in the manner provided for in
          Section
          5.01;

         

        (ii) to
          reimburse itself for Monthly Advances, 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;

         

        (iii) to
          reimburse itself for unreimbursed Servicing Advances and Monthly Advances,
          the
          Servicer's right to reimburse itself pursuant to this subclause (iii) with
          respect to any Mortgage Loan being limited to Liquidation Proceeds, Condemnation
          Proceeds and Insurance Proceeds received after the Cut-off Date related
          to such
          Mortgage Loan; provided, however, the Servicer must provide documentation
          to the
          Master Servicer supporting Servicing Advances related to Liquidation Proceeds
          prior to withdrawing such amounts from the Custodial Account;

         

        (iv) to
          pay to
          itself as 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
          recovery attributable to interest on a particular Mortgage Loan;

         

        (v) to
          reimburse itself for any Nonrecoverable Advances;

         

        (vi) to
          transfer funds to another Qualified Depository in accordance with Section
          4.09
          hereof;

         

        (vii) to
          reimburse itself as provided in Section 8.03 hereof;

         

        (viii) to
          remove
          funds inadvertently placed in the Custodial Account in error by the Servicer;
          and

         

        (ix) 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
          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. Each Escrow Account shall be established with a Qualified
          Depository. To the extent such funds are not deposited in an Escrow Account,
          such funds may be invested in Permitted Investments. Funds deposited in
          an
          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 Owner upon
          request.
          The Servicer acknowledges and agrees that the Servicer shall bear any losses
          incurred with respect to Permitted Investments. The amount of any such
          losses
          shall be immediately deposited by the Servicer in the Escrow Account, as
          appropriate, out of the Servicer's own funds, with no right to reimbursement
          therefor.

         

        The
          Servicer shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Escrow Account or Accounts no later than 48 hours after receipt of
          funds and
          retain therein:

         

        (i) all
          Escrow Payments collected on account of the Mortgage Loans, for the purpose
          of
          effecting timely payment of any items as are 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 an Escrow Account only to effect such
          payments as are required under this Agreement, and for such other purposes
          as
          shall be as set forth in and in accordance with Section 4.07. Except as
          provided
          in Section 4.07, the Servicer shall be entitled to retain any interest
          paid on
          funds deposited in an Escrow Account by the Qualified Depository.

         

        Section
          4.07. Permitted
          Withdrawals From Escrow Account.
          

         

        Withdrawals
          from the Escrow Account may be made by the Servicer only:

         

        (i) to
          effect
          timely payments of ground rents, taxes, assessments, water rates, fire
          and
          hazard insurance premiums, Primary Mortgage Insurance Policy premiums,
          if
          applicable, 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 connection with an acquisition of
          REO
          Property;

         

        (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
          pay to
          the Mortgagors or other parties Insurance Proceeds deposited in accordance
          with
          Section 4.06; 

         

        (viii) to
          remove
          funds inadvertently placed in an Escrow Account in error by the Servicer;
          and

         

        (ix) 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 an 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.

         

        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 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 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 when 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.

         

        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 maintained
          until
          the ratio of the current outstanding principal balance of the related Mortgage
          Loan to the appraised value of the related Mortgaged Property, based on
          the most
          recent appraisal of the Mortgaged Property performed by a Qualified Appraiser,
          such appraisal to be included in the Servicing File, is reduced to an amount
          for
          which Fannie Mae no longer requires such insurance to be maintained. The
          Servicer will not cancel or refuse to renew any Primary Mortgage Insurance
          Policy 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.

         

        In
          connection with its activities as servicer, the Servicer agrees to prepare
          and
          present, on behalf of itself and the Owner, claims to the insurer under
          any
          Primary Mortgage Insurance Policy in a timely fashion in accordance with
          the
          terms of such Primary Mortgage Insurance Policy and, in this regard, to
          take
          such action as shall be necessary to permit recovery under any Primary
          Mortgage
          Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to 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
          Qualified Depository from time to time. The Servicer shall notify the Owner
          of
          any such transfer within 15 Business Days of transfer. If any one of the
          investment ratings of a Qualified Depository holding funds or Eligible
          Investments in the Custodial Account or Escrow Account is downgraded by
          the
          issuing rating agency, the Servicer shall, within three (3) Business Days
          of
          receipt of notice of the downgrading, transfer all such accounts, funds
          and
          Permitted Investments to a different Qualified Depository in accordance
          with
          this Agreement.

         

        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 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)
          the percentage such that the proceeds thereof shall be sufficient to prevent
          the
          Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged
          Property is in an area identified in the Federal Register by the Federal
          Emergency Management Agency as being a special flood hazard area that has
          federally-mandated flood insurance requirements, the Servicer will cause
          to be
          maintained a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Insurance Administration with a generally acceptable
          insurance carrier, 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. The Servicer shall also maintain on
          the REO
          Property, fire and hazard insurance with extended coverage in an amount
          which is
          at least equal to the maximum insurable value of the improvements which
          are a
          part of such property, liability insurance and, to the extent required
          and
          available under the 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 the Servicer's
          normal
          servicing procedures, 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 or the Mortgagor
          or
          maintained on property acquired in respect of the Mortgage Loans, other
          than
          pursuant to the Fannie Mae Guide 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 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 currently reflect a General Policy Rating
          in
          Best's Key Rating Guide currently acceptable to Fannie Mae and are licensed
          to
          do business in the state wherein the property subject to the policy is
          located.

         

        Section
          4.11 Maintenance
          of Mortgage Impairment Insurance Policy.

        

        In
          the
          event that the Servicer shall obtain and maintain a mortgage impairment
          or
          blanket policy issued by an issuer that has a Best rating of A:VI insuring
          against hazard losses on all of Mortgaged Properties securing 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, the Servicer 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 one or more losses 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 Owner, claims under any such blanket policy
          in a
          timely fashion in accordance with the terms of such policy. Upon request
          of the
          Owner, the Servicer shall cause to be delivered to the Owner a certified
          true
          copy of such policy and a statement from the insurer thereunder that such
          policy
          shall in no event be terminated or materially modified without thirty (30)
          days
          prior written notice to the Owner.

        

        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 that would meet the requirements of Fannie Mae or Freddie Mac
          on all
          officers, employees or other persons acting in any capacity with regard
          to the
          Mortgage Loans and who handle funds, money, documents and papers relating
          to the
          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
          Servicer against losses, including forgery, theft, embezzlement, fraud,
          errors
          and omissions and negligent acts of such persons. Such Fidelity Bond and
          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
          and errors and omissions insurance shall diminish or relieve the Servicer
          from
          its duties and obligations as set forth in this Agreement. The minimum
          coverage
          under any such Fidelity Bond and insurance policy shall be at least equal
          to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Guide or
          by
          Freddie Mac in the Freddie Mac Guide. The Servicer shall, upon request
          of Owner,
          deliver to the Owner 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 Owner. The Servicer shall
          notify
          the Owner 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
          Owner and its 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.

         

        Section
          4.13. Title,
          Management and Disposition of REO Property.
          

         

        In
          the
          event that title to any Mortgaged Property is acquired in foreclosure or
          by deed
          in lieu of foreclosure, the deed or certificate of sale shall be taken
          in the
          name of the Owner or its designee. Any such Person or Persons holding such
          title
          other than the Owner shall acknowledge in writing that such title is being
          held
          as nominee for the benefit of the Owner.

         

        The
          Servicer shall assume the responsibility for marketing each REO Property
          in
          accordance with Accepted Servicing Practices. Thereafter, the Servicer
          shall
          continue to provide certain administrative services to the Owner relating
          to
          such REO Property as set forth in this Section 4.13. The REO Property must
          be
          sold within three years following the end of the calendar year of the date
          of
          acquisition, unless a REMIC election has been made with respect to the
          arrangement under which the Mortgage Loans and REO Property are held and
          (i) the
          Owner shall have been supplied with an Opinion of Counsel (at the Servicer's
          expense) to the effect that the holding by the related trust of such Mortgaged
          Property subsequent to such three-year period (and specifying the period
          beyond
          such three-year period for which the Mortgaged Property may be held) will
          not
          result in the imposition of taxes on "prohibited transactions" of the related
          trust as defined in Section 860F of the Code, or cause the related REMIC
          to fail
          to qualify as a REMIC, in which case the related trust may continue to
          hold such
          Mortgaged Property (subject to any conditions contained in such Opinion
          of
          Counsel), or (ii) the Owner (at the Servicer's expense) or the Servicer
          shall
          have applied for, prior to the expiration of such three-year period, an
          extension of such three-year period in the manner contemplated by Section
          856(e)(3) of the Code, in which case the three-year period shall be extended
          by
          the applicable period. If a period longer than three years is permitted
          under
          the foregoing sentence and is necessary to sell any REO Property, the Servicer
          shall report monthly to the Owner as to progress being made in selling
          such REO
          Property.

         

        Notwithstanding
          any other provision of this Agreement, if a REMIC election has been made,
          no
          Mortgaged Property held by a REMIC shall be rented (or allowed to continue
          to be
          rented) or otherwise used for the production of income by or on behalf
          of the
          related trust or sold or managed in such a manner or pursuant to any terms
          that
          would (i) cause such Mortgaged Property to fail to qualify at any time
          as
          "foreclosure property" within a meaning of Section 860G(a)(8) of the Code,
          (ii)
          subject the related trust to the imposition of any federal or state income
          taxes
          on "net income from foreclosure property" with respect to such Mortgaged
          Property within the meaning of Section 860G(c) of the Code, or (iii) cause
          the
          sale of such Mortgaged Property to result in the receipt by the related
          trust or
          any income from non-permitted assets as described in Section 860F(a) (2)(B)
          of
          the Code, unless the Servicer has agreed to indemnify and hold harmless
          the
          related trust with respect to the imposition of any such taxes.

         

        The
          Servicer shall deposit or cause to be deposited, on a daily basis in each
          Custodial Account all revenues received with respect to the related REO
          Property
          and shall withdraw therefrom 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 hereof. The Servicer
          shall maintain separate records with respect to each REO Property identifying
          all deposits and withdrawals from the Custodial Account for each REO
          Property.

         

        The
          Servicer shall furnish to the Owner on each Remittance Date, an operating
          statement for each REO Property covering the operation of each REO Property
          for
          the previous month. Such operating statement shall be accompanied by such
          other
          information as the Owner shall reasonably request.

         

        The
          Servicer shall, either itself or through an agent selected by the Servicer,
          and
          in accordance with the Fannie Mae Guide, 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.
          Each
          REO Disposition 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 interest of
          the
          Owner. The REO Disposition Proceeds from the sale of the REO Property shall
          be
          promptly deposited in the Custodial Account. As soon as practical thereafter,
          the expenses of such sale shall be paid and the Servicer shall be entitled
          to
          reimburse itself for any related unreimbursed Servicing Advances, unpaid
          Servicing Fees or Monthly Advances made. Such reimbursement will be subject
          to
          Master Servicer approval of claims submitted within 90 days of liquidation
          (such
          approval will be rendered within 30 days of the Master Servicer’s receipt of the
          complete claim of loss notification package), and on the Remittance Date
          immediately following the Principal Prepayment Period in which such sale
          proceeds are received the proceeds of such sale deposited in the Custodial
          Account shall be distributed to the Purchaser.

         

        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 may be required by the
          circumstances. The Servicer shall make or cause the inspector to make a
          written
          report of each such inspection. Such reports shall be retained in the Servicing
          File and copies thereof shall be forwarded by the Servicer to the
          Owner.

         

        Section
          4.14. Notification of Adjustments.

         

        With
          respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Interest
          Rate on the related Interest Rate Adjustment Date in compliance with
          requirements of applicable law and the related Mortgage and Mortgage Note.
          The
          Servicer shall execute and deliver any and all necessary notices required
          under
          applicable law and the terms of the related Mortgage Note and Mortgage
          regarding
          the Mortgage Interest Rate adjustments. The Servicer shall promptly, upon
          written request therefor, deliver to the Owner such notifications and any
          additional applicable data regarding such adjustments and the methods used
          to
          calculate and implement such adjustments. Upon the discovery by the Servicer
          or
          the receipt of notice from the Owner that the Servicer has failed to adjust
          a
          Mortgage Interest Rate in accordance with the terms of the related Mortgage
          Note
          and Mortgage, the Servicer shall immediately deposit in the Custodial Account
          from its own funds the amount of any interest loss or deferral caused to
          the
          Owner thereby.

         

        ARTICLE
          V

        PAYMENTS
          TO THE OWNER

         

        Section
          5.01. Remittances.
          

         

        On
          each
          Remittance Date, the Servicer shall remit to the Owner (i) all amounts
          credited
          to the Custodial Account as of the close of business on the last day of
          the
          calendar month preceding the Determination Date, net of charges against
          or
          withdrawals from the Custodial Account pursuant to Section 4.05, except
          (a) Full
          Principal Prepayments received on or before the 15th day of the month in
          which a
          Remittance Date occurs shall be remitted to the Owner on the Remittance
          Date of
          such month, and (b) Full Principal Prepayments received after the 15th
          day of
          the month in which a Remittance Date occurs shall be remitted to the Owner
          on
          the next following Remittance Date, plus, to the extent not already deposited
          in
          the Custodial Account, the sum of (ii) all Monthly Advances, if any, which
          the
          Servicer is obligated to distribute pursuant to Section 5.03 and (iii)
          all
          Prepayment Interest Shortfalls the Servicer is required to make up pursuant
          to
          Section 4.04, minus (iv) any amounts attributable to Monthly Payments collected
          after the Cut-off Date but due on a Due Date or Dates subsequent to the
          last day
          of the related Due Period, which amounts shall be remitted on the related
          Remittance Date next succeeding the Due Period for such amounts.

         

        With
          respect to any remittance received by the Owner after the Business Day
          on which
          such payment was due, the Servicer shall pay to the Owner interest on any
          such
          late payment at an annual rate equal to the Prime Rate, adjusted as of
          the date
          of each change, plus two percentage points, but in no event greater than
          the
          maximum amount permitted by applicable law. Such interest shall be remitted
          to
          the Owner by the Servicer on the date such late payment is made and shall
          cover
          the period commencing with the day following such Business Day and ending
          with
          the Business Day on which such payment is made, both inclusive. The payment
          by
          the Servicer of any such interest shall not be deemed an extension of time
          for
          payment or a waiver of any Event of Default by the Servicer.

         

        Section
          5.02 Statements
          to the Owner and the Master Servicer.

         

        The
          Servicer shall furnish to the Owner and the Master Servicer an individual
          Mortgage Loan accounting report (a ”Report”), as of the last Business Day of
          each month and the end of the related Prepayment Period, as applicable,
          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, such
          Report
          shall be received by the Owner and the Master Servicer no later than the
          fifth
          Business Day of the month of the related Remittance Date (or, with respect
          to
          information as to Full Principal Prepayments and prepayment penalties no
          later
          than one (1) Business Day after the end of each Prepayment Period), a report
          in
          an Excel (or compatible) electronic format, in such format as may be mutually
          agreed upon by both the Owner and the Servicer, and which shall provide
          the
          information required to be contained in the monthly statements to
          certificateholders as specified in the related pooling and servicing Agreement,
          to the extent applicable to the Servicer. 

         

        In
          addition, the Servicer shall provide to the Master Servicer and the Owner
          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 Owner
          in its
          sole discretion. The Servicer shall also provide a monthly report, in the
          form
          of Exhibit
          E
          and
Exhibit
          F
          hereto,
          or such other form as is mutually acceptable to the Servicer, the Owner
          and the
          Master Servicer, Exhibit
          K
          and
Exhibit
          L
          with
          respect to defaulted mortgage loans, Exhibit
          M
          with
          respect to realized losses and gains, Exhibit
          N
          with
          respect to modified mortgage loans, Exhibit
          O
          with
          respect to claims submitted and Exhibit
          P
          with
          respect to loss severity, with each such report. 

         

        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
          Owner or the Master Servicer pursuant to any applicable law with respect
          to the
          Mortgage Loans and the transactions contemplated hereby. In addition, the
          Servicer shall provide the Owner and the Master Servicer with such information
          concerning the Mortgage Loans as is necessary for the Owner and
          the
          Master Servicer
          to
          prepare its federal income tax return as Owner and the Master Servicer
          may
          reasonably request from time to time.

         

        In
          addition, not more than 60 days after the end of each calendar year, the
          Servicer shall furnish to each Person who was an Owner and the Master Servicer
          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 of principal and interest 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 Monthly Payments, adjusted to the related
          Mortgage
          Loan Remittance Rate, which are delinquent at the close of business on
          the
          related Determination Date; provided, however, that the amount of any such
          deposit may be reduced by the Amount Held for Future Distribution (as defined
          below) then on deposit in the Custodial Account. Any portion of the Amount
          Held
          for Future Distribution used to pay Monthly Advances shall be replaced
          by the
          Servicer by deposit into the Custodial Account on any future Remittance
          Date to
          the extent that the funds that are available in the Custodial Account for
          remittance to the Owner on such Remittance Date are less than the amount
          of
          payments required to be made to the Owner on such Remittance Date. 

         

        The
          "Amount Held for Future Distribution" as to any Remittance Date shall be
          the
          total of the amounts held in the Custodial Account at the close of business
          on
          the preceding Determination Date which were received after the Cut-off
          Date on
          account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal
          Prepayments received or made in the month of such Remittance Date, and
          (ii)
          payments which represent early receipt of scheduled payments of principal
          and
          interest due on a date or dates subsequent to the related Due Date.

         

        The
          Servicer's obligation to make such Monthly Advances as to any Mortgage
          Loan will
          continue through the final disposition or liquidation of the Mortgaged
          Property,
          unless the Servicer deems such advance to be nonrecoverable from Liquidation
          Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to
          the
          applicable Mortgage Loan. In such latter event, the Servicer shall deliver
          to
          the Owner an Officer's Certificate of the Servicer to the effect that an
          officer
          of the Servicer has reviewed the related Servicing File and has obtained
          a
          recent appraisal and has made the reasonable determination that any additional
          advances are nonrecoverable from Liquidation or Insurance Proceeds with
          respect
          to the applicable Mortgage Loan.

         

        Section
          5.04. Liquidation
          Reports.
          

         

        Upon
          the
          foreclosure sale of any Mortgaged Property or the acquisition thereof by
          the
          Owner pursuant to a deed-in--lieu of foreclosure, the Servicer shall submit
          to
          the Owner a liquidation report with respect to such Mortgaged Property
          in such
          form as the Servicer and the Owner shall agree. The Servicer shall also
          provide
          reports on the status of REO Property containing such information as Owner
          may
          reasonably require.

         

        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 a 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, 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 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 Fannie Mae
          Guide.
          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. The Servicer shall notify the Owner that any
          such
          substitution of liability or assumption agreement has been completed by
          forwarding to the Owner the original of any such substitution of liability
          or
          assumption agreement, which document shall be added to the related Mortgage
          Loan
          Documents and shall, for all purposes, be considered a part of such related
          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 Loan Documents.

         

        Upon
          the
          payment in full of any Mortgage Loan, the Servicer will immediately notify
          the
          Custodian with a certification and request for release by a Servicing Officer,
          which certification shall include a statement to the effect that all amounts
          received in connection with such payment which are required to be deposited
          in
          the Custodial Account pursuant to Section 4.04 have been so deposited,
          and a
          request for delivery to the Servicer of the portion of the Mortgage Loan
          Documents held by the Custodian. Upon receipt of such certification and
          request,
          the Owner shall promptly release or cause the Custodian to promptly release
          the
          related Mortgage Loan Documents to the Servicer and the Servicer shall
          prepare
          and deliver for execution by the Owner or at the Owner's option execute
          under
          the authority of a power of attorney delivered to the Servicer by the Owner
          any
          satisfaction or release. 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 Owner may have under the mortgage instruments,
          the Servicer, upon written demand, shall remit within one Business Day
          to the
          Owner the then outstanding principal balance of the related Mortgage Loan
          by
          deposit thereof in the Custodial Account. The Servicer shall maintain the
          Fidelity Bond 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
          Loans, including for the purpose of collection under any Primary Mortgage
          Insurance Policy, upon request of the Servicer and delivery to the Custodian
          of
          a servicing receipt signed by a Servicing Officer, the Custodian shall
          release
          the portion of the Mortgage Loan Documents held by the Custodian to the
          Servicer. Such servicing receipt shall obligate the Servicer to promptly
          return
          the related Mortgage Loan Documents to the Custodian, 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 such documents have 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
          promptly delivered to the Owner or the Custodian a certificate of a Servicing
          Officer certifying as to the name and address of the Person to which such
          documents were 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 Owner or
          the
          Custodian, as applicable, 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 or to retain from interest payments
          on the
          Mortgage Loans the amounts provided for as the Servicer's Servicing Fee.
          Additional servicing compensation in the form of assumption fees, as provided
          in
          Section 6.01, late payment charges and other ancillary fees shall be retained
          by
          the Servicer to the extent not required to be deposited in the Custodial
          Account. The Servicer shall be required to pay all expenses incurred by
          it in
          connection with its servicing activities hereunder and shall not be entitled
          to
          reimbursement therefor except as specifically provided for.

         

        Section
          6.04. Annual
          Statement as to Compliance; Annual Certification.

         

        (a) The
          Servicer will deliver to the Owner and the Master Servicer, not later than
          March
          15th of each calendar year beginning in 2008, an Officer’s Certificate (an
“Annual Statement of Compliance”) stating, as to each signatory thereof, that
          (i) a review of the activities of 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 Owner upon request and by the Owner 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 the Mortgage Loans, by March 15th of each calendar year beginning
          in
          2008, an officer of the Servicer shall execute and deliver an Officer’s
          Certificate (an “Annual Certification”) to the Owner, the Master Servicer, the
          Trustee, 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
          G.
          In the
          event that the Servicer has delegated any servicing responsibilities with
          respect to the Mortgage Loans to a Subservicer or a Subcontractor, to the
          extent
          such Subcontractor is “participating in the servicing function” pursuant to Item
          1122 of Regulation AB, the Servicer shall deliver an Annual Certification
          as to
          each such Subservicer and Subcontractor, as and when required with respect
          to
          the Servicer.

         

        In
          the
          event the Servicer or any Subservicer or Subcontractor engaged by it is
          terminated, assigns its rights and obligations under, or resigns pursuant
          to the
          terms of this Agreement, or any other applicable agreement in the case
          of a
          Subservicer or Subcontractor, as the case may be, such party shall provide
          an
          Annual Statement of Compliance pursuant to this Section 6.04 or to the
          related
          section of such other applicable agreement, as the case may be, as to the
          performance of its obligations with respect to the period of time it was
          subject
          to this Agreement or any other applicable agreement, as the case may be,
          notwithstanding any such termination, assignment or resignation.

         

        The
          Servicer 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 Servicer or any of its officers, directors, agents or affiliates of
          its
          obligations under this Section 6.04 or Section 6.09 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 Master Servicer, then the Servicer 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 Servicer on the other in connection with a breach of the Servicer’s
          obligations under this Section 6.04 or Section 6.09 or the Servicer’s
          negligence, bad faith or willful misconduct in connection
          therewith.

         

        Upon
          request by the Owner or the Master Servicer, the Servicer will deliver
          to such
          requesting party a copy of the audited (if such financial statements are
          available, otherwise unaudited) financial statements of the Servicer for
          the
          most recent fiscal year of the Servicer.

         

        Section
          6.05. [Reserved]

         

        Section
          6.06. Owner's
          Right to Examine Servicer Records.
          

         

        The
          Owner
          shall have the right to examine and audit, at its expense, upon reasonable
          notice to the Servicer, 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 Servicer, or held by another
          for the
          Servicer or on its behalf or otherwise, which relate to the performance
          or
          observance by the Servicer of the terms, covenants or conditions of this
          Agreement.

         

        The
          Servicer shall provide to the Owner and any supervisory agents or examiners
          representing a state or federal governmental agency having jurisdiction
          over the
          Owner access to any documentation regarding the Mortgage Loans in the possession
          of 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 Servicer, and in accordance with
          the
          applicable federal or state government regulations.

         

        Section
          6.07. Compliance
          with REMIC Provisions.
          

         

        If
          a
          REMIC election has been made with respect to the arrangement under which
          the
          Mortgage Loans and REO Property are held, the Servicer shall not take any
          action, cause the REMIC to take any action or fail to take (or fail to
          cause to
          be taken) any action that, under the REMIC Provisions, if taken or not
          taken, as
          the case may be could (i) endanger the status of the REMIC as a REMIC or
          (ii)
          result in the imposition of a tax upon the REMIC (including but not limited
          to
          the tax on "prohibited transactions" as defined in Section 860F(a)(2) of
          the
          Code and the tax on "contribution" to a REMIC set forth in Section 860G(d)
          of
          the Code unless the Servicer has received an Opinion of Counsel (at the
          expense
          of the party seeking to take such actions) to the effect that the contemplated
          action will not endanger such REMIC status or result in the imposition
          of any
          such tax.

         

        Section
          6.08. Non-solicitation.
          

         

        The
          Servicer shall not knowingly conduct any solicitation exclusively targeted
          to
          the Mortgagors for the purpose of inducing or encouraging the early prepayment
          or refinancing of the related Mortgage Loans. It is understood and agreed
          that
          promotions undertaken by the Servicer or any agent or affiliate of the
          Servicer
          which are directed to the general public at large, including, without
          limitation, mass mailings based on commercially acquired mailing lists,
          newspaper, radio and television advertisements shall not constitute solicitation
          under this section. Nothing contained herein shall prohibit the Servicer
          from
          (i) distributing to Mortgagors any general advertising including information
          brochures, coupon books, or other similar documentation which indicates
          services
          the Servicer offers, including refinances or (ii) providing financing of
          home
          equity loans to Mortgagors at the Mortgagor's request.

         

        Section
          6.09. Assessment
          of Compliance with Servicing Criteria.

         

        On
          and
          after January 1, 2007, the Servicer shall service and administer, and shall
          cause each subservicer to service or administer, the Mortgage Loans in
          accordance with all applicable requirements of the Servicing
          Criteria.

         

        With
          respect to the Mortgage Loans, the Servicer shall deliver to the Owner
          or its
          designee, the Master Servicer, the Trustee, and any Depositor on or before
          March
          15th of each calendar year beginning in 2008, a report (an “Assessment of
          Compliance”) 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
Exhibit
          J
          hereto.

         

        With
          respect to the Mortgage Loans, on or before March 15th of each calendar
          year
          beginning in 2008, the Servicer shall furnish to the Owner or its designee,
          the
          Master Servicer, the Trustee 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 Company Accounting Oversight Board. 

         

        The
          Servicer shall cause each Subservicer, and each Subcontractor determined
          by the
          Servicer pursuant to Section 11.15 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Owner, the Master Servicer, the Trustee and any Depositor an assessment
          of
          compliance and accountants’ attestation as and when provided in Section
          6.09.

         

        In
          the event the Servicer or any Subservicer or Subcontractor engaged by it
          is
          terminated, assigns its rights and obligations under, or resigns pursuant
          to,
          the terms of this Agreement, or any other applicable agreement in the case
          of a
          Subservicer or Subcontractor, as the case may be, such party shall provide
          an
          Assessment of Compliance and cause to be provided an Attestation Report
          pursuant
          to this Section 6.09 or to the related section of such other applicable
          agreement, as the case may be, notwithstanding any such termination, assignment
          or resignation.

         

        Section
          6.10. Intent
          of the Parties; Reasonableness.

         

        The
          Owner
          and the Servicer acknowledge and agree that a purpose of clause (g) of
          Article
          III, Sections 5.02, 6.04, 6.09 and 10.02 of this Agreement is to facilitate
          compliance by the Owner and any Depositor with the provisions of Regulation
          AB
          and related rules and regulations of the Commission. None of the Owner,
          the
          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
          Servicer acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Owner 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 Servicer
          shall
          cooperate fully with the Owner to deliver to the Owner (including any of
          its
          assignees or designees) and any Depositor, any and all statements, reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Owner or any Depositor to permit the Owner or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Servicer, any Subservicer and the Mortgage
          Loans, or
          the servicing of the Mortgage Loans, reasonably believed by the Owner or
          any
          Depositor to be necessary in order to effect such compliance.

         

        ARTICLE
          VII

        REPORTS
          TO BE PREPARED BY SERVICER

         

        Section
          7.01. Servicer
          Shall Provide Information as Reasonably Required.
          

         

        The
          Servicer shall furnish to the Owner upon request, 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 or appropriate
          with
          respect to the purposes of this Agreement. The Servicer may negotiate with
          the
          Owner for a reasonable fee for providing such report or information, unless
          (i)
          the Servicer is required to supply such report or information pursuant
          to any
          other section of this Agreement, or (ii) the report or information has
          been
          requested in connection with Internal Revenue Service or other regulatory
          agency
          requirements. All such reports or information shall be provided by and
          in
          accordance with all reasonable instructions and directions given by the
          Owner.
          The Servicer agrees to execute and deliver all such instruments and take
          all
          such action as the Owner, from time to time, may reasonably request in
          order to
          effectuate the purpose and to carry out the terms of this
          Agreement.

         

        ARTICLE
          VIII

        THE
          SERVICER

         

        Section
          8.01. Indemnification;
          Third Party Claims.
          

         

        The
          Servicer agrees to indemnify the Owner, its successors and assigns, any
          agent of
          the Owner, and the Master Servicer, and hold each of such Persons 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 such Person may sustain in any way related to the failure of the Servicer
          to perform in any way its duties and service the Mortgage Loans in strict
          compliance with the terms of this Agreement and for breach of any representation
          or warranty of the Servicer contained herein. The Servicer shall immediately
          notify the Owner or other indemnified Person if a claim is made by a third
          party
          with respect to this Agreement or the Mortgage Loans, assume (with the
          consent
          of the Owner and such other Indemnified Person and with counsel reasonably
          satisfactory to the Owner and such Person) 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
          such other indemnified Person in respect of such claim but failure to so
          notify
          the Owner and such other indemnified Person shall not limit its obligations
          hereunder. The Servicer agrees that it will not enter into any settlement
          of any
          such claim without the consent of the Owner and such other indemnified
          Person
          unless such settlement includes an unconditional release of the Owner and
          such
          other indemnified Person from all liability that is the subject matter
          of such
          claim. The provisions of this Section 8.01 shall survive termination of
          this
          Agreement.

         

        Section
          8.02. Merger
          or Consolidation of the Servicer.
          

         

        The
          Servicer 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 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, or which is a HUD-approved
          mortgagee whose primary business is in origination and servicing of first
          lien
          mortgage loans, and (iii) which is a Fannie Mae or Freddie Mac approved
          seller/servicer in good standing.

         

        Section
          8.03. Limitation
          on Liability of the Servicer and Others.
          

         

        Neither
          the Servicer nor any of the officers, employees or agents of the Servicer
          shall
          be under any liability to the Owner for any action taken or for refraining
          from
          the taking of any action in good faith pursuant to this Agreement, or for
          errors
          in judgment made in good faith; provided, however, that this provision
          shall not
          protect the Servicer or any such person against any breach of warranties
          or
          representations made herein, or failure to perform in any way 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 gross negligence
          or any
          breach of the terms and conditions of this Agreement. The Servicer and
          any
          officer, employee or agent of the Servicer may rely in good faith on any
          document of any kind prima facie properly executed and submitted by the
          Owner
          respecting any matters arising hereunder. The Servicer shall not be under
          any
          obligation to appear in, prosecute or defend any legal action which is
          not
          incidental to its duties to service the Mortgage Loans in accordance with
          this
          Agreement and which in its opinion may involve it in any expenses or liability;
          provided, however, that the Servicer may, with the consent of the Owner,
          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. 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 Owner will be liable, and
          the
          Servicer shall be entitled to be reimbursed therefor from the Custodial
          Account
          pursuant to Section 4.05.

         

        Section
          8.04. Servicer
          Not to Resign.
          

         

        The
          Servicer shall not resign from the obligations and duties hereby imposed
          on it
          except by mutual consent of the Servicer and the Owner or upon the determination
          that its duties hereunder are no longer permissible under applicable law
          and
          such incapacity cannot be cured by the Servicer. Any such determination
          permitting the resignation of the Servicer shall be evidenced by an Opinion
          of
          Counsel to such effect delivered to the Owner which Opinion of Counsel
          shall be
          in form and substance acceptable to the Owner. No such resignation shall
          become
          effective until a successor shall have assumed the Servicer's responsibilities
          and obligations hereunder in the manner provided in Section 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 Owner 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 Owner, which
          approval shall not be unreasonably withheld; provided that the Servicer
          may
          assign the Agreement and the servicing hereunder without the consent of
          Owner to
          an affiliate of the Servicer to which all servicing of the Servicer is
          assigned
          so long as (i) such affiliate is a Fannie Mae and Freddie Mac approved
          servicer
          and (ii) if it is intended that such affiliate be spun off to the shareholders
          of the Servicer, such affiliate have a GAAP net worth of at least $25,000,000
          and (iii) such affiliate shall deliver to the Owner a certification pursuant
          to
          which such affiliate shall agree to be bound by the terms and conditions
          of this
          Agreement and shall certify that such affiliate is a Fannie Mae and Freddie
          Mac
          approved servicer in good standing.

         

        ARTICLE
          IX

        DEFAULT

         

        Section
          9.01. Events
          of Default.
          

         

        In
          case
          one or more of the following Events of Default by the Servicer shall occur
          and
          be continuing, that is to say:

         

        (i) any
          failure by the Servicer to remit to the Owner any payment required to be
          made
          under the terms of this Agreement which continues unremedied for one (1)
          Business Day after written notice thereof (it being understood that this
          subparagraph shall not affect Servicer's obligation pursuant to Section
          5.01 to
          pay default interest on any remittance received by the Owner after the
          Business
          Day on which such payment was due); or

         

        (ii) any
          failure on the part of the Servicer duly to observe or perform in any material
          respect any other of the covenants or agreements on the part of the Servicer
          set
          forth in this Agreement (other than those described in clause (ix) hereof),
          the
          breach of which has a material adverse effect and which continue 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 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 Servicer
          by the
          Owner; 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 Servicer and such decree or order shall have
          remained in force undischarged or unstayed for a period of sixty days;
          or

         

        (iv) the
          Servicer 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 Servicer
          or
          of or relating to all or substantially all of its property; or

         

        (v) the
          Servicer shall admit in writing its inability to pay its debts generally
          as they
          become due, file a petition to take advantage of any applicable insolvency
          or
          reorganization statute, make an assignment for the benefit of its creditors,
          or
          voluntarily suspend payment of its obligations; or

         

        (vi) the
          Servicer ceases to be approved by either Fannie Mae or Freddie Mac (to
          the
          extent such entities are then operating in a capacity similar to that in
          which
          they operate on the date hereof) as a mortgage loan servicer for more than
          thirty days to the extent such entities perform similar functions;
          or

         

        (vii) the
          Servicer attempts to assign its right to servicing compensation hereunder
          or the
          Servicer attempts, without the consent of the Owner, 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

         

        (viii) the
          Servicer 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 Servicer's ability to perform its
          obligations hereunder; or

         

        (ix) failure
          by the Servicer to duly perform, within the required time period, its
          obligations under Section 6.04, 6.09 or any of clauses (v) through (viii)
          of
          Section 10.02;

         

        then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Owner, by notice in writing to the Servicer may, in addition
          to
          whatever rights the Owner may have under Section 8.01 and at law or equity
          to
          damages, including injunctive relief and specific performance, terminate
          all the
          rights and obligations of the Servicer (and if the Servicer is servicing
          any of
          the Mortgage Loans in a Pass-Through Transfer, appoint a successor servicer
          reasonably acceptable to the Master Servicer for such Pass-Through Transfer)
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Servicer for the same. On or after the receipt
          by the
          Servicer of such written notice, all authority and power of the Servicer
          under
          this Agreement, whether with respect to the Mortgage Loans or otherwise,
          shall
          pass to and be vested in the successor appointed pursuant to Section 11.01.
          Upon
          written request from the Owner, the Servicer 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 Servicer's sole expense.
          The
          Servicer agrees to cooperate with the Owner and such successor in effecting
          the
          termination of the Servicer's responsibilities and rights hereunder, including,
          without limitation, the transfer to such successor for administration by
          it of
          all cash amounts which shall at the time be credited by the Servicer to
          the
          Custodial Account or Escrow Account or thereafter received with respect
          to the
          Mortgage Loans or any REO Property.

         

        The
          Servicer shall promptly reimburse the Owner (or any designee of the Owner,
          such
          as a master servicer) and any Depositor, as applicable, for all reasonable
          expenses incurred by the Owner (or such designee) or such Depositor, as
          such are
          incurred, in connection with the termination of the Servicer as servicer
          and the
          transfer of servicing of the Mortgage Loans to a successor servicer, if
          the
          termination and/or transfer of servicing is for cause related to a servicer
          default. The provisions of this paragraph shall not limit whatever rights
          the
          Owner or any Depositor may have under other provisions of this Agreement
          and/or
          any applicable Reconstitution Agreement or otherwise, whether in equity
          or at
          law, such as an action for damages, specific performance or injunctive
          relief.

         

        Section
          9.02. Waiver
          of Defaults.
          

         

        The
          Owner
          may waive only by written notice any default by 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 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 or the disposition of all
          REO
          Property and the remittance of all funds due hereunder; or (ii) by mutual
          consent of the Servicer and the Owner in writing; or (iii) termination
          by the
          Owner pursuant to Section 9.01. Simultaneously with any such termination
          and the
          transfer of servicing hereunder, the Servicer shall be entitled to be reimbursed
          for any outstanding Servicing Advances and Monthly Advances. 

         

        Section
          10.02. Cooperation
          of Servicer with a Reconstitution.

         

        The
          Servicer and the Owner 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 Owner's sole option, the Owner 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
          Servicer agrees to execute in connection with any agreements among the
          Owner,
          the Servicer, and any servicer in connection with a Whole Loan Transfer,
          an
          assignment, assumption and recognition agreement, or, at Owner’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.
          It is understood that any such Reconstitution Agreements will not contain
          any
          greater obligations on the part of Servicer than are contained in this
          Agreement. 

         

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Owner, the Servicer agrees (1) to cooperate fully with the Owner
          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 Owner; (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 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 Servicer, whether through letters of its auditors
          and counsel or otherwise, as the Owner 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
          Servicer
          as are reasonably agreed upon by the Servicer and the Owner or any such
          other
          participant;

         

        (iii) within
          5
          Business Days after request by the Owner, the 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
          I
          for
          convenience of reference only, as determined by Owner 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;

         

        (iv) within
          5
          Business Days after request by the Owner, 

         

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Servicer (as servicer) 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
          I
          for
          convenience of reference only, as determined by Owner in its sole
          discretion,

         

        (b)
          information regarding affiliations with respect to the Servicer (as servicer)
          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
          I
          for
          convenience of reference only, as determined by Owner in its sole discretion,
          and

         

        

        (c)
          information regarding relationships and transactions with respect to the
          Servicer (as servicer) 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
          I
          for
          convenience of reference only, as determined by Owner in its sole
          discretion;

         

        (v) for
          the
          purpose of satisfying the reporting obligation under the Exchange Act with
          respect to any class of asset-backed securities, the Servicer shall (or
          shall
          cause each Subservicer to) (i) provide prompt notice to the Owner, the
          Master
          Servicer and any Depositor in writing of (A) any material litigation or
          governmental proceedings involving the Servicer or any Subservicer, (B)
          any
          affiliations or relationships that develop following the closing date of
          a
          Pass-Through Transfer between the Servicer or any Subservicer and any of
          the
          parties specified in clause (D) of paragraph (a) of this Section (and any
          other
          parties identified in writing by the requesting party) with respect to
          such
          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 Owner and any Depositor a description
          of such
          proceedings, affiliations or relationships; 

         

        (vi) as
          a
          condition to the succession to the Servicer or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Servicer or such Subservicer may be merged or consolidated,
          or (ii) which may be appointed as a successor to the Servicer or any
          Subservicer, the Servicer shall provide to the Owner, the 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 Owner and any Depositor
          of
          such succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Owner and such Depositor, all information
          reasonably requested by the Owner or any Depositor in order to comply with
          its
          reporting obligation under Item 6.02 of Form 8-K with respect to any class
          of
          asset-backed securities; 

         

        (vii) 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 Pass-Through Transfer 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

         

        (viii) the
          Servicer shall provide to the Owner, the 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
          I
          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
          Servicer shall indemnify the Owner, each affiliate of the Owner, and each
          of the
          following parties participating in a Pass-Through Transfer: each issuing
          entity;
          each Person (including, but not limited to, the 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 10.02 by or on behalf of the Servicer,
          or
          provided under this Section 10.02, Sections 6.04 and 6.09 and 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 10.02, 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 10.02, including any failure
          by
          the Servicer to identify pursuant to Section 11.15 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
          Article III or in a writing furnished pursuant to clause (h) of Article
          III 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 Servicer of a representation or warranty in a writing
          furnished pursuant to clause (h) of Article III 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 10.02.

         

        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 Owner, any Depositor, as applicable, and each Person responsible
          for the preparation, execution or filing of any report required to be filed
          with
          the Commission with respect to such Pass-Through Transfer, or for execution
          of a
          certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
          Act with respect to such Pass-Through Transfer, for all costs reasonably
          incurred by each such party in order to obtain the information, report,
          certification, accountants’ letter or other material not delivered pursuant to
          this Section or Section 6.04 or Section 6.09 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 Whole Loan 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.

         

        Section
          10.03. Master
          Servicer.
          

         

        The
          Servicer, including any successor servicer hereunder, shall be subject
          to the
          supervision of the Master Servicer, which Master Servicer shall be obligated
          to
          ensure that the Servicer services the Mortgage Loans in accordance with
          the
          provisions of this Agreement. The Master Servicer, acting on behalf of
          the
          Owner, shall have the same rights as the Owner to enforce the obligations
          of the
          Servicer under this Agreement. The Master Servicer, or the entity specified
          in
          the related pooling and servicing agreement, shall be entitled to terminate
          the
          rights and obligations of the Servicer under this Agreement upon the failure
          of
          the Servicer to perform any of its obligations under this Agreement if
          such
          failure constitutes an Event of Default as provided in Article IX of this
          Agreement. Notwithstanding anything to the contrary, in no event shall
          the
          Master Servicer assume any of the obligations of the Owner under this
          Agreement.

         

        ARTICLE
          XI

        MISCELLANEOUS
          PROVISIONS

         

        Section
          11.01. Successor
          to the Servicer.
          

         

        Prior
          to
          termination of the Servicer's responsibilities and duties under this Agreement
          pursuant to Sections 8.04, 9.01 or 10.01(ii), the Owner shall (i) succeed
          to and
          assume all of the Servicer's responsibilities, rights, duties and obligations
          under this Agreement, or (ii) appoint a successor having the characteristics
          set
          forth in Section 8.02 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 the Servicer's responsibilities,
          duties
          and liabilities under this Agreement. In connection with such appointment
          and
          assumption, the Owner may make such arrangements for the compensation of
          such
          successor out of payments on Mortgage Loans as the Owner and such successor
          shall agree. In the event that the Servicer's duties, responsibilities
          and
          liabilities under this Agreement should be terminated pursuant to the
          aforementioned sections, the Servicer shall discharge such duties and
          responsibilities during the period from the date it acquires knowledge
          of such
          termination until the effective date thereof with the same degree of diligence
          and prudence which it is obligated to exercise under this Agreement, and
          shall
          take no action whatsoever that might impair or prejudice the rights or
          financial
          condition of its successor. The resignation or removal of the Servicer
          pursuant
          to the aforementioned sections shall not become effective until a successor
          shall be appointed pursuant to this section and shall in no event relieve
          the
          Servicer of the representations and warranties made pursuant to Article
          III and
          the remedies available to the Owner under Section 8.01, it being understood
          and
          agreed that the provisions of such Article III and Section 8.01 shall be
          applicable to 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 Owner 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 8.04,
          9.01 or
          10.01 shall not affect any claims that the Owner 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 Servicing 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 such arrangements
          as
          it may deem appropriate to reimburse the Servicer for unrecovered Monthly
          Advances and 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
          the
          Owner of such appointment.

         

        All
          reasonable costs and expenses incurred in connection with replacing the
          Servicer
          upon its resignation or the termination of the Servicer in accordance with
          the
          terms of this 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 Servicer as a result of an Event of
          Default
          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, shall be payable on demand
          by
          the resigning or terminated Servicer without any right of reimbursement
          therefor.

         

        Section
          11.02. Amendment.
          

         

        This
          Agreement may be amended from time to time by the Servicer and the Owner
          by
          written agreement signed by the Servicer and the Owner.

         

        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 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 Owner's
          expense on direction of the Owner accompanied by an opinion of counsel
          to the
          effect that such recordation materially and beneficially affects the interest
          of
          the Owner or is necessary for the administration or servicing the Mortgage
          Loans.

         

        Section
          11.04. Governing
          Law.
          

         

        THIS
          AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
          LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
          OF LAWS. 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 transmitted by telecopier and confirmed by a similar mailed
          writing, as follows:

         

        (i) if
          to the
          Servicer:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          General Counsel

        Telecopier
          No.: (469) 759-4714

        

        (ii) if
          to the
          Owner:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Ave.

        New
          York,
          New York 10179

        Attention:
          Global Credit Administration

        Telecopier
          No.: (212) 272-3751 

         

        (iii) if
          to the
          Master Servicer:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          Michelle Viner

        Telecopier
          No.: (214) 626-4889

        Email:
          mviner@bear.com 

         

        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 address
          (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 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; and 

         

        (vi) the
          term
          "include" or "including" shall mean without limitation by reason of
          enumeration.

         

        Section
          11.09. Reproduction
          of Documents.
          

         

        This
          Agreement and all documents relating hereto, 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 to be disclosed 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 this Agreement.

         

        Section
          11.11. Assignment
          by the Owner.
          

         

        The
          Owner
          shall have the right, without the consent of the Servicer 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
          Owner hereunder, by executing an assignment and assumption agreement reasonably
          acceptable to the Servicer and the assignee or designee shall accede to
          the
          rights and obligations hereunder of the Owner with respect to such Mortgage
          Loans. In no event shall Owner sell a partial interest in any Mortgage
          Loan. All
          references to the Owner in this Agreement shall be deemed to include its
          assignees or designees. It is understood and agreed between the Owners
          and the
          Servicer that no more than five (5) Persons shall have the right of owner
          under
          this Agreement at any one time.

         

        Section
          11.12. No
          Partnership.
          

         

        Nothing
          herein contained shall be deemed or construed to create a co-partnership
          or
          joint venture between the parties hereto and the services of the Servicer
          shall
          be rendered as an independent contractor and not as agent for
          Owner.

         

        Section
          11.13. 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 8.05, this Agreement shall inure
          to
          the benefit of and be binding upon the Servicer and the Owner and their
          respective successors and assigns.

         

        Section
          11.14. Entire
          Agreement.
          

         

        Each
          of
          the Servicer and the Owner acknowledge that no representations, agreements
          or
          promises were made to it by the other party or any of its employees other
          than
          those representations, agreements or promises specifically contained herein.
          This Agreement sets forth the entire understanding between the parties
          hereto
          and shall be binding upon all successors of both parties.

         

        Section
          11.15. 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 servicers 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. The Servicer must notify the Owner, the
          Master
          Servicer and any Depositor in writing of any affiliations or relationships
          that
          develop following the closing date between the Servicer or any Subservicer.
          

        

        (b) The
          Servicer shall cause any Subservicer used by the Servicer (or by any
          Subservicer) for the benefit of the Owner and any Depositor to comply with
          the
          provisions of this Section and with clauses (g) and (j) of Article III,
          Sections
          6.04, 6.09 and 10.02 of this Agreement to the same extent as if such Subservicer
          were the Owner, and to provide the information required with respect to
          such
          Subservicer under Section 3.01(i) of this Agreement. The Servicer shall
          be
          responsible for obtaining from each Subservicer and delivering to the Owner,
          the
          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 6.09, any Annual Certification required under Section 6.04(b),
          any
          Additional Form 10-D Disclosure and any Form 8-K Disclosure Information,
          as and
          when required to be delivered.

        

        (c) The
          Servicer shall promptly upon request provide to the Owner, the 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 Owner, the
          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 Owner and any Depositor
          to comply with the provisions of Sections 6.07 and 10.02 of this Agreement
          to
          the same extent as if such Subcontractor were the Servicer. The Servicer
          shall
          be responsible for obtaining from each Subcontractor and delivering to
          the Owner
          and any Depositor any Assessment of Compliance and Attestation Report and
          other
          certificates required to be delivered by such Subservicer and such Subcontractor
          under Section 6.09 (and any Annual Certification required under Section
          6.09(b)), in each case as and when required to be delivered.

        

        11.16. 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 Servicer and the Owner have caused their names to
          be signed
          hereto by their respective officers thereunto duly authorized as of the
          date and
          year first above written.

         

        
          
            	 	 	 	 	 	 	 	
                    EMC
                      MORTGAGE CORPORATION,

                    as
                      Servicer

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	
                     

                  
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

           

          
            
              	 	 	 	 	 	 	 	
                      
                        STRUCTURED
                          ASSET MORTGAGE INVESTMENTS II
                          INC.,

                        as
                          Owner

                      

                    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                      By:

                    	
                       

                    
	 	 	 	 	 	 	 	
                      Name:

                    	Baron
                      Silverstein
	 	 	 	 	 	 	 	
                      Title:

                    	Vice
                      President

            

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        MORTGAGE
          LOAN SCHEDULE

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

        (date)

        
 

        
          	To:
                  	 	 	 
	 	 	 	 
	 	 	 	 
	 	
                  (the
                    "Depository")

                	 	 

        

         

        As
          "Servicer" under the Servicing Agreement, dated as of April 1, 2007, (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
          "EMC Custodial Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
          and
          various Mortgagors." All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Servicer. You may refuse any deposit which
          would result in violation of the requirement that the account be fully
          insured
          as described below. 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.

         

        
          
            	 	[         ]	 	 	 	 	 	 	 	 
	 	(name
                    of
                    Depository)	 	 	 	 	 	 	 	 
	 	
                    By:

                  	 	 	 
	 	
                    Name:

                  	 	 	 
	 	
                    Title:

                  	 	 	 

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

        

        (date)

         

        
          
            	To:
                    	 	 	 
	 	 	 	 
	 	 	 	 
	 	
                    (the
                      "Depository")

                  	 	 

          

        

        

        As
          "Servicer" under the Servicing Agreement, dated as of April 1, 2007 (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
          "EMC Escrow Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
          and
          various Mortgagors." All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Servicer. You may refuse any deposit which
          would result in violation of the requirement that the account be fully
          insured
          as described below. 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.

           

          
            
              	 	[         ]	 	 	 	 	 	 	 	 
	 	(name
                      of
                      Depository)	 	 	 	 	 	 	 	 
	 	
                      By:

                    	 	 	 
	 	
                      Name:

                    	 	 	 
	 	
                      Title:

                    	 	 	 

            

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D

        

        REQUEST
          FOR RELEASE OF DOCUMENTS

        

         

        
          
            	 	
                    To:

                  	
                    U.S.
                      Bank National Association

                  

          

           

          
            
              	 	
                       

                    	
                      One
                        Federal Street, 3rd Floor

                    

            

             

            
              
                	 	
                         

                      	
                        Boston,
                          MA 02110

                      

              

               

              
                
                  	 	
                           

                        	
                          Attn:
                            ________________

                        

                

              

            

          

        

         

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement dated as of April 30, 2007, between EMC Mortgage Corporation
                    and
                    U.S. Bank National Association, as
                    Custodian

                

        

        

        In
          connection with the administration of the Mortgage Loans held by you as
          Custodian for the Owner pursuant to the above-captioned Custody Agreement,
          we
          request the release, and hereby acknowledge receipt, of the Custodian's
          Mortgage
          File for the Mortgage Loan described below, for the reason
          indicated.

         

        Mortgage
          Loan Number:

        

        Mortgagor
          Name, Address & Zip Code:

        

        Reason
          for Requesting Documents (check one):

         

        _______  1. Mortgage
          Paid in Full

         

        _______  2. Foreclosure

         

        _______  3.
           Substitution

         

        _______  4. Other
          Liquidation (Repurchases, etc.)

         

        _______  5. Nonliquidation
          [Reason:_______________________________]

         

        

          
            	
                    Address
                      to which Custodian should

                  	 	 
	
                    Deliver
                      the Custodian's Mortgage File:

                     

                  	 	
                     

                     

                    
                      

                    

                     

                  
	 	 	
                    
                      
 

                  
	 	 	
                    
                      
 

                  
	 	 	 
	 	 	 
	 	By:	
                     

                    
                      

                    

                     

                  
	 	 	
                    (authorized
                      signer)

                     

                  
	 	Issuer: 	
                    
                       

                      
                        

                      

                    

                  
	 	Address: 	
                    
                       

                      
                        

                      

                    

                  
	 	 	
                    
                      
                        

                      

                    

                  
	 	 	 
	 	Date: 	
                    
                       

                      
                        

                      

                    

                     

                  

          

        

        

        

        Custodian

        

        U.S.
          Bank
          National Association

         

         

        Please
          acknowledge the execution of the above request by your signature and date
          below:

         

        

        ____________________________________
            _________________

         

        Signature      Date

         

        

        Documents
          returned to Custodian:

         

        

        ____________________________________  _________________

         

        Custodian      Date

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

         

        EMC
          FORM
          - REMITTANCE OVERVIEW REPORT 

        

        Remittance
          Overview Report:
          Provides loan level detail regarding the remittance that will be submitted
          to
          EMC Master Servicing and contains the following data fields in the order
          below:

        

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Master
                    Servicer Loan Number

                	
                  NUMERIC
                    (9,0)

                
	
                  Current
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Loan Number

                	
                  VARCHAR
                    (15)

                
	
                  Cutoff
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    Next Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Servicing
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Scheduled
                    P&I Amount (P & I Constant)

                	
                  NUMERIC
                    (12,2)

                
	
                  ARM
                    Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Pending
                    ARM Index

                	
                  NUMERIC
                    (7,7)

                
	
                  Beginning
                    Scheduled Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Curtailment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Principal Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Gross Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Service Fee Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Variance

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  PMI
                    Premium Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Additional
                    Fees Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Scheduled Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Amount Remitted Total (each loan)

                	
                  NUMERIC
                    (12,2)

                
	
                  Beginning
                    Actual Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Principal Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Curtailments Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Curtailment
                    Adjustment Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Service
                    Fee Collected

                	
                  NUMERIC
                    (12,2)

                
	
                  Actual
                    Ending Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Liquidation
                    Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Principal
                    and Interest Advanced Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Calculated
                    Loss to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Interest Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Collected
                    Interest Not Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Ending
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Soldiers
                    and Sailors Flag

                	
                  VARCHAR
                    (1)

                
	
                  Soldiers
                    and Sailors Old Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Soldiers
                    and Sailors Old P & I

                	
                  NUMERIC
                    (12,2)

                
	
                  Modified
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Stop
                    Advance Flag

                	 
	
                  Stop
                    Advance Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  BPO
                    Value

                	
                  NUMERIC
                    (12,2)

                
	
                  Cash
                    Flow Group

                	
                  VARCHAR
                    (2)

                
	
                  MSP
                    Principal Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Debt
                    Forgiven / Charged Off

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    PITI Payment

                	
                  NUMERIC
                    (12,2)

                
	
                  Bankruptcy
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    Status

                	
                  VARCHAR
                    (2)

                
	
                  Modification
                    Status

                	 
	
                  Interest
                    Only Loan

                	
                  VARCHAR
                    (2)

                
	
                  Escrowed
                    Loan

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Escrow Deposit

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Mortgagor
                    Recoverable Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Non-Recoverable
                    Corporate Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  HUD
                    235 Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  HUD
                    235 Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Late
                    Charge Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Buydown
                    Loan Status

                	
                  VARCHAR
                    (2)

                
	
                  Monthly
                    Buydown Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Monthly
                    Buydown Funds Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Amount Waived

                	
                  NUMERIC
                    (12,2)

                
	
                  Prepayment
                    Penalty Waived Reason Code

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Status

                	
                  VARCHAR
                    (3)

                
	
                  Material
                    Breach Code

                	
                  VARCHAR
                    (3)

                
	
                  Prefunding
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  3rd
                    Party Recoverable Expenses

                	
                  NUMERIC
                    (12,2)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          F

         

        EMC
          FORM
          - REMITTANCE SUMMARY REPORT

        

        Remittance
          Summary Report:
          Provides summary data at a deal (investor/category) level regarding the
          remittance that will be submitted to EMC Master Servicing and contains
          the
          following data fields in the order below:

        

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Deal

                	
                  VARCHAR
                    (15)

                
	
                  Investor
                    

                	
                  VARCHAR
                    (5)

                
	
                  Category

                	
                  VARCHAR
                    (5)

                
	
                  Principal
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailments
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Curtailment
                    Adjustments Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Liquidation
                    Proceeds Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Not Advanced (stop advance loans only)

                	
                  NUMERIC
                    (15,2)

                
	
                  Principal
                    Amounts Called/Collapsed

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Principal Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Interest
                    Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  PMI
                    Premiums Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Soldiers
                    and Sailors Difference

                	
                  NUMERIC
                    (15,2)

                
	
                  Net
                    Interest Not Advanced

                	
                  NUMERIC
                    (15,2)

                
	
                  Non
                    Comp Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Prepayment
                    Penalties Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Interest Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Arrearage
                    Amount Remitted

                	
                  NUMERIC
                    (15,2)

                
	
                  Aggregate
                    Loss to Trust 

                  Total
                    Manual Adjustments

                	
                  NUMERIC
                    (15,2)

                
	
                  Debt
                    Forgiven/ Charged Off

                	
                  NUMERIC
                    (15,2)

                
	
                  Additional
                    Fees Collected

                	
                  NUMERIC
                    (15,2)

                
	
                  Total
                    Remittance

                	
                  NUMERIC
                    (15,2)

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        FORM
          OF
          SERVICER 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] [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] [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] [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
          H

        

        SUMMARY
          OF REGULATION AB SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit H is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit H 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
          I

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit I is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit I and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control.

         

        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 Owner’s form of organization;

        

        -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 mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Servicer that
          may
          be material to any analysis of the servicing of the Mortgage Loans or the
          related asset-backed securities, as applicable, including 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 Servicer, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Servicer, and the
          extent of
          outsourcing the Servicer uses;

        

        -a
          description of any material changes to the Servicer’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 Servicer’s financial condition to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition 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 Servicer’s processes and procedures designed to address
          such factors;

        

        -statistical
          information regarding principal and interest advances made by the Servicer
          on
          the Mortgage Loans and the Servicer’s overall servicing portfolio for the past
          three years; and

        

        -the
          Owner’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
          1117

        

        -describe
          any legal proceedings pending against the Servicer 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 Servicer, 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 Servicer, 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
          Servicer, 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
          J

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        (RMBS
          unless otherwise noted)

        

        Key:

        X
          -
          obligation

         

        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.

         

        
          	
                  RegAB
                    Reference

                	
                  Servicing
                    Criteria

                	
                  Servicers

                

        

        
          	 	
                  General
                    Servicing Considerations

                	 

        

        
          	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the Pool Assets are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	 	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                
	 	
                  Investor
                    Remittances and Reporting

                	
                   

                
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of Pool Assets serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	 	
                  Pool
                    Asset Administration

                	
                   

                
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the pool assets agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's pool assets
                    (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 30
                    calendar
                    days of full repayment of the related pool assets, or such other
                    number of
                    days specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                   

                

        

        

        

          
            	 	 	 	 	 	 	 	[NAME
                    OF
                    OWNER] [NAME OF SUBSERVICER]
	 	 	 	 	 	 	 	Date:	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	
                     

                  
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

        

        EMC
          FORM
          - DEFAULT OVERVIEW REPORT

        

        Default
          Overview Report:
          Provides loan level detail regarding the defaulted loans that are being
          serviced
          and reported to EMC Master Servicing. The report contains the following
          data
          fields in the order below:

        

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Servicer
                    loan number 

                	
                  VARCHAR
                    (15)

                
	
                  SBO
                    loan number

                	
                  VARCHAR
                    (9)

                
	
                  Zip
                    Code

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    loan amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Original
                    value amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Origination
                    date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loan
                    type

                	
                  VARCHAR
                    (2)

                
	
                  Actual
                    due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Current
                    loan amount

                	
                  NUMERIC
                    (12,2) 

                
	
                  Corporate
                    expense balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Escrow
                    balance/advance balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Suspense
                    balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    escrow balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Current
                    Value date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Current
                    value amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Current
                    value source

                	
                  VARCHAR
                    (15)

                
	
                  VA
                    LGC/ FHA Case number

                	
                  VARCHAR
                    (15)

                
	
                  %
                    of MI coverage 

                	
                  NUMERIC
                    (7,7)

                
	
                  MI
                    certificate number

                	
                  VARCHAR
                    (15)

                
	
                  LPMI
                    Cost

                	
                  NUMERIC
                    (7,7)

                
	
                  Occupancy
                    status

                	
                  VARCHAR
                    (1)

                
	
                  First
                    vacancy date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Property
                    condition

                	
                  VARCHAR
                    (2)

                
	
                  Property
                    type

                	
                  VARCHAR
                    (2)

                
	
                  Delinquency
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Reason
                    for default

                	
                  VARCHAR
                    (2)

                
	
                  FNMA
                    action code

                	
                  VARCHAR
                    (3)

                
	
                  FNMA
                    delinquency reason code

                	
                  VARCHAR
                    (3)

                
	
                  Loss
                    mit flag

                	
                  VARCHAR
                    (2)

                
	
                  Loss
                    mit type

                	
                  VARCHAR
                    (2)

                
	
                  Loss
                    mit approval date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Loss
                    mit removal date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    first due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    next due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    plan broken/reinstated/closed date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Repay
                    plan created date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Foreclosure
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Foreclosure
                    attorney referral date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    first legal date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    FC sale scheduled

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Foreclosure
                    actual sale date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    redemption end date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    eviction complete date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    eviction start date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Bankruptcy
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  Actual
                    bankruptcy start date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Bankruptcy
                    chapter

                	
                  VARCHAR
                    (2)

                
	
                  Bankruptcy
                    Case Number

                	
                  VARCHAR
                    (15)

                
	
                  Post
                    petition due date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    discharge date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    relief/dismissal granted

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    MI claim filed date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Actual
                    MI claim amount filed

                	
                  NUMERIC
                    (12,2)

                
	
                  MI
                    claim amount paid

                	
                  NUMERIC
                    (12,2)

                
	
                  MI
                    claim funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Title
                    approval letter received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Title
                    package HUD/VA date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    27011A transmitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    Part A funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    27011 B transmitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  FHA
                    Part B funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    NOE submitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    first funds received amount

                	
                  NUMERIC
                    (12,2)

                
	
                  VA
                    first funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claim funds received date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claim submitted date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  VA
                    claims funds received amount

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    flag

                	
                  VARCHAR
                    (2)

                
	
                  REO
                    repaired value

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    value (as is)

                	
                  NUMERIC
                    (12,2)

                

        

        
          	
                  REO
                    value date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    value source

                	
                  VARCHAR
                    (15)

                
	
                  REO
                    original list date 

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    original list price

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    list price adjustment amount

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    list price adjustment date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    REO offer received

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Date
                    REO offer accepted

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    scheduled close date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    actual closing date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  REO
                    sales price

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    net sales proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Estimated
                    loss

                	
                  NUMERIC
                    (12,2)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

        

        EMC
          FORM
          - DELINQUENCY SUMMARY REPORT

        

        Delinquency
          Summary Report:
          Provides summary data at the servicer investor level regarding loan performance
          that will be submitted to EMC Master Servicing and contains the following
          data
          fields in the order below:

         

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Servicer
                    Investor Number

                	
                  VARCHAR
                    (5)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Performance
                    type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                    or
                    PIF)

                	
                  VARCHAR
                    (6)

                
	
                  Count
                    of Loans

                	
                  NUMERIC
                    (10,0)

                
	
                  Percent
                    of Investor Number

                	
                  NUMERIC
                    (7,7)

                
	
                  Deal
                    UPB

                	
                  NUMERIC
                    (14,2)

                
	
                  Percent
                    of Deal UPB

                	
                  NUMERIC
                    (7,7)

                
	
                  Arrears
                    Balance

                	
                  NUMERIC
                    (14,2)

                
	
                  Percent
                    of Arrears Balance

                	
                  NUMERIC
                    (7,7)

                
	
                  Foreclosure
                    Quick Sale

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    Book Value

                	
                  NUMERIC
                    (12,2)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          M

        

        EMC
          FORM
          - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

        

        EMC
          Master Servicing Calculation of Gain/Loss on Delinquent Loan
          Worksheet

         

        
          
            	
                    Date:

                  	 	 	 	 	 	 	 	 	 

          

        

                   

         

        
          	
                  Prepared
                    By

                	
                  Phone
                    Number

                	
                  Email
                    Address

                
	 	 	 

        

         

        
          	
                  Servicer
                    Loan Number

                	
                  Servicer
                    Address

                	
                  EMC
                    Loan Number

                
	 	 	 

        

         

        
          	
                  Borrower
                    Name

                	
                  Property
                    Address

                
	
                   

                   

                   

                	 

        

         

        
          	
                  Liquidation
                    Type

                	
                  REO

                	
                  Third
                    Party

                	
                  Short
                    Sale

                	
                  Charge
                    off

                	
                  Deed
                    In Lieu

                
	 	 	 	 	 	 

        

         

         

        
          	Has this loan been previously
                  modified? 	
                   Yes

                	
                   No

                	 
	Has this loan been crammed
                  down in a
                  bankruptcy?	
                   Yes

                	
                   No

                	
                   

                
	
                  If
“Yes”,
                    provide amount  

                	 	 

        

         

        Liquidation
          and Acquisition Expenses:

         

         Amounts
          requiring Amortization Schedule for backup:

         

        
          	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	 
	
                  Interest
                    Accrued at Net Rate Less Servicing Fees

                	 
	
                  Accrued
                    Servicing Fees

                	 

        

         

        Amounts
          requiring Additional backup:

         

        
          	
                  Attorney’s
                    Fees

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  Attorney’s
                    Costs

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  Taxes

                   

                	
                  Payment
                    history showing disbursements

                   

                	 
	
                  Property
                    Maintenance

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  Property
                    Inspection

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  PMI/Hazard
                    Insurance Premiums

                   

                	
                  Payment
                    history showing disbursements

                   

                	 
	
                  Utility
                    Expenses

                   

                	
                  Payment
                    history showing disbursements

                   

                	 
	
                  Appraisal/BPO
                    Expenses

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  HOA
                    Dues

                   

                	
                  Payment
                    history showing disbursements

                   

                	 
	
                  Cash
                    For Keys

                   

                	
                  Corporate
                    advance history defining amounts paid, reimbursed, payee and
                    reason
                    codes

                   

                	 
	
                  Miscellaneous
                    (itemized)

                   

                	
                  Requires
                    Itemization and supporting detail

                   

                	 
	
                  Total
                    Expenses

                   

                	
                   

                  
                    

                  

                   

                	 

        

         

        Credits
          to Loan:

         

        
          	
                  Escrow
                    Balance/Advance

                   

                	
                  Payment
                    history showing disbursements and ending balance

                   

                	 
	
                  Rental
                    Receipts

                   

                	
                  Payment
                    history showing application of funds to loan

                   

                	 
	
                  Hazard
                    Claim Proceeds

                   

                	
                  Payment
                    history showing credit to account

                   

                	 
	
                  PMI
                    Funds

                   

                	
                  EOB
                    document

                   

                	 
	
                  Government
                    Insurance Funds (Part A Funds)

                   

                	
                  EOB
                    document

                   

                	 
	
                  REO
                    Proceeds

                   

                	
                  HUD
                    1 Settlement Statement

                   

                	 
	
                  Government
                    Insurance Funds (Part B Funds)

                   

                	
                  EOB
                    document

                   

                	 
	
                  Pool
                    Insurance Proceeds

                   

                	
                  Payment
                    history showing credit to account

                   

                	 
	
                  Other
                    Credits (itemized)

                   

                	
                  Payment
                    history showing credit to account

                   

                	 
	
                  Total
                    Credits

                   

                	
                   

                  
                    

                  

                   

                	 

        

         

        Total
          Realized Loss (or Amount of Gain)   $________________ 

         

        NOTE:
          Do not combine or net remit items. All expenses and credits should be documented
          individually. Claim packages are due by the fifth business day of the month
          following receipt of liquidation proceeds. Late claims may result in delayed
          claim payment. The Servicer is responsible to remit all funds pending loss
          approval and /or resolution of any disputed items. 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          N

        

        EMC
          FORM
          - MODIFIED LOANS REPORT

        

        Modified
          Loans Report: Provides
          loan level data regarding all loans that the Servicer has modified with
          the
          first modified payment due within thirty days following the end of the
          reporting
          cycle. The report contains the following data fields in the order
          below:

        

        
          	
                  Field
                    Description

                	
                  Field
                    Description

                
	
                  Loan

                	
                  VARCHAR
                    (15)

                
	
                  Investor

                	
                  VARCHAR
                    (5)

                
	
                  Original
                    Category

                	
                  VARCHAR
                    (5)

                
	
                  Current
                    Category

                	
                  VARCHAR
                    (5)

                
	
                  Stop
                    Adv Flag

                	
                  VARCHAR
                    (3)

                
	
                  Modified
                    Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Mod
                    Loan Curtailment

                	
                  NUMERIC
                    (15,2)

                
	
                  Mod
                    Loan Curt Adjustment

                	
                  NUMERIC
                    (15,2) 

                
	
                  Principal
                    Advanced Capped

                	
                  NUMERIC
                    (15,2) 

                
	
                  Net
                    Interest Advanced Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Service
                    Fee Advanced Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Third
                    Party Bal Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Amount
                    of Other Capped

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Interest Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Fee Code Arrearage Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Borrower
                    Principal Contribution

                	
                  NUMERIC
                    (15,2)

                
	
                  Amt
                    Forgiven

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Delq Prin Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Delq Int Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Pre Prin Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Beg
                    Pre Int Bal

                	
                  NUMERIC
                    (15,2)

                
	
                  Excess
                    Int Adjust

                	
                  NUMERIC
                    (15,2)

                
	
                  Excess
                    Interest on Mod

                	
                  NUMERIC
                    (15,2)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          O

        

        EMC
          FORM
          - CLAIMS SUBMITTED REPORT

        

        Claims
          Submitted Report:
          Provides loan level detail regarding claims submitted by the servicer’s investor
          number that will be submitted to EMC Master Servicing and contains the
          following
          data fields in the order below:

        

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Servicer
                    Investor Number

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Loan
                    Number

                	
                  VARCHAR
                    (15)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Escrow
                    Balance or Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Corporate
                    Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Restricted
                    Escrow Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Replacement
                    Reserve Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Suspense
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Third
                    Party Expense Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Charge
                    Off Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Side
                    Note Collections

                	
                  NUMERIC
                    (12,2) 

                
	
                  Claim
                    Amount Submitted

                	
                  NUMERIC
                    (12,2)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          P

        

        EMC
          FORM
          - LOSS SEVERITY SUMMARY REPORT

        

        Loss
          Severity Summary Report:
          Provides summary data at the deal level regarding loss severity that will
          be
          submitted to EMC Master Servicing and contains the following data fields
          in the
          order below:

        

        
          	
                  Field

                	
                  Field
                    Description

                
	
                  Month
                    End

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Deal
                    Name

                	
                  VARCHAR
                    (15)

                
	
                  Servicer
                    Investor Number 

                	
                  VARCHAR
                    (5)

                
	
                  Servicer
                    Investor Category

                	
                  VARCHAR
                    (5)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Number

                	
                  VARCHAR
                    (15)

                
	
                  Liquidation
                    Type

                	
                  VARCHAR
                    (1)

                
	
                  Loan
                    Due Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  PIF
                    Date

                	
                  DATE
                    (MM/DD/YYYY)

                
	
                  Gross
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Net
                    Interest Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  Service
                    Fee Rate

                	
                  NUMERIC
                    (7,7)

                
	
                  P
                    & I Constant

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Beginning Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Arrearage
                    Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Legal and Other Expenses

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Advanced Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Liquidated Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Gross
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  P
                    & I Advance Balance

                	
                  NUMERIC
                    (12,2)

                
	
                  Delinquent
                    Service Fee

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidation Proceeds

                	
                  NUMERIC
                    (12,2)

                
	
                  Scheduled
                    Net Interest

                	
                  NUMERIC
                    (12,2)

                
	
                  Net
                    Liquidated Funds Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) Amount

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Trust

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss (Gain) to Servicer

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Loss Severity %

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Loss Severity % to Trust

                	
                  NUMERIC
                    (7,7)

                
	
                  Total
                    Liquidated Remitted

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Trust Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Claim
                    on Servicer Loss

                	
                  NUMERIC
                    (12,2)

                
	
                  Total
                    Claim Amount

                	
                  NUMERIC
                    (12,2)

                

        

         

      

    

     

     

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      I-2

    

    NCMC
      SERVICING AGREEMENT

    

    

    
       

      
 

      EMC
        MORTGAGE CORPORATION

      Purchaser,
        

      

      NATIONAL
        CITY MORTGAGE COMPANY

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of October 1, 2001

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05

                	
                  Books
                    and Records

                
	
                  Section
                    2.06

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09

                	
                  Near-term
                    Principal Prepayments; Near Term Payment Defaults

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution 36

                
	
                  Section
                    3.04

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01

                	
                  Distributions

                
	
                  Section
                    5.02

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01

                	
                  Events
                    of Default

                
	
                  Section
                    9.02

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02

                	
                  Amendment

                
	
                  Section
                    11.03

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04

                	
                  Governing
                    Law

                
	
                  Section
                    11.05

                	
                  Notices

                
	
                  Section
                    11.06

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07

                	
                  Exhibits

                
	
                  Section
                    11.08

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13

                	
                  No
                    Partnership

                
	
                  Section
                    11.14

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17

                	
                  Closing

                
	
                  Section
                    11.18

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  EXHIBITS

                	 
	
                  A

                	
                  Contents
                    of Mortgage File

                
	
                  B

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E

                	
                  Form
                    of Trial Balance

                
	
                  F

                	
                  [reserved]

                
	
                  G

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H

                	
                  Company’s
                    Underwriting Guidelines

                
	
                  I

                	
                  Form
                    of Term Sheet

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of October 1, 2001
        and is
        executed between EMC MORTGAGE CORPORATION, as Purchaser (the "Purchaser"),
        and
        NATIONAL CITY MORTGAGE COMPANY (the "Company").

      

      W I T N E

60;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis, pursuant to the terms of this
        Agreement and the related Term Sheet.

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or Ohio, or (iii) a day on which banks in the State of New York
        or Ohio
        are authorized or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet,
        which
        are expected to be the dates set forth in the related Confirmation.

      

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company: National
        City Mortgage Company, their successors in interest and assigns, as permitted
        by
        this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        Trade
        Confirmation Letter between the Purchaser and the Company which relates to
        the
        Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as
        a trust
        account with the corporate trust department of a depository institution or
        trust
        company organized under the laws of the United States of America or any one
        of
        the states thereof or the District of Columbia which is not affiliated with
        the
        Company (or any sub-servicer) or (iii) with an entity which is an institution
        whose
        deposits are insured by the FDIC, the unsecured and uncollateralized long-term
        debt obligations of which shall be rated “A2” or higher by Moody’s and “A” or
        higher by either Standard & Poor’s or Fitch, Inc. or
        one of
        the two highest short-term ratings by any applicable Rating Agency, and which
        is
        either (a) a federal savings association duly organized, validly existing
        and in
        good standing under the federal banking laws, (b) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (c) a national banking association under the federal banking laws,
        or (d)
        a principal subsidiary of a bank holding company,
        or (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        National City Bank Ohio, or an institution having (i) the highest short-term
        debt rating, and one of the two highest long-term debt ratings of each Rating
        Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
        debt rating of at least one of the two highest unsecured long-term debt ratings
        of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled " National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Primary Mortgage Insurance Policy: Any
        Primary Mortgage Insurance Policy for which premiums are paid by the
        Company.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lifetime
        Rate Cap:
        As to
        each Mortgage Loan, the maximum Mortgage Interest Rate over the term of such
        Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate, if
        any.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6)
          the
          original months to maturity of the Mortgage Loan;

      

      

      (7)
        the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

      (12) the
        amount of the Monthly Payment at origination;

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

      (14) the
        original principal amount of the Mortgage Loan; 

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
         a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
         a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and
          the
          name of the related insurance carrier;
          

      

      

      
        (21)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Lender
          Primary
          Mortgage Insurance Policy and
          the
          name of the related insurance carrier;

      

      

      
        (22)
          a
          code
          indicating whether or not the Mortgage Loan is currently convertible and
          the
          conversion spread;

      

      

      
        (23)
          the
          last
          Due Date on which a Monthly Payment was actually applied to the unpaid
          principal
          balance of the Mortgage Loan.

      

      

      
        (24)
          product
          type (i.e. fixed, 3/1, 5/1, etc.);

      

      

      
        (25)
          credit
          score and/or mortgage score, if applicable;

      

      

      
        (26)
          the
          Lender Paid Mortgage Insurance Rate;

      

      

      
        (27)
          a
          code
          indicating whether or not the Mortgage Loan has a prepayment penalty and
          if so,
          the amount and term thereof; and

      

      

      (28) 
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

      Person:
        Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, limited liability company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

      Prepayment
        Period: With
        respect to any Remittance Date, the calendar month preceding the month in
        which
        such Remittance Date occurs.

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Moody’s
        Investors Service, Standard & Poor's, Fitch, Inc. or, in the event that some
        or all of the ownership of the Mortgage Loans is evidenced by mortgage-backed
        securities, the nationally recognized rating agencies issuing ratings with
        respect to such securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the
        product of the greater of 100% or the percentage of par as stated in the
        Confirmation multiplied by the Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii) interest on such outstanding principal balance at the Mortgage Loan
        Remittance Rate from the last date through which interest has been paid and
        distributed to the Purchaser to the end of the month of repurchase, plus,
        (iii)
        third party expenses incurred in connection with the transfer of the Mortgage
        Loan being repurchased; less amounts received or advanced in respect of such
        repurchased Mortgage Loan which are being held in the Custodial Account for
        distribution in the month of repurchase. 

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the related Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      SERVICING
        OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files;
        Maintenance of Servicing Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the FDIC
        and
        other similar entities, access, during normal business hours, upon reasonable
        advance notice to Company and without charge to Company or such supervisory
        agents or examiners, to any documentation regarding the Mortgage Loans that
        may
        be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If
        delivery is not completed within 180 days solely due to delays in making
        such
        delivery by reason of the fact that such documents shall not have been returned
        by the appropriate recording office, the Company shall continue to use its
        best
        efforts to effect delivery as soon as possible thereafter, provided that
        if such
        documents are not delivered by the 270th day from the date of the related
        Closing Date, the Company shall repurchase the related Mortgage Loans at
        the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term Principal Prepayments; Near Term Payment
        Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to sixty
        (60)
        days after the related Closing Date, the Company shall remit to the Purchaser
        an
        amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event any of the first two (2) scheduled Monthly Payments which are due under
        any Mortgage Loan after the related Cut-off Date are not made during the
        month
        in which such Monthly Payments are due, then not later than five (5) Business
        Days after notice to the Company by Purchaser (and at Purchaser’s sole option),
        the Company, shall repurchase such Mortgage Loan from the Purchaser pursuant
        to
        the repurchase provisions contained in this Subsection 3.03.

       

       

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual
        Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As
        of the
        related Closing Date, all of the Mortgage Loans will have an actual Interest
        Paid to Date of their related Cut-off Date(or later) and will be due for
        the
        scheduled monthly payment next succeeding the Cut-off Date (or later), as
        evidenced by a posting to Company's servicing collection system. No payment
        under any Mortgage Loan is delinquent as of the related Closing Date nor
        has any
        scheduled payment been delinquent at any time during the twelve (12) months
        prior to the month of the related Closing Date. For purposes of this paragraph,
        a Mortgage Loan will be deemed delinquent if any payment due thereunder was
        not
        paid by the Mortgagor in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor.
        Neither
        the Company (nor any prior originator or servicer of any of the Mortgage
        Loans)
        nor any Mortgagor has engaged in any act or omission which has impaired or
        would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; the Company
        maintains, and shall maintain, evidence of such compliance as required by
        applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        the respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a monthly payment which is suffi-cient (a) during the period prior to the
        first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With the respect to
        each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
         
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg) 
        (INTENTIONALLY LEFT BLANK)

      

      (hh) Unless
        set forth in the related Term Sheet, in the event the Mortgage Loan had an
        LTV
        at origination greater than 80.00%, either (i) the excess of the principal
        balance of the Mortgage Loan over 75.0% of the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, or the lesser of the
        Appraised Value or the purchase price of the Mortgaged Property with respect
        to
        a purchase money Mortgage Loan was insured as to payment defaults by a Primary
        Mortgage Insurance Policy issued by a Qualified Insurer or (ii) the Mortgage
        Loan was insured as to payment defaults by a Lender Primary Mortgage Insurance
        Policy issued by a Qualified Insurer. No Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy, as applicable, have been and are being complied with, such
        policy is in full force and effect, and all premiums due thereunder have
        been
        paid. No Mortgage Loan requires payment of such premiums, in whole or in
        part,
        by the Purchaser. No action, inaction, or event has occurred and no state
        of
        facts exists that has, or will result in the exclusion from, denial of, or
        defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance
        Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage
        Insurance Policy, subject to state and federal law, and to pay all premiums
        and
        charges in connection therewith. Any Mortgage Loan subject to a Lender Primary
        Mortgage Insurance Policy obligates the Company to maintain the Lender Primary
        Mortgage Insurance Policy and to pay all premiums and charges in connection
        therewith. No action has been taken or failed to be taken, on or prior to
        the
        Closing Date which has resulted or will result in an exclusion from, denial
        of,
        or defense to coverage under any Primary Mortgage Insurance Policy or Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage; With respect to any Primary Mortgage Insurance Policy,
        the
        mortgage interest rate for the Mortgage Loan as set forth on the related
        Mortgage Loan Schedule is net of any such insurance premium;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        otherwise specified in the related Term Sheet, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
        No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contriburions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, to
        foreclose upon or otherwise comparably convert the ownership of properties
        securing such of the Mortgage Loans as come into and continue in default
        and as
        to which no satisfactory arrangements can be made for collection of delinquent
        payments pursuant to Section 4.01. Foreclosure or comparable proceedings
        shall
        be initiated or a notice of default sent within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings. The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in
        Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds
        deposited in the Custodial Account, which shall be deposited within 24 hours
        of
        receipt, shall at all times be insured by the FDIC up to the FDIC insurance
        limits, or must be invested in Permitted Investments for the benefit of the
        Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit B hereto. The original of such
        letter agreement shall be furnished to the Purchaser on the Closing Date,
        and
        upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

      (i) all
        payments on account of principal, including Principal Prepayments on the
        Mortgage Loans;

      

      (ii)
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Custodial Account.

       

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary
Mortgage
        Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies and Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
        in
        a timely fashion in accordance with the terms of such Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy and, in this regard, to
        take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy respecting a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance
        Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The fee for such administrative services
        shall be $2,000 to be paid upon liquidation of the REO Property. No Servicing
        Fee shall be assessed or otherwise accrue on any REO Property from and after
        the
        date on which it becomes an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, plus (iv)
        unless
        otherwise stated in the related Confirmation or related Term Sheet, any amount
        received by the Company that represents a prepayment penalty with respect
        to a
        Mortgage Loan, minus (v) any amounts attributable to Monthly Payments collected
        but due on a Due Date or Dates subsequent to the preceding Determination
        Date,
        which amounts shall be remitted on the Remittance Date next succeeding the
        Due
        Period for such amounts. It is understood that, by operation of Section 4.04,
        the remittance on the first Remittance Date with respect to Mortgage Loans
        purchased pursuant to the related Term Sheet is to include principal collected
        after the Cut-off Date through the preceding Determination Date plus interest,
        adjusted to the Mortgage Loan Remittance Rate collected through such
        Determination Date exclusive of any portion thereof allocable to the period
        prior to the Cut-off Date, with the adjustments specified in clauses (ii),
        (iii)
        and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged Property has been conveyed
        or is
        proposed to be conveyed, pursuant to which such person becomes liable under
        the
        Mortgage Note and, to the extent permitted by applicable state law, the
        Mortgagor remains liable thereon. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage
        Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial Account or the Mortgage File or such document
        has
        been delivered to an attorney, or to a public trustee or other public official
        as required by law, for purposes of initiating or pursuing legal action or
        other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company has delivered to the Purchaser a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery. Upon receipt of a certificate of a Servicing Officer stating
        that
        such Mortgage Loan was liquidated, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2002,
        an
        Officers' Certificate stating, as to each signatory thereof, that (i) a review
        of the activities of the Company during the preceding calendar year and of
        performance under this Agreement has been made under such officers' supervision,
        and (ii) to the best of such officers' knowledge, based on such review, the
        Company has fulfilled all of its obligations under this Agreement throughout
        such year, or, if there has been a default in the fulfillment of any such
        obligation, specifying each such default known to such officers and the nature
        and status of cure provisions thereof. Copies of such statement shall be
        provided by the Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants'
        Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2002 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to FDIC and other similar entities,
        access
        to any documentation regarding the Mortgage Loans in the possession of the
        Company which may be required by any applicable regulations. Such access
        shall
        be afforded without charge, upon reasonable request, during normal business
        hours and at the offices of the Company, and in accordance with the federal
        government, FDIC, or any other similar regulations.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement
        such
        periodic, special or other reports, information or documentation, not provided
        for herein, as shall be necessary, reasonable or appropriate in respect to
        the
        Purchaser, or otherwise in respect to the Mortgage Loans and the performance
        of
        the Company under this Agreement, including any reports, information or
        documentation reasonably required to comply with any regulations regarding
        any
        supervisory agents or examiners of the Purchaser all such reports or information
        to be as provided by and in accordance with such applicable instructions
        and
        directions as the Purchaser may reasonably request in relation to this Agreement
        or the performance of the Company under this Agreement. Such periodic, special
        or other reports, information or documentation furnished to the Purchaser
        at the
        Purchaser’s request pursuant to the preceding sentence shall be at the expense
        of the Purchaser. The Company agrees to execute and deliver all such instruments
        and take all such action as the Purchaser, from time to time, may reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

       

      
 

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC and/or BIF, and which is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing; provided, further, however, that the Company
        shall give sixty (60) days written notice to the Purchaser of any merger,
        conversion or consolidation to which the Company shall be a party, or of
        any
        Person succeeding to the business of the Company, and the Purchaser, at it
        sole
        option, shall make the determination as to whether such successor of the
        Company
        shall continue to service the Mortgage Loans hereunder.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

       

      
 

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshalling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

      (iv)
        the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceedings of or relating to the Company
        or
        of or relating to all or substantially all of its property; or

      

      (v)
        the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

       

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)            
        if
        to the
        Company:

       

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        Sheila N. Hansford

      Telecopier
        No.: (937) 910-4137

      

      Servicing
        contact:

      

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        T. Jackson Case

      

       

      (ii)        
          if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. 

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements, and customer portfolio and (ii) responses to unsolicited
        requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
        not
        constitute solicitation under this Section 11.16. This Section 11.16 shall
        not
        be deemed to preclude the Company or any of its affiliates from soliciting
        any
        Mortgagor for any other financial products or services. From and after the
        Closing Date, the Purchaser agrees that it will not take any action or permit
        or
        cause any action to be taken by any of its agents or affiliates, or by any
        independent contractors on the Purchaser’s behalf, to personally by telephone or
        mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the
        Mortgage Loan, in whole or in part, without the prior written consent of
        the
        Company,. In addition, the Purchaser or any of its affiliates shall not solicit
        any Mortgagor for any other financial products or services. Notwithstanding
        the
        foregoing, it is understood and agreed that (i) promotions undertaken by
        the
        Purchasr or any affiliate of the Purchaser which are directed to the general
        public at large, or segments thereof, provided that no segment shall consist
        primarily of the Mortgage Loans, including, without limitation, mass mailing
        based on commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16 The Company shall use its best efforts to prevent the
        sale of
        the name of any Mortgagor to any Person who is not affiliate of the
        Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affiliates for disclosure contained in any offering document relating to
        the
        Company or its affiliates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. With respect to each Pass-Through Transfer,
        the Purchaser shall provide thirty (30) days notice of such transfer, unless
        otherwise agreed by the parties in the related Confirmation. With respect
        to
        each Whole Loan Transfer, limits on frequency of Reconstitution may be provided
        in the related Confirmation or related Term Sheet for the related Mortgage
        Loans. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 

      

       

      
         

        
          	 	 	 
	 	NATIONAL
                  CITY MORTGAGE COMPANY
	 	
                  Company

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

         

         

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

       

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if
        required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2001

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as a Custodial Account pursuant to Section 4.04 of
        the
        Agreement, to be designated as " National City Mortgage Company, in trust
        for
        the [Purchaser], Owner of Mortgage Loans". All deposits in the account shall
        be
        subject to withdrawal therefrom by order signed by the Company. This letter
        is
        submitted to you in duplicate. Please execute and return one original to
        us.

      

      NATIONAL
        CITY MORTGAGE COMPANY

       

      By:____________________________

       

      Name:__________________________

       

      Title:___________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [___________________________]

       

      By:____________________________

       

      Name:__________________________

       

      Title:___________________________

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2001

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as an Escrow Account pursuant to Section 4.06 of the
        Agreement, to be designated as "National City Mortgage Company, in trust
        for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors." All deposits
        in
        the account shall be subject to withdrawal therefrom by order signed by the
        Company. This letter is submitted to you in duplicate. Please execute and
        return
        one original to us.

       

      
        NATIONAL
          CITY MORTGAGE COMPANY

         

        By:____________________________

         

        Name:__________________________

         

        Title:___________________________

         

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        [___________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:___________________________

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

      

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c)
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d)
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e)
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Sections
          3.01
          and 3.02 of the Purchase Agreement to be untrue in any material
          respect.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)        
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        	(b)  	
                In
                  the case of Assignor,

              

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)         
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy
        or
        Lender Primary Mortgage Insurance Policy,
        the
        Supplemental PMI Policy, any title policy, any hazard insurance policy or
        any
        other insurance policy covering a Mortgage Loan or other related Mortgaged
        Property, including any amounts required to be deposited in the Custodial
        Account pursuant to Section 4.04, to the extent such proceeds are not to
        be
        applied to the restoration of the related Mortgaged Property or released
        to the
        Mortgagor in accordance with Accepted Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      
         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 	
                  Assignor

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

         

      

       

      
         

        
          	 	 	 
	 	 
	 	
                  Assignee

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

      

       

      
        
           

          
            	 	 	 
	 	 
	 	
                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 

          

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between National City Mortgage
        Company, a ________ corporation, located at 3232 Newmark Drive, Miamisburg,
        Ohio
        45342 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at ______________ (the "Purchaser") is made pursuant to the terms
        and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of October 1, 2001, between the Company and the Purchaser,
        the provisions of which are incorporated herein as if set forth in full herein,
        as such terms and conditions may be modified or supplemented hereby. All
        initially capitalized terms used herein unless otherwise defined shall have
        the
        meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        
           

          
            	 	 	 
	 	NATIONAL
                    CITY
                    MORTGAGE COMPANY
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 

          

           

          
            
               

              
                	 	 	 
	 	
                        EMC
                          MORTGAGE CORPORATION

                      
	 	
                         

                      
	 
 	 
 	 
 
	 	By:  	 
	 	
                        Name:   

                      	 
	 	Title:	 

              

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

      

      
SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      J-1

    

    EMC
      ASSIGNMENT AGREEMENT

    

     

    
      

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          Assignment, Assumption and Recognition Agreement (the “AAR Agreement”) is made
          and entered into as of April 30, 2007 (the “Closing Date”), among Structured
          Asset Mortgage Investments II Inc. (the “Assignor”), U.S. Bank National
          Association,
          not
          individually but solely as trustee for the holders of Prime Mortgage Trust,
          Mortgage Pass-Through Certificates, Series 2007-2 (the “Assignee”) and EMC
          Mortgage Corporation (the “Company”).

        

        Whereas,
          the Assignor and the Company entered into that certain Servicing Agreement,
          dated as of April 1, 2007 (the “Servicing Agreement”), pursuant to which the
          Company agreed to service certain mortgage loans (the “Mortgage Loans”) on
          behalf of the Assignor. 

        

        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 listed
          on
Attachment
          1
          annexed
          hereto (the “Assigned Loans”) shall be subject to the terms of this AAR
          Agreement. Any capitalized term used and not otherwise defined herein shall
          have
          the meaning assigned to such term in the 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 as in, to and under
          the
          Assigned Loans, and as they relate to the Assigned Loans, the Servicing
          Agreement. Notwithstanding anything to the contrary contained herein, the
          Assignor is not assigning to the Assignee any of its right, title and interest
          in, to and under the Servicing Agreement with respect to any other mortgage
          loan
          other than the Assigned Loans. Except as is otherwise expressly provided
          herein,
          the Assignor makes no representations, warranties or covenants to the Assignee
          and the Assignee acknowledges that the Assignor has no obligations to the
          Assignee under the terms of the Servicing Agreement or otherwise relating
          to the
          transaction contemplated herein (including, but not limited to, any obligation
          to indemnify the Assignee). 

         

        The
          Assignor acknowledges and agrees that upon execution of this AAR Agreement,
          with
          respect to the Assigned Loans, the Assignee shall become the “Owner” under the
          Servicing Agreement, and all representations, warranties and covenants
          by the
“Servicer” to the “Owner” under the Servicing Agreement including, but not
          limited to, the rights to receive indemnification, shall accrue to the
          Assignee
          by virtue of this AAR Agreement.

         

        Representations,
          Warranties and Covenants

         

        2.  The
          Assignor warrants and represents to, and covenants with, the Assignee and
          the
          Company as of the date hereof that:

         

        	a.         
                 	
                Attached
                  hereto as Attachment
                  2
                  is
                  a true and correct copy of the Servicing Agreement, which Servicing
                  Agreement is in full force and effect as of the date hereof and
                  the
                  provisions of which have not been waived, amended or modified in
                  any
                  respect, nor has any notice of termination been given
                  thereunder;

              

         

        	b.        
                  	
                The
                  Assignor was the lawful owner of the Assigned Loans with full right
                  to
                  transfer the Assigned Loans and any and all of its interests, rights
                  and
                  obligations under the Servicing Agreement they relate to the Assigned
                  Loans, free and clear from any and all claims and encumbrances;
                  and upon
                  the transfer of the Assigned Loans to the Assignee as contemplated
                  herein,
                  the Assignee shall have good title to each and every Assigned Loan,
                  as
                  well as any and all of the Assignee’s interests, rights and obligations
                  under the Servicing Agreement as they relate to the Assigned Loans,
                  free
                  and clear of any and all liens, claims and
                  encumbrances;

              

         

        	c.           	
                There
                  are no offsets, counterclaims or other defenses available to the
                  Company
                  with respect to the Servicing Agreement;

              

         

        	d.           	
                The
                  Assignor has no knowledge of, and has not received notice of, any
                  waivers
                  under, or any modification of, any Assigned
                  Loan;

              

         

        	e.           	
                The
                  Assignor is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Assigned
                  Loans;

              

         

        	f.           	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this AAR Agreement, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this AAR Agreement is in the ordinary course of
                  the
                  Assignor’s business and will not conflict with, or result in a breach of,
                  any of the terms, conditions or provisions of the Assignor’s charter or
                  by-laws or any legal restriction, or any material agreement or
                  instrument
                  to which the Assignor is now a party or by which it is bound, or
                  result in
                  the violation of any law, rule, regulation, order, judgment or
                  decree to
                  which the Assignor or its property is subject. The execution, delivery
                  and
                  performance by the Assignor of this AAR Agreement and the consummation
                  by
                  it of the transactions contemplated hereby, have been duly authorized
                  by
                  all necessary corporate action on part of the Assignor. This AAR
                  Agreement
                  has been duly executed and delivered by the Assignor and, upon
                  the due
                  authorization, execution and delivery by the Assignee and the parties
                  hereto, will constitute the valid and legally binding obligation
                  of the
                  Assignor enforceable against the Assignor in accordance with its
                  terms
                  except as enforceability may be limited by bankruptcy, reorganization,
                  insolvency, moratorium or other similar laws now or hereafter in
                  effect
                  relating to creditors’ rights generally, and by general principles of
                  equity regardless of whether enforceability is considered in a
                  proceeding
                  in equity or at law; 

              

         

        	g.           	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignor in connection with the execution, delivery
                  or
                  performance by the Assignor of this AAR Agreement, or the consummation
                  by
                  it of the transactions contemplated hereby. Neither the Assignor
                  nor
                  anyone acting on its behalf has offered, transferred, pledged,
                  sold or
                  otherwise disposed of the Assigned Loans or any interest in the
                  Assigned
                  Loans, or solicited any offer to buy or accept a transfer, pledge
                  or other
                  disposition of the Assigned Loans, or any interest in the Assigned
                  Loans
                  or otherwise approached or negotiated with respect to the Assigned
                  Loans,
                  or any interest in the Assigned Loans with any Person in any manner,
                  or
                  made any general solicitation by means of general advertising or
                  in any
                  other manner, or taken any other action which would constitute
                  a
                  distribution of the Assigned Loans under the Securities Act of
                  1933, as
                  amended (the “1933 Act”)
                  or
                  which would render the disposition of the Assigned Loans a violation
                  of
                  Section 5 of the 1933 Act or require registration pursuant thereto;
                  and

              

        	 	 

        	h.          	
                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 the Assignor, would adversely
                  affect the Assignor's execution or delivery of, or the enforceability
                  of,
                  this AAR Agreement, or the Assignor's ability to perform its obligations
                  under this AAR Agreement.

              

         

        3.  The
          Assignee warrants and represents to, and covenants with, the Assignor and
          the
          Company as of the date hereof that:

         

        	a.           	
                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 Assigned Loans as trustee on behalf
                  of the
                  holders of Prime Mortgage Trust, Mortgage Pass-Through Certificates,
                  Series 2007-2;

              

         

        	b.        
                  	
                The
                  Assignee has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this AAR Agreement, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this AAR Agreement is in the ordinary course of
                  the
                  Assignee’s business and will not conflict with, or result in a breach of,
                  any of the terms, conditions or provisions of the Assignee’s charter or
                  by-laws or any legal restriction, or any material agreement or
                  instrument
                  to which the Assignee is now a party or by which it is bound, or
                  result in
                  the violation of any law, rule, regulation, order, judgment or
                  decree to
                  which the Assignee or its property is subject. The execution, delivery
                  and
                  performance by the Assignee of this AAR Agreement and the consummation
                  by
                  it of the transactions contemplated hereby, have been duly authorized
                  by
                  all necessary corporate action on part of the Assignee. This AAR
                  Agreement
                  has been duly executed and delivered by the Assignee and, upon
                  the due
                  authorization, execution and delivery by the Assignor and the parties
                  hereto, will constitute the valid and legally binding obligation
                  of the
                  Assignee enforceable against the Assignee in accordance with its
                  terms
                  except as enforceability may be limited by bankruptcy, reorganization,
                  insolvency, moratorium or other similar laws now or hereafter in
                  effect
                  relating to creditors’ rights generally, and by general principles of
                  equity regardless of whether enforceability is considered in a
                  proceeding
                  in equity or at law;

              

         

        	c.           	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Assignee of this AAR Agreement, or the consummation
                  by
                  it of the transactions contemplated hereby;

              

        	 	 

        	d.         
	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  the Assignee's knowledge, threatened, which either in any instance
                  or in
                  the aggregate, if determined adversely to the Assignee, would adversely
                  affect the Assignee's execution or delivery of, or the enforceability
                  of,
                  this AAR Agreement, or the Assignee's ability to perform its obligations
                  under this AAR Agreement; and

              

        	 	 

        	e.         
	
                The
                  Assignee assumes for the benefit of each of Assignor and Company
                  all of
                  the Assignor’s rights as “Owner” under the Servicing Agreement but solely
                  with respect to the Assigned Loans.

              

         

        4.  Company
          warrants and represents to, and covenants with, the Assignee and the Assignor,
          as of the date hereof, that:

         

        	a.          
                 	
                Attached
                  hereto as Attachment
                  2
                  is
                  a true and accurate copy of the Servicing Agreement, which agreement
                  is in
                  full force and effect as of the date hereof and the provisions
                  of which
                  have not been waived, amended or modified in any respect, nor has
                  any
                  notice of termination been given
                  thereunder;

              

         

        	b.         
                  	
                The
                  Company is duly organized, validly existing and in good standing
                  under the
                  laws of the jurisdiction of its incorporation, and has all requisite
                  power
                  and authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Servicing
                  Agreement;

              

         

        	c.         
                  	
                The
                  Company has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this AAR Agreement, and to consummate
                  the
                  transactions set forth herein. The consummation of the transactions
                  contemplated by this AAR Agreement is in the ordinary course of
                  the
                  Company’s business and will not conflict with, or result in a breach of,
                  any of the terms, conditions or provisions of the Company’s charter or
                  by-laws or any legal restriction, or any material agreement or
                  instrument
                  to which the Company is now a party or by which it is bound, or
                  result in
                  the violation of any law, rule, regulation, order, judgment or
                  decree to
                  which the Company or its property is subject. The execution, delivery
                  and
                  performance by the Company of this AAR Agreement and the consummation
                  by
                  it of the transactions contemplated hereby, have been duly authorized
                  by
                  all necessary corporate action on part of the Company. This AAR
                  Agreement
                  has been duly executed and delivered by the Company, and, upon
                  the due
                  authorization, execution and delivery by 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 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 Servicing Agreement in favor of the Assignee with respect to
                  the
                  Assigned Loans separate from the Custodial Account and Escrow Account
                  previously established under the Servicing Agreement in favor of
                  the
                  Assignor; 

              

         

        	f.           	
                Pursuant
                  to Section 10.02 of the Servicing Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Servicing Agreement with respect to the Company and/or the Assigned
                  Loans;
                  and

              

        	 	 

        	g.        
	
                Neither
                  this AAR Agreement nor any certification, statement, report or
                  other
                  agreement, document or instrument furnished or to be furnished
                  by the
                  Company pursuant to this AAR Agreement contains or will contain
                  any
                  materially untrue statement of fact or omits or will omit to state
                  a fact
                  necessary to make the statements contained therein not
                  misleading.

              

         

        5.  The
          Company warrants and represents to, and covenants with the Assignor as
          of the
          date hereof:

         

        (a)  The
          Company is not aware and has not received notice that any default, early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Company;

         

        (b)  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving the Company
          as
          servicer has been disclosed or reported by the Company;

         

        (c)  The
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger;

         

        (d)  No
          material changes to the Company’s policies or procedures with respect to the
          servicing function it will perform under the Servicing Agreement and this
          AAR
          Agreement for mortgage loans of a type similar to the Assigned Loans have
          occurred during the three-year period immediately preceding the date
          hereof;

         

        (e)  There
          are
          no aspects of the Company’s financial condition that could have a material
          adverse effect on the performance by the Company of its servicing obligations
          under the Servicing Agreement and this AAR Agreement;

         

        (f)  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, any Subservicer or any third-party
          originator; and

         

        (g)  There
          are
          no affiliations, relationships or transactions relating to the Company
          or any
          Subservicer with respect to this Securitization Transaction and any party
          thereto of a type described in Item 1119 of Regulation AB.

         

        Notwithstanding
          anything to the contrary in the Agreement, the Company shall (or shall
          cause any
          Third-Party Originator to) (i) immediately notify the Assignor and SAMI
          II in
          writing of (A) legal proceedings pending against the Company, or proceedings
          known to be contemplated by governmental authorities against the Company
          which
          in the judgment of the Company would be, in each case, material to purchasers
          of
          securities backed by the Assigned Loans, (B) any affiliations or relationships
          of the type described in Item 1119(b) of Regulation AB that develop following
          the date hereof between the Company and any of the above listed parties
          or other
          parties identified in writing by the Assignor or SAMI II with respect to
          the
          Securitization Transaction and (ii) provide to the Assignor and SAMI II
          a
          description of such proceedings, affiliations or relationships

         

        6.  The
          Assignor hereby agrees to indemnify and hold the Assignee (and its successors
          and assigns) harmless against any and all claims, losses, penalties, fines,
          forfeitures, legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that the Assignee (and its successors and assigns) may sustain
          in
          any way related to any breach of the representations or warranties of the
          Assignor set forth in this AAR Agreement or the breach of any covenant
          or
          condition contained herein.

         

        Recognition
          of Assignee

         

        7.  From
          and after the date hereof, the Company shall recognize the Assignee as
          owner of
          the Assigned Loans, and acknowledges that the Assigned Loans will be part
          of a
          REMIC, and will service the Assigned Loans in accordance with the Servicing
          Agreement but in no event in a manner that would (i) cause any REMIC to
          fail to
          qualify as a REMIC or (ii) result in the imposition of a tax upon any REMIC
          (including but not limited to the tax on prohibited transactions as defined
          in
          Section 860F(a)(2) of the Code and the tax on contributions to a REMIC
          set forth
          in Section 860G(d) of the Code). It is the intention of the Assignor, the
          Company and the Assignee that this AAR Agreement shall be binding upon
          and for
          the benefit of the respective successors and assigns of the parties hereto.
          Neither the Company nor the Assignor shall amend or agree to amend, modify,
          waiver, or otherwise alter any of the terms or provisions of the Servicing
          Agreement which amendment, modification, waiver or other alteration would
          in any
          way affect the Assigned Loans without the prior written consent of the
          Assignee.

         

        8.  The
          Company shall prepare for and deliver to the Assignee and EMC Mortgage
          Corporation, as master servicer (in such capacity, the “Master Servicer”) a
          statement with respect to each mortgaged property acquired through foreclosure
          or deed-in-lieu of foreclosure in connection with a defaulted Assigned
          Loan
          (“REO Property”) that has been rented showing the aggregate rental income
          received and all expenses incurred in connection with the management and
          maintenance of such REO Property at such times as is necessary to enable
          the
          Assignee to comply with the reporting requirements of the REMIC provisions
          of
          the Code. The net monthly rental income, if any, from such REO Property
          shall be
          deposited in the related collection account no later than the close of
          business
          on each determination date. The Company shall perform, or cause to be performed,
          the tax reporting and withholding related to foreclosures, abandonments
          and
          cancellation of indebtedness income as specified by Sections 1445, 6050J
          and
          6050P of the Code by preparing and filing such tax and information returns,
          as
          may be required. In the event that Prime Mortgage Trust, Mortgage Pass-Through
          Certificates, Series 2007-2 acquires any REO Property as aforesaid or otherwise
          in connection with a default or default becoming reasonably foreseeable
          on an
          Assigned Loan, the Company shall cause such REO Property to be disposed
          prior to
          three years after its acquisition by Prime Mortgage Trust, Mortgage Pass-Through
          Certificates, Series 2007-2 or, at the expense of Prime Mortgage Trust,
          Mortgage
          Pass-Through Certificates, Series 2007-2, request more than 60 days prior
          to the
          day on which such three-year period would otherwise expire, an extension
          of the
          three-year grace period unless the Assignee shall have been supplied with
          an
          opinion of counsel addressed to the Assignee rendered by nationally recognized
          tax counsel specializing in such matters (such opinion not to be an expense
          of
          the Assignee) to the effect that the holding by Prime Mortgage Trust, Mortgage
          Pass-Through Certificates, Series 2007-2 of such REO Property subsequent
          to such
          three-year period will not result in the imposition of taxes on “prohibited
          transactions” of any REMIC as defined in Section 860F of the Code or cause any
          REMIC to fail to qualify as a REMIC, in which case Prime Mortgage Trust,
          Mortgage Pass-Through Certificates, Series 2007-2 may continue to hold
          such REO
          Property (subject to any conditions contained in such opinion of counsel).
          Notwithstanding any other provision of the Servicing Agreement, no REO
          Property
          acquired by Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series
          2007-2 shall be rented (or allowed to continue to be rented) or otherwise
          used
          for the production of income by or on behalf of Prime Mortgage Trust, Mortgage
          Pass-Through Certificates, Series 2007-2 in such a manner or pursuant to
          any
          terms that would (i) cause such REO Property to fail to qualify as “foreclosure
          property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
          any REMIC to the imposition of any federal, state or local income taxes
          on the
          income earned from such REO Property under Section 860G(c) of the Code
          or
          otherwise, unless the Company has agreed to indemnify and hold harmless
          Prime
          Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2 with
          respect
          to the imposition of any such taxes.

         

        9.  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 Prime
          Mortgage Trust,
          Mortgage Pass-Through Certificates, Series 2007-2 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 Prime Mortgage Trust, Mortgage Pass-Through
          Certificates, Series 2007-2.

         

        Miscellaneous

         

        10.  All
          demands, notices and communications related to the Assigned Loans, the
          Servicing
          Agreement and this AAR Agreement shall be in writing and shall be deemed
          to have
          been duly given if personally delivered at or mailed by registered mail,
          postage
          prepaid, as follows:

         

        	a.  	
                In
                  the case of the Company,

              

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Michelle Viner

        Facsimile:
          (214)
          626-4889

        Email:
          mviner@bear.com 

         

        	b.  	
                In
                  the case of the Assignor,

              

        Structured
          Asset Mortgage Investments II Inc.

        383
          Madison Avenue, 

        New
          York,
          New York 10179

        Attention:
          Robert Durden

        Telecopier
          No.: (212) 272-5591

        

        	c.  	
                In
                  the case of the Assignee,

              

        U.S.
          Bank
          National Association,

        as
          Trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        Attention:
          Corporate Trust Services, PRIME 2007-2

        Telecopier
          No.: (617) 603-6638

        

        11.  The
          Company hereby acknowledges that EMC Mortgage Corporation has been appointed
          as
          the master servicer of the Assigned Loans pursuant to the Pooling and Servicing
          Agreement, dated as of April 1, 2007, among the Assignor, the Assignee
          and the
          Company, as seller and master servicer, and therefor has the right to enforce
          all obligations of the Company, as they relate to the Assigned Loans, under
          the
          Servicing Agreement. Such right will include, without limitation, the right
          to
          terminate the Company under the Servicing Agreement upon the occurrence
          of an
          event of default thereunder, the right to receive all remittances required
          to be
          made by the Company under the Servicing Agreement, the right to receive
          all
          monthly reports and other data required to be delivered by the Company
          under the
          Servicing Agreement, the right to examine the books and records of the
          Company,
          indemnification rights, and the right to exercise certain rights of consent
          and
          approval relating to actions taken by the Company. The Company shall make
          all
          distributions under the Servicing Agreement, as they relate to the Assigned
          Loans, to the Master Servicer by wire transfer of immediately available
          funds
          to:

         

        EMC
          Master Servicing Remittances

        Bank:
          Chase Bank of Texas

        Branch:
          Irving, Texas

        Account
          Name: EMC Mortgage Corporation

        ABA
          #
          113000609

        ACCOUNT
          #
          000000709377717

        Reference:
          M/S Remittance April 1, 2007 Remit for EMC Mortgage Corporation

        Attention:
          LSBO Group-MS

        

        and
          the
          Company shall deliver all reports required to be delivered under the Servicing
          Agreement, as they relate to the Assigned Loans, to the Assignee at the
          address
          set forth in Section 10 herein and to the Master Servicer at:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Michelle Viner

        Facsimile:
          (214)
          626-4889

        Email:
          mviner@bear.com 

         

        12.  THIS
          AAR
          AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
          NEW
          YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, AND THE OBLIGATIONS,
          RIGHTS
          AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
          WITH
          SUCH LAWS.

         

        13.  No
          term
          or provision of this AAR Agreement may be waived or modified unless such
          waiver
          or modification is in writing and signed by the party against whom such
          waiver
          or modification is sought to be enforced.

         

        14.  This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which the Assignor, the Assignee or the
          Company
          may be merged or consolidated shall, without the requirement for any further
          writing, be deemed the Assignor, the Assignee or the Company, respectively,
          hereunder.

         

        15.  This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignments
          of
          the Servicing Agreement to the extent of the Assigned Loans by the Assignor
          to
          the Assignee and the termination of the Servicing Agreement.

         

        16.  This
          AAR
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        17.  In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Servicing Agreement with respect to the Assigned Loans, the terms of
          this
          AAR Agreement shall control.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement on
          the date
          first above written.

         

        
          
            	
                    STRUCTURED
                      ASSET MORTGAGE

                    INVESTMENTS
                      II INC.,

                    
                      the
                        Assignor

                    

                  	 	 	
                    U.S.
                      BANK NATIONAL ASSOCIATION,

                    not
                      individually but solely as trustee for the

                    holders
                      of Prime Mortgage Trust, Mortgage

                    Pass-Through
                      Certificates, Series 2007-2,

                  	 
	
                  	 	 	
                    the
                      Assignee

                  	 
	 	 	 	 	 	 	 
	
                    By:

                  	 	 	 	
                    By:

                  	 	 
	
                    Name:

                  	Baron
                    Silverstein	 	 	
                    Name:

                  	 	 
	
                    Title:

                  	Vice
                    President	 	 	
                    Title:
                      

                  	 	 
	 	 	 	 	 	 	
                     

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                    EMC
                      MORTGAGE CORPORATION,

                  	 	 	 	 	 
	
                    the
                      Company

                  	 	 	 	 	 
	 	 	 	 	 	 	 
	
                    By:

                  	 	 	 	 	 	 
	
                    Name:
                      

                  	 	 	 	 	 	 
	
                    Title:

                  	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                    Acknowledged
                      and Agreed:

                  	 	 	 	 	 
	 	 	 	 	 	 
	
                    EMC
                      MORTGAGE CORPORATION,

                  	 	 	 	 	 
	
                    the
                      Master Servicer

                  	 	 	 	 	 
	 	 	 	 	 	 	 
	
                    By:

                  	 	 	 	 	 	 
	
                    Name:
                      

                  	 	 	 	 	 	 
	
                    Title:
                      

                  	 	 	 	 	 	 

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                

              

            

        

        Attachment
          I

        

        Assigned
          Loans

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Attachment
          II

        

        Servicing
          Agreement

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    

 

    EXHIBIT
      J-2

    

    NCMC
      ASSIGNMENT AGREEMENT

    

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 30, 2007, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
        National Association, not individually but solely as trustee for the holders
        of
        Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2 (the
        “Assignee”), National City Mortgage Co. (the “Company”) and Structured Asset
        Mortgage Investments II Inc. (“SAMI II”). 

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the “Assigned Loan Schedule”) purchased by Assignor from
        Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of October 1, 2001, between Assignor and Company as amended by Amendment
        Reg
        AB to the Purchase, Warranties and Servicing Agreement, dated as of March
        1,
        2006 (the “Purchase Agreement”) and (b) those certain Term Sheets, dated March
        13, 2007 and March 23, 2007 between Assignor and Company (the “Term Sheets” and
        together with the Purchase Agreement, the “Agreements”), shall be subject to the
        terms of this AAR Agreement. Capitalized terms used herein but not defined
        shall
        have the meanings ascribed to them in the Agreements.

       

      In
        consideration of the mutual promises and agreements contained herein, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereto agree that the Assigned Loans shall
        be
        subject to the terms of this AAR Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the Purchase
        Agreement.

       

      Assignment
        and Assumption 

       

      1.  Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Agreements.
        Assignor specifically reserves and does not assign to Assignee any right
        title
        and interest in, to or under any Mortgage Loans subject to the Agreements
        other
        than those set forth on Attachment l. Notwithstanding anything to the contrary
        contained herein, the Assignor is retaining the right to enforce the
        representations and warranties set forth in Article III of the Purchase
        Agreement and
        in
        the Term Sheets,
        and any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
        Agreement against the Company. In addition, the Assignor specifically reserves
        and does not assign to the Assignee any right, title and interest in, to
        or
        under Section 2.09 of the Purchase Agreement and Section 4.03 and Section
        4.13
        of the Purchase Agreement (but only insofar as such Sections grant to the
        Purchaser the right to terminate the servicing of defaulted Assigned Loans
        and/or REO Properties by the Company).

       

      Representations;
        Warranties and Covenants 

       

      2.  Assignor
        warrants and represents to Assignee and Company as of the date hereof:

       

      
        	a.              	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given thereunder;
                  

              

      

       

      
        	b.              	
                Assignor
                  is the lawful owner of the Assigned Loans with full right to transfer
                  the
                  Assigned Loans and any and all of its interests, rights and obligations
                  under the Agreements as they relate to the Assigned Loans, free
                  and clear
                  of any and all liens, claims and encumbrances; and upon the transfer
                  of
                  the Assigned Loans to Assignee as contemplated herein, Assignee
                  shall have
                  good title to each and every Assigned Loan, as well as any and
                  all of
                  Assignor's interests, rights and obligations under the Agreements
                  as they
                  relate to the Assigned Loans, free and clear of any and all liens,
                  claims
                  and encumbrances; 

              

      

       

      
        	c.              	
                Assignor
                  has not received notice of, and has no knowledge of, any offsets,
                  counterclaims or other defenses available to Company with respect
                  to the
                  Assigned Loans or the Agreements; 

              

      

       

      
        	d.              	
                Assignor
                  has not waived or agreed to any waiver under, or agreed to any
                  amendment
                  or other modifications of, the Agreements. Assignor has no knowledge
                  of,
                  and has not received notice of, any waivers under or any amendments
                  or
                  other modifications of, or assignment of rights or obligations
                  under the
                  Agreements; 

              

      

       

      
        	e.              	
                Assignor
                  is a corporation duly organized, validly existing and in good standing
                  under the laws of the jurisdiction of its formation, and has all
                  requisite
                  power and authority to acquire, own and sell the Assigned Loans;
                  

              

      

       

      
        	f.              	
                Assignor
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignor's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignor's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignor
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignor
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignor
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignor. This AAR Agreement has been duly executed
                  and
                  delivered by Assignor and, upon the due authorization, execution
                  and
                  delivery by Assignee and Company, will constitute the valid and
                  legally
                  binding obligation of Assignor enforceable against Assignor in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors' rights generally, and
                  by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	g.              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignor in connection with the execution,
                  delivery or
                  performance by Assignor of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby. Neither Assignor nor anyone
                  acting on its behalf has offered, transferred, pledged, sold or
                  otherwise
                  disposed of the Assigned Loans or any interest in the Assigned
                  Loans, or
                  solicited any offer to buy or accept transfer, pledge or other
                  disposition
                  of the Assigned Loans, or any interest in the Assigned Loans, or
                  otherwise
                  approached or negotiated with respect to the Assigned Loans, or
                  any
                  interest in the Assigned Loans, with any Person in any manner,
                  or made any
                  general solicitation by means of general advertising or in any
                  other
                  manner, or taken any other action which would constitute a distribution
                  of
                  the Assigned Loans under the Securities Act of 1933, as amended
                  (the “1933
                  Act”) or which would render the disposition of the Assigned Loans a
                  violation of Section 5 of the 1933 Act or require registration
                  pursuant
                  thereto; 

              

      

       

      
        	h.              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignor's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignor, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignor's ability to perform its obligations
                  under this
                  AAR Agreement; and

              

      

       

      
        	i.           
                  	
                Assignor
                  has received from Company, and has delivered to Assignee, all documents
                  required to be delivered to Assignor by Company prior to the date
                  hereof
                  pursuant to Section 2.07 of the Purchase Agreement with respect
                  to the
                  Assigned Loans.

              

      

       

      3.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof: 

       

      
        	 	
                a.

              	
                Assignee
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its organization and has all requisite power
                  and
                  authority to acquire and hold the Assigned Loans as trustee on
                  behalf of
                  the holders of Prime Mortgage Trust, Mortgage Pass-Through Certificates,
                  Series 2007-2; 

              

      

       

      
        	 	
                b.

              	
                Assignee
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignee's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignee's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignee
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignee
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignee
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignee. This AAR Agreement has been duly executed
                  and
                  delivered by Assignee and, upon the due authorization, execution
                  and
                  delivery by Assignor and Company, will constitute the valid and
                  legally
                  binding obligation of Assignee enforceable against Assignee in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	 	
                c.

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignee in connection with the execution,
                  delivery or
                  performance by Assignee of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby;
                  and

              

      

       

      
        	 	
                d.

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignee's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignee, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignee's ability to perform its obligations
                  under this
                  AAR Agreement.

              

      

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Assignee as
        of the
        date hereof: 

       

      
        	 	
                a.

              	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given thereunder;
                  

              

      

       

      
        	 	
                b.

              	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its incorporation, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Agreements; 

              

      

       

      
        	 	
                c.

              	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Company's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on the part of Company. This AAR Agreement has been duly
                  executed
                  and delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	 	
                d.

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Company in connection with the execution, delivery or performance
                  by Company of this AAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby; 

              

      

       

      
        	 	
                e.

              	
                Company
                  shall establish a Custodial Account and an Escrow Account under
                  the
                  Purchase Agreement in favor of Assignee with respect to the Assigned
                  Loans
                  separate from the Custodial Account and the Escrow Account previously
                  established under the Purchase Agreement in favor of
                  Assignor;

              

      

       

      
        	 	
                f.

              	
                No
                  event has occurred from the applicable Closing Date to the date
                  hereof
                  which would render the representations and warranties as to the
                  related
                  Mortgage Loans made by the Company in Section 3.02 of the Purchase
                  Agreement or in the related Term Sheets to be untrue in any material
                  respect; and

              

      

       

      
        	 	
                g.

              	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheets with respect to the Company
                  and
                  the Assigned Loans as of the Closing
                  Date.

              

      

       

      5.  Company
        warrants and represents to, and covenants with, Assignor and SAMI II as of
        the
        date hereof:

       

      
        	 	
                a.

              	
                Company
                  is not aware and has not received notice that any default, early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	 	
                b.

              	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	 	
                c.

              	
                Company
                  has not been terminated as servicer in a residential mortgage loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	 	
                d.

              	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the 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 SAMI II in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or SAMI II with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and SAMI II a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to: 

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      

      6.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of this AAR
        Agreement by the Assignee is solely in its capacity as trustee for Prime
        Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2 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 Prime Mortgage
        Trust, Mortgage Pass-Through Certificates, Series 2007-2. 

       

      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, 2007, by and among, Structured Asset Mortgage
        Investments II Inc., EMC Mortgage Corporation as master servicer (the “Master
        Servicer”) 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:

       

      EMC
        Master Servicing Remittances

      Bank:
        Chase Bank of Texas

      Branch:
        Irving, Texas

      Account
        Name: EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance April 1, 2007 Remit for National City Mortgage
        Company

      Attention:
        LSBO Group-MS 

       

      and
        the
        Company shall deliver all reports and other notices required to be delivered
        under the Purchase Agreement to the Assignee and to the Master Servicer
        at:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Michelle Viner

      Facsimile:
        (469) 759-4714

      Email:
        mviner@bear.com 

      

      It
        is the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the
        Agreements which amendment, modification, waiver or other alteration would
        in
        any way affect the Assigned Loans without the prior written consent of Assignee.
        

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date. The Company shall perform, or caused to be
        performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required. In the event that the Prime Mortgage
        Trust, Mortgage Pass-Through Certificates, Series 2007-2 acquires any REO
        Property as aforesaid or otherwise in connection with a default or default
        becoming reasonably foreseeable on an Assigned Loan, the Company shall cause
        such REO Property to be disposed prior to three years after its acquisition
        by
        the Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2
        or,
        at the expense of the Prime Mortgage Trust, Mortgage Pass-Through Certificates,
        Series 2007-2, request more than 60 days prior to the day on which such
        three-year period would otherwise expire, an extension of the three-year
        grace
        period unless the Assignee (or the securities administrator, if any) shall
        have
        been supplied with an opinion of counsel addressed to the Assignee (and the
        securities administrator, if any) rendered by nationally recognized tax counsel
        specializing in such matters (such opinion not to be an expense of the Trustee
        or the Securities Administrator) to the effect that the holding by the Prime
        Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2 of such
        REO
        Property subsequent to such three-year period will not result in the imposition
        of taxes on “prohibited transactions” of any REMIC as defined in Section 860F of
        the Code or cause any REMIC to fail to qualify as a REMIC, in which case
        the
        Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Prime Mortgage Trust, Mortgage
        Pass-Through Certificates, Series 2007-2 shall be rented (or allowed to continue
        to be rented) or otherwise used for the production of income by or on behalf
        of
        the Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2
        in
        such a manner or pursuant to any terms that would (i) cause such REO Property
        to
        fail to qualify as “foreclosure property” within the meaning of Section
        860G(a)(8) of the Code or (ii) subject any REMIC to the imposition of any
        federal, state or local income taxes on the income earned from such REO Property
        under Section 860G(c) of the Code or otherwise, unless the Company has agreed
        to
        indemnify and hold harmless the Prime Mortgage Trust, Mortgage Pass-Through
        Certificates, Series 2007-2 with respect to the imposition of any such
        taxes.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        SAMI II, 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, SAMI II, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      (i)  (A)any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, accountants’ letter or other material
        provided under Article 1 of Amendment Reg AB by or on behalf of the Company,
        or
        provided under this Article 1 by or on behalf of any Subservicer, Subcontractor
        or Third-Party Originator (collectively, the “Company Information”), or (B) the
        omission or alleged omission to state in the Company Information a material
        fact
        required to be stated in the Company Information or necessary in order to
        make
        the statements therein, in the light of the circumstances under which they
        were
        made, not misleading; provided,
        by way of clarification,
        that clause (B) of this paragraph shall be construed solely by reference
        to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;
        or

       

      (ii)  any
        breach by the Company of its obligations under Article I of Amendment Reg
        AB,
        including particularly the failure by the Company, any Subservicer, any
        Subcontractor or any Third-Party Originator to deliver any information, report,
        certification, accountants’ letter or other material when and as required under
        Article I of Amendment Reg AB, including any failure by the Company to identify
        pursuant to Section 6(b) any Subcontractor “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB;
        or

       

      (iii)  any
        breach by the Company of a representation or warranty set forth in Section
        2(a)
        or in a writing furnished pursuant to Section 2(b) and made as of a date
        prior
        to the closing date of the related Securitization Transaction, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        2(b)
        to the extent made as of a date subsequent to such closing date.

       

      If
        the indemnification provided for herein is unavailable or insufficient to
        hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the case of any failure of performance described in clause (a)(ii) of Section
        7
        of Amendment Reg AB, the Company shall promptly reimburse the Assignor, each
        affiliate of the Assignor and SAMI II, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      Modification
        of the Purchase Agreement

       

      8.  The
        Purchase Agreement, as it relates to the Assigned Loans, shall be amended
        by the
        Company and the Assignor as follows:

       

      (a) Section
        1.01 of the Purchase Agreement shall be amended by adding the following
        definitions thereto: 

       

      Master
        Servicer:
        EMC
        Mortgage Corporation, or its successors in interest who meet the qualifications
        of the Pooling and Servicing Agreement and this Agreement.

       

      Nonrecoverable
        Advance:
        Any
        advance previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or otherwise. The
        determination by the Company that it has made a Nonrecoverable Advance, shall
        be
        evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
        and the Master Servicer and detailing the reasons for such
        determination.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2007, among
        Structured Asset Mortgage Investments II Inc., EMC Mortgage Corporation,
        as the
        Master Servicer, and U.S. Bank National Association, as trustee.

       

      (b) The
        definition of “Servicing Fee Rate” is deleted in its entirety and replaced with
        the following definition:

       

      Servicing
        Fee Rate:
        a per
        annum rate equal to 0.25%.

       

      (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) The
        following sentence is added as the last sentence of the definition of Principal
        Prepayment:

       

      Partial
        principal Prepayments shall be applied in accordance with the terms of the
        related Mortgage Note.

       

                                     
        (e) Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement and the related
        Term Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Servicer may waive, modify or vary any term of any
        Mortgage Loan or consent to the postponement of strict compliance with any
        such
        term or in any manner grant indulgence to any mortgagor, including without
        limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding
        such amount to the outstanding principal balance of the Mortgage Loan, (2)
        defer
        such amounts to a later date or the final payment date of such Mortgage Loan,
        (3) extend the maturity of any such Mortgage Loan, (4) amend the related
        Mortgage Note to reduce the related Mortgage Interest Rate with respect to
        any Mortgage Loan, (5) convert the Mortgage Rate on any Mortgage Loan from
        a
        fixed rate to an adjustable rate or vice versa, (6) with respect to a mortgage
        loan with an initial fixed rate period followed by an adjustable rate period,
        extend the fixed period and reduce the adjustable rate period, and/or (7)
        forgive the amount of any interest and principal owed by the related Mortgagor;
        provided that, in the Company's reasonable and prudent determination, such
        waiver, modification, postponement or indulgence: (A) is not materially adverse
        to the interests of the Owner on a present value basis using reasonable
        assumptions (including taking into account any estimated Realized Loss that
        might result absent such action); and (B) does not amend the related Mortgage
        Note to extend the maturity thereof later than the date of the Latest Possible
        Maturity Date (as such term is defined in the related pooling and servicing
        agreement); provided, further, with respect to any Mortgage Loan that is
        not in
        default or if default is not reasonably foreseeable, unless the Company has
        provided to the Purchaser a certification addressed to the Purchaser, based
        on
        the advice of counsel or certified public accountants that have a national
        reputation with respect to taxation of REMICs that a modification of such
        Mortgage Loan will not result in the imposition of taxes on or disqualify
        from
        REMIC status any of the REMICs and has obtained the prior written consent
        of the
        Owner, the Company shall not permit any modification with respect to any
        Mortgage Loan. Notwithstanding the foregoing, for any modification which
        may
        result in a realized loss of 20% or more of the outstanding principal balance
        of
        a Mortgage Loan, the Company shall present such proposed modification, together
        with any supporting documentation, to the Master Servicer for consideration
        and
        approval.

       

      (f) Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit P hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan. The Master Servicer shall provide such approval or denial
        to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting documentation. The
        Company’s obligation to make such Servicing Advances and Monthly Advances as to
        any Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        officer’s certificate in accordance with Section 5.03.

       

      (g) Section
        4.05(iii) is hereby amended by deleting “Liquidation Proceeds,” after “limited
        to related” in Subsection 4.05(iii).

       

      (h) The
        following is added as Section 4.05(ix) of the Purchase Agreement: 

       

      (ix) to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer. The Master Servicer shall provide such approval or denial to the
        Company no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting
        documentation.

       

      (i) The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit
        K
        and
Exhibit
        L,
        with
        respect to remittances, Exhibit
        J
        (within
        fifteen (15) calendar days from remittance of liquidation proceeds), with
        respect to realized losses and gains, Exhibit
        M
        (within
        five (5) business days of month end), with respect to defaulted mortgage
        loans,
Exhibit
        N,
        with
        respect to delinquent mortgage loans, Exhibit
        O,
        with
        respect to modified mortgage loans, Exhibit
        P,
        with
        respect to claims submitted and Exhibit
        Q,
        with
        respect to loss severity, with each such report.

       

      (j) 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.

       

      (k) Section
        6.04 of the Purchase Agreement shall be deleted in its entirety.

       

      (l) Section
        6.05 of the Purchase Agreement shall be deleted in its entirety.

       

      (m) Section
        9.01 of the Purchase Agreement is hereby amended by adding the word “or” at the
        end of clause (ix) thereof and inserting the following as clause
        (x):

       

      (x) failure
        by the Company to duly perform, within the required time period, its obligations
        under Section 4 and Section 5 of Article 1 of Amendment Reg. AB to the Servicing
        Agreement which failure continues unremedied for a period of ten (10) days
        after
        the date on which written notice of such failure, requiring the same to be
        remedied, shall have been given to the Company by any party to this Agreement
        or
        by any Master Servicer. This paragraph shall supersede any other provision
        of
        this Agreement or other Agreement to the contrary.

       

      (n) The
        following is added as Subsection 4.05(vii) of the Purchase
        Agreement:

       

      (vii) to
        reimburse itself for any Nonrecoverable Advances;

       

      (o) Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheets shall be governed by and construed
        in
        accordance with the laws of the State of New York, without regard to principles
        of conflicts of laws other than Section 5-1401 of the New York General
        Obligations Law which shall govern. The obligations, rights and remedies
        of the
        parties hereunder shall be determined in accordance with such laws.

       

                                      
        (p) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit J to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 1.

       

                                      
        (q) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit K to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 2.

       

                                      
        (r) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit L to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 3.

       

                                      
        (s) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit M to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 4.

       

                                      
        (t) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit N to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 5.

       

                                      
        (u) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit O to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 6.

       

                                      
        (v) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit P to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 7.

       

                                      
        (w) The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 8.

       

                                      
        (x) The
        following is added as the last sentence of Section 4 of the Amendment Reg
        AB:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 4 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (y) The
        following is added as the last sentence of Section 5 of the Amendment Reg
        AB:

       

      In
        the event the Servicer or any subservicer or subcontractor engaged by it
        is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 5 or to the related section of such other applicable agreement,
        as the case may be, notwithstanding any such termination, assignment or
        resignation.

       

      Miscellaneous
        

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the
        Agreements and this AAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by registered mail,
        postage prepaid, as follows: 

       

      a.    
In
        the
        case of Company, 

      National
        City Mortgage Co. 

      3232
        Newmark Drive 

      Miamisburg,
        Ohio 45342 

      Attention:
        Mary Beth Criswell

      

      

      b.    
In
        the
        case of Assignor, 

      

      EMC
        Mortgage Corporation 

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      with
        a
        copy to: 

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Chris McGovern

      Telecopier
        No.: (212) 272-2453

      

      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, PRIME 2007-2 

      Telecopier
        No.: (617) 603-6638

      

      

      d.    
In
        the
        case of the Master Servicer,

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        General Counsel 

      Facsimile:
        (469) 759-4714

      

      10.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      11.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced. 

       

      12.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall without the requirement for any further writing,
        be
        deemed Assignor, Assignee or Company, respectively hereunder. Any Master
        Servicer shall be considered a third party beneficiary of this AAR Agreement,
        entitled to all the rights and benefits accruing to any Master Servicer herein
        as if it were a direct party to this AAR Agreement. A copy of all assessments,
        attestations, reports and certifications required to be delivered by the
        servicer under the Purchase Agreement and this AAR Agreement shall be delivered
        to the Master Servicer by the date(s) specified herein or therein and where
        such
        documents are required to be addressed to such party, such addressee shall
        include the Master Servicer and the Master Servicer shall be entitled to
        rely on
        such documents.

       

      13.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans as contemplated
        in
        this AAR Agreement. 

       

      14.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      15.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this AAR Agreement as of the day and year first
        above written.

       

      

      EMC
        MORTGAGE CORPORATION

      Assignor
        

      

      By:     

      Name:
        

      Title: 

      

      

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      not
        in
        its individual capacity but solely as Trustee

      for
        the
        holders of Prime Mortgage Trust, 

      Mortgage
        Pass-Through Certificates, Series 2007-2, 

      as
        Assignee

      

      By:      

      Name:
        

      Title:
        

      

      NATIONAL
        CITY MORTGAGE CO. 

      Company

      

      By:         
        

      Name:     

      Title:     

      

      

      Acknowledged
        and Agreed:

      

      EMC
        MORTGAGE CORPORATION

      Master
        Servicer

      

      By:     

      Name:
        

      Title:
        

      

      STRUCTURED
        ASSET MORTGAGE

      INVESTMENTS
        II INC.

      

      By:     

      Name:
        

      Title:
        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      ATTACHMENT
        l

      

      ASSIGNED
        LOAN SCHEDULE

      

      (Provided
        upon request)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE
        AGREEMENT AND TERM SHEETS

      

      (Provided
        upon request)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        1

      EXHIBIT
        J to the Purchase Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

       

      Date:           

       

      

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	
                 

                 

                 

              	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                      
Yes   No

       

      Has
        this loan been crammed down in a bankruptcy?  Yes   No

              If
“Yes”,
        provide
        amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

       Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      Total
        Realized Loss (or Amount of Gain)   $________________ 

      

      

      NOTE:
        Do not combine or net remit items. All expenses and credits should be documented
        individually. Claim packages are due by the fifth business day of the month
        following receipt of liquidation proceeds. Late claims may result in delayed
        claim payment. The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        2

      EXHIBIT
        K to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:
        Provides loan level detail regarding the remittance that will be submitted
        to
        EMC Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3

      EXHIBIT
        L to the Purchase Agreement

      

      EMC
        FORM
        - REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:
        Provides summary data at a deal (investor/category) level regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor
                  

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust 

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        4

      EXHIBIT
        M to the Purchase Agreement

      

      EMC
        FORM
        - DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:
        Provides loan level detail regarding the defaulted loans that are being serviced
        and reported to EMC Master Servicing. The report contains the following data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number 

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2) 

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage 

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost 

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status 

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter 

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date 

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        5

      EXHIBIT
        N to the Purchase Agreement

      

      EMC
        FORM
        - DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:
        Provides summary data at the servicer investor level regarding loan performance
        that will be submitted to EMC Master Servicing and contains the following
        data
        fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

      

      

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        6

      EXHIBIT
        O to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report: Provides
        loan level data regarding all loans that the Servicer has modified with the
        first modified payment due within thirty days following the end of the reporting
        cycle. The report contains the following data fields in the order
        below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        7

      EXHIBIT
        P to the Purchase Agreement

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:
        Provides loan level detail regarding claims submitted by the servicer’s investor
        number that will be submitted to EMC Master Servicing and contains the following
        data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2) 

              
	
                Claim
                  Amount Submitted

              	
                NUMERIC
                  (12,2)

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        8

      EXHIBIT
        Q to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:
        Provides summary data at the deal level regarding loss severity that will
        be
        submitted to EMC Master Servicing and contains the following data fields
        in the
        order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

      

    

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      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 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 and the
      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 light of the circumstances under
      which
      such statements were made, not misleading with respect to the period of time
      covered by the Company Servicing Information;

     

    (3)         Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor and the
      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 and the Trustee. Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Depositor and the Trustee. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    

    

      
        	
                Date:

              	 
	 	 
	
                By:

              	 
	 	 
	
                Name:
                  

              	 
	 	 
	
                Title:
                  

              	 

      

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      L

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

     

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Trustee
      -
      waterfall calculator; fiduciary of the transaction

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title.

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

     

          Key: X
      - obligation

    

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	 	 
	
                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. 

                [This
                  Agreement states that payments will be deposited within two business
                  days
                  after “receipt and
                  identification”.
                  ]

              	
                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
                  

                (to
                  the extent an advance is made)

              	 
	
                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

              	 	 	 
	
                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. 

                [This
                  Agreement states that reconciliations will be prepared within 45
                  calendar days after the bank statement cut-off date.]

              	
                X

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	 	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. In this transaction there is no external
                  enhancement or other support.

              	
                X

              	 	
                X

              	 

      

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      M

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 4.18 of the Pooling and Servicing Agreement. 

     

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 6.06, provided by the Trustee based on information received from the
      party providing such information; and b) items marked “Form 10-D report” are
      required to be in the Form 10-D report but not the Monthly Statements to
      Certificateholders, provided by the party indicated. Information under all
      other
      Items of Form 10-D is to be included in the Form 10-D report. All such
      information and any other Items on Form 8-K and Form 10-D set forth in this
      Exhibit shall be sent to the Trustee and the Depositor.

     

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              	
                Depositor

              	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              	 	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 	 	 	 	 	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 	 	 	 	 	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

              	
                X

              	 	 	 	 	 
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                X

              	
                X

              	
                X

                 

                (if
                  agreed upon by the parties)

              	 	
                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

              	 	 	
                X

              	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 	 	 	 	 	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	 	 	 	 	
                X

              	 
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 	 	 	 	 	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	 	 	
                X

              	 	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	 	 	
                X

              	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 	 	 	 	 	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	
                X

              	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	
                X

              	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	
                X

              	 
	
                Determining
                  current significance percentage. In this transaction there is no
                  current
                  significance percentage.

              	 	 	
                X

              	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information. In this transaction there is no current
                  significance percentage.

              	 	 	
                X

              	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

              	 	 	 	 	 	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              
	
                9

              	
                Exhibits

              	 	 	 	 	 	 
	
                Distribution
                  report

              	 	 	
                X

              	 	 	 
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	 	 	 	 	
                X

              	 
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              	 	 	 
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 	 	 	 	 	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                X

              	
                X

              	
                X 

              	 	
                X 

              	
                X

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X 

              	 	
                X

              	
                X 

              
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X 

              	
                X

              	
                X 

              	
                X

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the Monthly Statement to Certificateholders

              	 	
                X

              	
                X

              	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	 	
                X

              	 	
                X

              	 
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 	 	 	 	 	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	 	 	 	 	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

              	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

              	 	 	 	 	
                X

              	 
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 3.18]

              	 	 	 	 	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 	 	 	 	 	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. 

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

              	
                X

              	 	 	 	 	 
	
                Reg
                  AB disclosure about any new trustee is also required.

              	 	 	
                X
                  (to the extent of a new trustee)

              	 	 	 
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support [In this transaction
                  there
                  is no external enhancement or other support.]

              	 	 	 	 	 	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	 	 	
                X

              	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	 	 	
                X

              	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	 	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 	 	 	 	 	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	 	 	 	 	
                X

              	
                 

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	 	 	 	 	
                X

              	 
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                X

              	
                X

              	
                X

              	
                X

              	
                X

              	 
	
                8.01

              	
                Other
                  Events

              	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	 	 	 	 	
                X

              	 
	 	
                9.01

              	
                Financial
                  Statements and Exhibits

              	 	 	 	 	 	 
	
                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

              	 	 	 	 	 	 
	 	
                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

              	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	
                X

              	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	
                X

              	 
	 	 	
                Determining
                  current significance percentage. [In this transaction there is
                  no current
                  significance percentage.]

              	 	 	
                X

              	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information. [In this transaction there is no current
                  significance percentage.]

              	 	 	
                X

              	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	
                X

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	
                X

              	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	
                X

              	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 
	
                Originator

              	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	
                X

              	 
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      N

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Structured
      Asset Mortgage Investment II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

    Fax:
      (212) 272-2000

    E-Mail:
      regabnotification@bear.com

    

    U.S.
      Bank
      National Association as Trustee

    One
      Federal Street, 3rd
      Floor

    Boston,
      Massachusetts 02110

    Fax:
      (617) 603-663

    E-mail:
      notifications@fsir.com

    
      	
              Attn:

            	
              Corporate
                Trust Services - Prime Mortgage Trust 2007-2-

            
	 	
              SEC
                REPORT PROCESSING

            

    

    

    

    RE:
      **Additional Form [ ] Disclosure**Required

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 3.18 of the Pooling and Servicing Agreement, dated
      as of
      April 1, 2007, among EMC Mortgage Corporation, as Seller and Master Servicer
      and
      U.S. Bank National Association as Trustee. The undersigned hereby notifies
      you
      that certain events have come to our attention that [will][may] need to be
      disclosed on Form [ ].

     

    Description
      of Additional Form [ ] Disclosure:

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [ ]
      Disclosure:

     

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ].

     

    
      	 	
              [NAME
                OF PARTY]

            
	 	
              as
                [role]

            
	 	
              By:
                

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      O

     

    Aggregate
      Planned Principal Schedules

    

    

    (Provided
      Upon Request)

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      P

    

    FORM
      OF
      TRUSTEE LIMITED POWER OF ATTORNEY

    

    
      	
              KNOW
                ALL MEN BY THESE PRESENTS, that U.S. Bank National Association, a
                national
                banking association, having a place of business at One Federal Street,
                3rd
                Floor, Boston, Massachusetts 02110, not individually, but solely
                as
                Trustee (and in no personal or other representative capacity) under
                the
                Pooling and Servicing Agreement, dated as of April 1, 2007, by and
                among
                Structured Asset Mortgage Investments II Inc., the Trustee and EMC
                Mortgage Corporation (as amended, restated, supplemented or otherwise
                modified from time to time, the “Agreement”; capitalized terms not defined
                herein have the definitions assigned to such terms in the Agreement),
                relating to the Prime Mortgage Trust, Certificates, Series 2007-2,
                hereby
                appoints _______________, in its capacity as a Servicer under the
                Agreement, as the Trustee’s true and lawful Special Attorney-in-Fact, in
                the Trustee’s name, place and stead and for the Trustee’s benefit, but
                only in its capacity as Trustee aforesaid, to perform all acts and
                execute
                all documents as may be customary, necessary and appropriate to effectuate
                the following enumerated transactions in respect of any mortgage,
                deed of
                trust, promissory note or real estate owned from time to time owned
                (beneficially or in title, whether the Trustee is named therein as
                mortgagee or beneficiary or has become mortgagee or beneficiary by
                virtue
                of endorsement, assignment or other conveyance) or held by or registered
                to the Trustee (directly or through custodians or nominees), or in
                respect
                of which the Trustee has a security interest or other lien, all as
                provided under the applicable Agreement and only to the extent the
                respective Trustee has an interest therein under the Agreement, and
                in
                respect of which the Servicer is acting as servicer pursuant to the
                Agreement (the “Mortgage
                Documents”).

            

    

    

    This
      appointment shall apply to the following enumerated transactions under the
      Agreement only:

    

    The
      modification or re-recording of any Mortgage Document for the purpose of
      correcting it to conform to the original intent of the parties thereto or to
      correct title errors discovered after title insurance was issued and where
      such
      modification or re-recording does not adversely affect the lien under the
      Mortgage Document as insured.

    

    2.       
       The
      subordination of the lien under a Mortgage Document to an easement in favor
      of a
      public utility company or a state or federal agency or unit with powers of
      eminent domain including, without limitation, the execution of partial
      satisfactions/releases, partial reconveyances and the execution of requests
      to
      trustees to accomplish same.

    

    3.        The
      conveyance of the properties subject to a Mortgage Document to the applicable
      mortgage insurer, or the closing of the title to the property to be acquired
      as
      real estate so owned, or conveyance of title to real estate so
      owned.

    

    4.        The
      completion of loan assumption and modification agreements in respect of Mortgage
      Documents.

    

    5.        The
      full
      or partial satisfaction/release of a Mortgage Document or full conveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related note.

    

    6.        The
      assignment of any Mortgage Document, in connection with the repurchase of the
      mortgage loan secured and evidenced thereby.

    

    7.        The
      full
      assignment of a Mortgage Document upon payment and discharge of all sums secured
      thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related note.

    

    8.        With
      respect to a Mortgage Document, the foreclosure, the taking of a deed in lieu
      of
      foreclosure, or the completion of judicial or non-judicial foreclosure or
      termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    

      
        	 	
                a.

              	
                the
                  substitution of trustee(s) serving under a deed of trust, in accordance
                  with state law and the deed of trust;

              
	 	 	 
	 	
                b.

              	
                the
                  preparation and issuance of statements of breach or
                  non-performance;

              
	 	 	 
	 	
                c.

              	
                the
                  preparation and filing of notices of default and/or notices of
                  sale;

              
	 	 	 
	 	
                d.

              	
                the
                  cancellation/rescission of notices of default and/or notices of
                  sale;

              
	 	 	 
	 	
                e.

              	
                the
                  taking of a deed in lieu of foreclosure; and

              
	 	 	 
	 	
                f.

              	
                the
                  preparation and execution of such other documents and performance
                  of such
                  other actions as may be necessary under the terms of the Mortgage
                  Document
                  or state law to expeditiously complete said transactions in paragraphs
                  8(a) through 8(e), above.

              

      

    

     

    9.      
       Demand,
      sue for, recover, collection and receive each and every sum of money, debt,
      account and interest (which now is, or hereafter shall become due and payable)
      belonging to or claimed by the Trustee under the Mortgage Documents, and to
      use
      or take any lawful means for recovery thereof by legal process or
      otherwise.

    

    10.        Endorse
      on behalf of the Trustee all checks, drafts and/or negotiable instruments made
      payable to the Trustee in respect of the Mortgage Documents.

    

    The
      Trustee gives the Special Attorney-in-Fact full power and authority to execute
      such instruments and to do and perform all and every act and thing necessary
      and
      proper to carry into effect the power or powers granted by this Limited Power
      of
      Attorney, subject to the terms and conditions set forth in the Agreement
      including the standard of care applicable to servicers in the Agreement, and
      hereby does ratify and confirm what such Special Attorney-in-Fact shall lawfully
      do or cause to be done by authority hereof. 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the Trustee has caused its corporate name to be hereto signed
      and affixed and these presents to be acknowledged by its duly elected and
      authorized officer this ___ day of ___ , 2007.

    

    
      	 	
              U.S.
                Bank National Association, not individually, but solely as Trustee
                

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      	 	 	 
	
              WITNESS:

            	 	
              WITNESS:

            
	 	 	 
	 	 	 
	 	 	 
	
              Name:

            	 	
              Name:

            
	
              Title:

            	 	
              Title:

            

    

    

    

    

    
      	
              STATE
                OF NEW YORK

            	 
	 	
              SS

            
	
              COUNTY
                OF NEW YORK

            	 

    

    

    

    On
      ______________, 2007, before me, the undersigned, a Notary Public in and for
      said state, personally appeared __________________, personally known to me
      to be
      the person whose name is subscribed to the within instrument, and such person
      acknowledged to me that such person executed the within instrument in such
      person’s authorized capacity, and that by such signature on the within
      instrument the entity upon behalf of which such person acted executed the
      instrument.

    

    WITNESS
      my hand and official seal.

    

    

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      Q

    

    FORM
      OF
      CERTIFICATION TO BE

     

    PROVIDED
      BY THE TRUSTEE TO DEPOSITOR

    

    Re: Structured
      Asset Mortgage Investments II Inc. Prime Mortgage Trust (the “Trust”),
      Certificates Series 2007-2, issued pursuant to the Pooling and Servicing
      Agreement, dated as of April 1, 2007, among Structured Asset Mortgage
      Investments II Inc, as Depositor, EMC Mortgage Corporation, as Seller and Master
      Servicer and U.S. Bank National Association as Trustee.

    

    The
      Trustee hereby certifies to the Depositor, and its officers, directors and
      affiliates, and with the knowledge and intent that they will rely upon this
      certification, that:

    

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

    

    (2) To
      my
      knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, taken as a whole, do not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were
      made, not misleading with respect to the period covered by such assessment
      of
      compliance and attestation report;

    

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Pooling and Servicing Agreement for inclusion in the Reports is
      included in the Reports;

    

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Pooling and Servicing Agreement, and based on my knowledge, and except as
      disclosed in the Reports, the Trustee has fulfilled its obligations under the
      Pooling and Servicing Agreement in all material respects; and

    

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

    

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer, depositor, trustee, custodian(s)]

    

    
      	
              Date:

            	 
	 
	 
	 
	
              [Signature]

            
	
              [Title]

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R

    

    Form
      of
      the Master Servicer's Data Layout Report

    

    Prime
      Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2

    

    
      	
              US
                BANK FIELDS

            	 	
              SBO
                FIELDS

            	 	
              SBO
                DESCRIPTION

            
	
              LOAN
                

            	 	
              LOAN_NUMBER

            	 	
              Loan
                number

            
	
              STOP_ADV_FLAG
                

            	 	
              ACTUAL_ACTUAL_OVERRIDE

            	 	
              Pertains
                to resold scheduled/actual and scheduled/scheduled pools. A code
                indicating if the specific loan should be remitted on an actual/actual
                basis. 

            
	
              RATE
                

            	 	
              LOAN_NOTE_RATE

            	 	
              Interest
                rate associated with the next payment due on the loan when the investor
                cutoff

            
	
              SF_RATE
                

            	 	
              LOAN_FEE_AMT

            	 	
              Fixed
                monthly fee due the strip holder.

            
	
              LPMI_RATE
                

            	 	
              MIRF_AMT

            	 	
              LPMI
                refund from MI companies (i.e. Radian, MGIC) for LPMI cancellations,
                recisions, rate errors, payments made on loans without at
                payoff

            
	
              BEG_SCHED
                

            	 	
              BEGINNING_SCHEDULED_BALANCE

            	 	
              The
                amortized balance on which interest is expected as of the beginning
                of the
                month.

            
	
              END_SCHED
                

            	 	
              ENDING_SCHEDULED_BALANCE

            	 	
              Ending
                scheduled balance. The balance on which interest should be earned
                next
                month.

            
	
              END_ACT
                

            	 	
              PARTICIPANT_BALANCE

            	 	
              Ending
                actual participant balance of the pool as of the cutoff
                date

            
	
              P&I

            	 	
              LOAN_PAYMENT_AMOUNT

            	 	
              Loan's
                payment constant at the time of record creation.

            
	
              GROSS_INT
                

            	 	
              SCHEDULED_INTEREST_AMOUNT

            	 	
              Scheduled
                gross interest for the remittance cycle

            
	
              SCHED_P
                

            	 	
              SCHEDULED_PRINCIPAL_AMOUNT

            	 	
              Scheduled
                principal for the remittance cycle

            
	
              CURTAIL
                

            	 	
              CURTAILMENT_AMOUNT

            	 	
              Calculated
                curtailment amount for the specified period of time.

            
	
              PREPAY
                

            	 	
              LIQUIDATION_PRINCIPAL

            	 	
              Amount
                of principal reported as payoff principal.

            
	
              PREPAY_DATE

            	 	
              LIQUIDATION_DATE

            	 	
              Liquidation
                date

            
	
              PREPAY_CODE
                PIF

            	 	
              LIQUIDATION_TYPE

            	 	
              A
                code indicating the reason for the liquidation. 

            
	
              NEXT_DUE
                

            	 	
              LOAN_DUE_DATE

            	 	
              Loan's
                due date when the investor cutoff

            
	
              STATUS
                

            	 	
              LOAN_STATUS

            	 	
              The
                status of the loan as of the cutoff date.

            
	
              BKCY_DATE
                

            	 	
              BANKRUPTCY_STATUS

            	 	
              Code
                which corresponds to the loan's bankruptcy status. See codes table
                for
                valid codes and their corresponding meaning.

            
	
              FCLS_DATE
                

            	 	
              FORECLOSURE_STATUS

            	 	
              Code
                which corresponds to the loan's foreclosure status. See codes table
                for
                valid codes and their corresponding meaning.

            
	
              REO_DATE
                

            	 	
              REO_STATUS

            	 	
              A
                code indicating if the loan was an REO when the investor
                cutoff.

              Y
                =
                yes

              N
                =
                no.

            
	
              DELINQ
                

            	 	
              MONTHS_DELINQUENT_24

            	 	
              0,1,30,60,90,120
                ( 1 = 1-29, 30 = 30-59, etc...)

            
	
              PPIS

            	 	
              Interest
                Shortfall

            	 	
              Interest
                shortfall adjustment

            
	
              RAIS
                

            	 	
              SSRA_AMT

            	 	
              Interest
                adjustments for Soldiers & Sailors Relief Act Loans

            
	
              PPP_Collected
                

            	 	
              ANCILLARY_FEE_AMOUNT

            	 	
              Amount
                of the fee (100%) paid by the borrower.

            
	
              REMIT

            	 	
              Total_Remittance_Amt

            	 	
              total
                remit for the loan

            
	
              ADV_P&I_CUR
                

            	 	
              Svc
                Prin Adv

            	 	
              Principal
                advance by servicer

            
	
              ADV_P&I_CUR
                

            	 	
              Svc
                Int Adv

            	 	
              Interest
                advance by servicer

            
	
              LIQUIDATION_FLAG
                

            	 	
              LIQUIDATION_FLAG
                

            	 	
              Loan
                status

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    

    EXHIBIT
      S

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
      proposed transferor of an Ownership Interest in the Prime
      Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-2,
      Class
      [R] Certificate (the “Certificate”) issued
      pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007
      (the
“Agreement”), among
      Structured Asset Mortgage Investments II Inc. as depositor (the “Depositor”),
      EMC Mortgage Corporation as seller and master servicer, and U.S. Bank National
      Association as trustee (the “Trustee”),
      and
      makes this affidavit on behalf of the Owner for the benefit of the
      Depositor
      and the
      Trustee. Capitalized terms used, but not defined herein, shall have the meanings
      ascribed to such terms in the
      Agreement. 

     

    1.        
       The
      Owner
      is not transferring the Certificate to impede the assessment or collection
      of
      any tax.

     

    2.           The
      Owner
      has no actual knowledge that the proposed transferee of the Certificate: (i)
      has
      insufficient assets to pay any taxes that would be owed by such transferee
      as
      Holder of the Certificate; (ii) may become insolvent or subject to a bankruptcy
      proceeding for so long as the Certificate remains outstanding; and (iii) is
      not
      a Permitted Transferee.

     

    3.           The
      Owner
      understands that the proposed transferee has delivered to the Trustee and the
      Depositor a transfer affidavit and agreement in the form attached to the
      Agreement as Exhibit C. The Owner does not know or believe that any
      representation contained therein is false.

     

    4.           At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the proposed transferee as contemplated by Treasury
      Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
      the
      Owner has determined that the proposed transferee has historically paid its
      debts as they became due and has found no significant evidence to indicate
      that
      the proposed transferee will not continue to pay its debts as they become due
      in
      the future. The Owner understands that the transfer of the Certificate may
      not
      be respected for U.S. federal income tax purposes (and the Owner may continue
      to
      be liable for U.S. federal income taxes associated therewith) unless the Owner
      has conducted such an investigation.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	 	
              [NAME
                OF OWNER]

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	
              [Name
                of Officer]

            
	 	
              Title:

            	
              [Title
                of Officer]

            
	 	 	 
	 	 	 
	 	 	 

    

    

     

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Owner, and acknowledged to me that he/she executed the same
      as
      his/her free act and deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

    

    COUNTY
      OF

    

    STATE
      OF

    

    My
      commission expires the ___ day of ___________________, 20___.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]